Los Angeles, CA 90042 1223 N Avenue 56
$2,375,000
5 more
Presented By: Kenny Stevens with Compass;
Home Details
*** $100,000 price reduction and will feature a VACANT unit on 10/01/24 *** 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. 66% rental upside. At projected market rents, the property will stabilize at a 9.87% CAP and 7.90 GRM. Built in 1950 & 1953, this property features (10) 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. 9 surface tandem parking spaces. 1223 N. Ave. 56 can be purchased individually or in conjunction with a 16-unit property with approx. 78% rental upside, located 1 mile away (144 S. Avenue 55). Please contact LA1 for more info.
Presented By: Kenny Stevens with Compass;
Interior Features for 1223 N Avenue 56
Bedrooms
Total Bedrooms10
Bathrooms
1/4 Baths0
3/4 Baths0
Half Baths
Total Baths10
Other Interior Features
LivingAreaSourceOther
Air Conditioning Y/NYes
Basement (Y/N)No
Common WallsNoCommonWalls
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea
Total Stories2
General for 1223 N Avenue 56
Additional Parcels Y/NYes
Attached Garage No
Cap Rate4.98
Carport Y/NNo
CityLos Angeles
Community FeaturesGated
CoolingWallWindowUnits
CountyLos Angeles
Days on Market53
DirectionsLocated 1 block north of York Blvd, 1223 N. Avenue 56 is within walking distance of the artistic hub of Highland Park.
Facing DirectionEast
Full Baths
Garage Y/NYes
Gross Income181475.0
Home Owner AssocNo
Home Warranty Y/NNo
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsTwo
Lot Size Square Feet12603.0
Lot Size UnitsSquareFeet
MLS Area632 - Highland Park
MobileHomeRemainsYNNo
Net Operating Income118216.0
New ConstructionNo
NumberOfUnitsTotal10
Occupancy TypeTenant
Open Parking Spaces9.0
Private PoolNo
Property TypeResidentialIncome
Rent Control Y/NYes
Security FeaturesGatedCommunity
Senior Community Y/NNo
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories2
ViewNone
View Y/NNo
Waterfront Y/NNo
Year Built1950
ZoningLARD1.5
Exterior for 1223 N Avenue 56
Building Area Total5794.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot Size Acres0.2893
Lot Size Area12603.0
Lot Size SourceOther
Number of Buildings3
Open Parking Y/NNo
Parking FeaturesGarage, Tandem, Uncovered
SpaNo
Total Parking9.0
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480