1223 N Avenue 56 Los Angeles, CA 90042
*** $100, 000 price reduction & 20% VACANT *** 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. 63% rental upside. At projected market rents, the property will stabilize at a 9.86% 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.
- Property TypeMulti-Family
- NeighborhoodN/A
- CountyLos Angeles
- Taxes$0
- HOA/Condo/Coop Fees$0
- Days on Site51 Days
- MLS StatusActive
- MLS ID Number24406869
- Home Size Source Other
- Year Built1950
- Lot Size0.2893 Acres
- Full BathsN/A
- Partial BathsN/A
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General Features
- Parking Tandem GarageUncovered
- Parking Spaces 9
- Number of Stories 22
- Acreage 0.2893
- Security Gated Community
- Zoning LARD1.5
- Listing Conditions Standard
- Direction Faces East
Interior Features
- Cooling Wall/ Window Unit(s)
- Laundry Features Community
Exterior Features
- View None
Community Features
- Senior Community No
- MLS Area 632 - Highland Park
- Security Features Gated Community