$2,320,000
Calculate Payment
Calculate Payment
1223 Avenue 56 Los Angeles, CA 90042
Cluster
Residence
14
Beds
10
Baths
5,794
Sq. Ft.
0.29
Acre
Lot
Property Activity
Time on Site
days
Days on Market
Views
Saves
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.
Continue reading
MLS#
24406869
Property Type
Cluster
Status
Bedrooms
14
Bathrooms
Year Built
1950
Square Feet
5,794
sq. ft
Lot Size
0.29
Stories
2.0
Receive an email as soon as the price changes
Receive an email
as soon as the price changes
Get Price Alerts
Don't miss your chance. Receive an email as soon as the price changes.
Get email alerts when
a home price changes
Sign up
Enter your work address to view actual drive times with traffic for this property.
Walk Score measures the walkability of any address, Transit Score measures access to public transit on a scale of 1-100.
Source: Walk Score®
How much home can I afford?
Get prequalified today and learn more.
Rental Valuation Estimate
Per Month
Nearby Homes For Sale
Just Listed
And
Homes Available
In