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Trevor Smith

[email protected] +1(858) 539-9999

$ 2,375,000

Est. payment -/mo

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1223 N Avenue 56 Los Angeles, CA 90042

14 Beds

10 Baths

5,794 SqFt

UPDATED:

10/11/2024 07:16 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,794 sqft

Price per Sqft $409

MLS Listing ID 24406869

Bedrooms 14

HOA Y/N No

Year Built 1950

Lot Size 0.289 Acres

Acres 0.2893

Property Description

*** $100,000 PRICE REDUCTION & 20% VACANT [(1)2-bdrm. unit and (1) 1-bdrm. unit] *** 1223 N. Avenue 56 is a 10-unit value-add property, on a 12,603 SF lot, located 1 block north or York Blvd, the artistic hub of Highland Park. Notable tenants of this lively hub include Kumquat Coffee, Block Party, The York, Joy, Collage Coffee & more. In addition, the property is located 1.5 miles from Occidental College, and could serve as a great off-campus student housing option. 1223 N. Ave. 56 presents a substantial value-add opportunity with approx. 65% rental upside. At projected market rents, the property will stabilize at a 10.25% CAP and 7.72 GRM. Built in 1950 & 1953, this property features (4) 2-bdrm. units and (6) 1-bdrm. units spread across (3) 2-story buildings. The 12,603 SF lot features 2 APNs. Property amenities include automatic gated entry and approx. 15 parkings spaces (5 tandem and 5 single). 1223 N. Ave. 56 can be purchased individually or in conjunction with a 16-unit property, located 1 mile away (144 S. Avenue 55). Please contact LA1 for more information.

Location

State CA

County Los Angeles

Area 632 - Highland Park

Zoning LARD1.5

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Cooling Wall/Window Unit(s)

Fireplace No

Laundry Common Area

Exterior

Garage Garage, Tandem, Uncovered

Community Features Gated

View Y/N No

View None

Parking Type Garage, Tandem, Uncovered

Total Parking Spaces 15

Building

Faces East

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5485008004

Security Features Gated Community

Special Listing Condition Standard

Listed by Kenny Stevens • Compass

Trevor Smith

Real Estate Broker | License ID: DRE 01700986

+1(858) 539-9999

Trevor Smith

1223 N Avenue 56 Los Angeles, CA 90042

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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1223 N Avenue 56