1223 N Avenue 56
Los Angeles, CA 90042
- – beds
- – baths
- – sqft
- 12,603 sqft lot
- 1950 build
- – on site
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.
Last checked:
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Last updated Nov 11, 2024
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MLS# 24406869 —
The Building
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Year Built:1950
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New Construction:No
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Common Walls:No Common Walls
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Faces:East
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Building Area Total:5794.00
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# of Buildings:3
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Total Number Of Units:10
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Stories Total:2
Interior
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Levels:Two
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Laundry:Community
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Laundry:1
Location
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Directions:Located 1 block north of York Blvd, 1223 N. Avenue 56 is within walking distance of the artistic hub of Highland Park.
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Latitude:34.12136600
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Longitude:-118.19679300
The Property
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Property Type:Residential Income
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Zoning:LARD1.5
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Lot Size Area:12603.0000
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Lot Size Acres:0.2893
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Lot Size SqFt:12603.00
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Lot Size Source:Other
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View:None
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Security Features:Gated Community
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Additional Parcels:Yes
Listing Agent
- Contact info:
- No listing contact info available
The Listing
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Special Listing Conditions:Standard
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Parcel Number:5485008004
Heating & Cooling
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Cooling:Yes
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Cooling:Wall/Window Unit(s)
Appliances
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Included:Yes
The Community
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Senior Community:No
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Association:No
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Assessments:No
Parking
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Parking:Yes
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Parking:Tandem Garage, Uncovered
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Parking Spaces:15.00
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Uncovered Spaces:9.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
11/11/24
Nov 11, 2024
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Price Changed | CRMLS_CA | $2,320,000 | -2.3% |
|
8/8/24
Aug 8, 2024
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Price Changed | CRMLS_CA | $2,375,000 | -4.0% |
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6/21/24
Jun 21, 2024
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Listed / Active | CRMLS_CA | $2,475,000 |
