CA > Los Angeles
Los Angeles, CA 90042,1223 N Avenue 56
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Los Angeles, CA 90042,1223 N Avenue 56
Los Angeles, CA 90042,1223 N Avenue 56
Los Angeles, CA 90042,1223 N Avenue 56
Los Angeles, CA 90042,1223 N Avenue 56
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James Studnicka Jr.

James Studnicka Jr.

+1(310) 994-6034
$ 2,320,000
Est. payment /mo
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Price Dropped by $55K

1223 N Avenue 56 Los Angeles, CA 90042

14 Beds

10 Baths

5,794 SqFt

UPDATED:

11/11/2024 10:33 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,794 sqft

Price per Sqft $400

MLS Listing ID 24406869

Bedrooms 14

HOA Y/N No

Year Built 1950

Lot Size 0.289 Acres

Property Description

1223 N. Ave 56 is a 10-unit, value-add property situated on a spacious 12,603 SF lot, just a block north of York Boulevardthe artistic heart of Highland Park. This vibrant area is home to popular spots like Kumquat Coffee, Block Party, The York, Joy, Collage Coffee, and more. Located only 1.5 miles from Occidental College, the property can serve as an off-campus housing option. Built in 1950 and 1953, this property consists of (4) 2-bdrm. units and (6) 1-bdrm. units spread across (3) 2-story buildings, and is currently 20% vacant, offering immediate leasing potential. The property is listed at $232,000 per unit, $184 per SF of land, with a 5.29% CAP rate and a 12.14 GRM based on current rents. This property presents a notable value-add opportunity, with approximately 57% rental upside. At projected market rents, it is expected to stabilize at a 10.19% CAP rate and a 7.54 GRM. Additional property features include automatic gated entry and nine surface tandem parking spaces. 1223 N. Ave 56 is available for individual purchase or as part of a portfolio with a 16-unit property located one mile away at 144 S. Ave 55. For more information, please contact LA1.

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

California Regional MLS (CRMLS)
Listed by Kenny Stevens • Compass

James Studnicka Jr.

Agent | License ID: 01467393

+1(310) 994-6034

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1223 N Avenue 56