Active
1223 N Avenue 56
Los Angeles CA, 90042
$2,375,000
$409.91 per sqft
Active
10 Beds
10 Baths
5,794 sqft
Multi-family
Built in 1950
*** $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.
24-406869
MLSⓇ ID
June 21, 2024
Listed
August 23, 2024
Updated
Map
1223 N Avenue 56
Los Angeles CA, 90042
Interior Features
Total Stories
2
Bedrooms
10
Total Bathrooms
10
Appliances
Other
Laundry Description
Community
Fireplace
No
Cooling
Yes
Cooling Description
Wall/Window
Heating
Yes
Heating Description
Other
Exterior/Building Features
Lot Size
0.29 Acres
Lot Features
2-4 Lots
Other Property Details
Area Name
Highland Park
Days on Market
53
Garage
No
Parking
Tandem, Uncovered
Parking Total
9
View
No
View Description
None
County
Los Angeles
Pool
No
Zoning
LARD1.5
Listing History
Date | Event | Price |
---|---|---|
8/8/2024 | Price change | $2,375,000 -5% |
Listed by Kenny Stevens with Compass
Listing Contact: 310-968-7005
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Tracy Tutor | CA DRE# 01326769 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 8/23/2024