5.29% CAP w/ 57% Rental Upside by York Blvd. | 1223 N Avenue 56
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
5.29% CAP w/ 57% Rental Upside by York Blvd. 1223 N Avenue 56
10 Unit Apartment Building $3,262,848 CAD ($326,285 CAD/Unit) 5.29% Cap Rate Los Angeles, CA 90042
Investment Highlights
- 20% VACANT - 10-unit property on a 12,603 SF lot, located 1 block north or York Blvd, the artistic hub of Highland Park
- Built in 1950 & 1953 and features (4) 2-bdrm. units and (6) 1-bdrm. units spread across (3) 2-story buildings on a 12,603 SF lot
- Property amenities include automatic gated entry and approx. 9 surface tandem parking spaces.
- 10.19% CAP & 7.54 GRM on market rents - 5.29% CAP & 12.14 GRM on current rents w/ approx. 57% rental upside
- Located 1.5 miles from Occidental College, the property serves as a great off- campus student housing option
- Can be purchased individually or in conjunction with a 16-unit property, located 1 mile away (144 S. Avenue 55). Please reach out for more info.
Executive Summary
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 Boulevard—the 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 Kenny Stevens.
Financial Summary (Actual - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,262,848 CAD | Apartment Style | Low Rise |
| Price Per Unit | $326,285 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 5.29% | Building Size | 5,794 SF |
| Gross Rent Multiplier | 12.14 | Average Occupancy | 80% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 1.55/1,000 SF |
| Price | $3,262,848 CAD |
| Price Per Unit | $326,285 CAD |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| Gross Rent Multiplier | 12.14 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 5,794 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 1.55/1,000 SF |
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $2,717 CAD | - |
| 1+1 | 6 | $1,504 CAD | - |
Walk Score ®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 5485-008-004 | Total Assessment | $2,047,088 CAD |
| Land Assessment | $896,593 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $1,150,495 CAD | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5485-008-004
Land Assessment
$896,593 CAD
Improvements Assessment
$1,150,495 CAD
Total Assessment
$2,047,088 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | LARD1.5 (Neighborhood Commercial) |
| LARD1.5 (Neighborhood Commercial) |
-
Kenny Stevens -
Compass
1 of 12
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
5.29% CAP w/ 57% Rental Upside by York Blvd. | 1223 N Avenue 56
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.