1223 N Avenue 56, Los Angeles, CA 90042

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Property Description

*** $100,000 PRICE REDUCTION & 20% VACANT [(1)2-bdrm. unit and (1) 1-bdrm. unit] *** 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. 65% rental upside. At projected market rents, the property will stabilize at a 10.25% CAP and 7.72 GRM. Built in 1950 & 1953, this property features (4) 2-bdrm. units and (6) 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. 15 parkings spaces (5 tandem and 5 single). 1223 N. Ave. 56 can be purchased individually or in conjunction with a 16-unit property, located 1 mile away (144 S. Avenue 55). Please contact LA1 for more information.


Interior Features

Laundry Information
Location(s) Common Area
Bedroom Information
Bedrooms 14
Bathroom Information
Bathrooms 10
Interior Information
Cooling Type Wall/Window Unit(s)

Listing Information

Address 1223 N Avenue 56
City Los Angeles
State CA
Zip 90042
County Los Angeles
Listing Agent Kenny Stevens DRE #01090251
Courtesy Of Compass
List Price $2,375,000
Status Active
Type Residential Income
Structure Size 5,794
Lot Size 12,603
Year Built 1950

Listing information courtesy of: Kenny Stevens, Compass. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 11th, 2024 at 7:16 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.