1132 Avenue 56Los Angeles, CA 90042

Property Details for 1132 Avenue 56

Property size (Sq ft)

3,191 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a three-unit apartment building situated in the desirable Highland Park neighborhood of Los Angeles, California. The property boasts a total of 3,191 square feet and sits on a 6,309 square foot lot. The building comprises three structures: two original 2-story duplex units, each featuring identical floor plans with covered front balconies, two spacious bedrooms, living rooms, dining rooms, and a separate laundry/utility room. These units showcase Spanish architectural style with plaster walls, light sconces, archway transitions, and hardwood floors. Each original unit includes one art deco-style bathroom. The third unit is a newer, freestanding construction (approximately 5 years old), offering upgraded appliances and finishes. This unit features two full bathrooms, two spacious bedrooms, an open floor plan with high ceilings and skylight, a kitchen island, a large built-in curio cabinet, modern wood floors, an enclosed laundry area, and custom interior doors. It also includes a small backyard area and access to a raised composite deck. Ample parking is provided with three enclosed single garages featuring electric openers, plus an additional parking space for the newer unit. The property is zoned LARD1.5 and offers a compelling investment opportunity with a current NOI of $43,790 and a pro-forma NOI of $64,586, translating to a 3.43% cap rate and a pro-forma cap rate of 5.07%. The asking price is $1,275,000, or $425,000 per unit. The property's location offers easy access to the Highland Park Station, and is within walking distance of a variety of restaurants, shops, and services along York Avenue and Figueroa Street. The newer unit can be delivered vacant, presenting an opportunity to maximize rental income. This property is ideal for an owner-user seeking rental income or a savvy investor looking for a strong return. The property address is 1132 N Ave 56, Los Angeles, CA 90042.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.1204

Longitude

-118.196

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