CA > Los Angeles
Los Angeles, CA 90042,1445 N Avenue 47
Los Angeles, CA 90042,1445 N Avenue 47
Los Angeles, CA 90042,1445 N Avenue 47
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Shawn Kormondy

Shawn Kormondy

+1(323) 638-7567
$6,975,000
Est. payment /mo
26 Beds
24 Baths
13,424 SqFt
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UPDATED:

08/28/2024 12:37 AM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 13,424 sqft

Price per Sqft $519

MLS Listing ID 24-430563

Bedrooms 26

Construction Status Updated/Remodeled

Year Built 1963

Lot Size 0.345 Acres

Acres 0.3451

Property Description

These 22 apartment units are an incredible investment opportunity cash flowing at a remarkable Current Cap Rate of 5.5% and 12.9 GRM from day one. Priced attractively at only $317k/door for fully renovated units, this property offers a significant upside potential to achieve an impressive 7.3% Cap Rate and 10.3 GRM on the proforma. This is a rare and excellent opportunity to acquire a turnkey apartment building with value-add potential in one of LA's hottest neighborhoods, Highland Park. The property features 14 fully renovated units with permits consisting of 8 units and 4 brand-new attached ADUs. Additionally, the parking soft-story retrofit has already been completed and all units are individually metered for gas and electricity, ensuring maximum efficiency in operation costs. The property features a diverse unit mix of 2 (2 bed/2 bath), 2 (2 bed/1 bath), and 18 (1 bed/1 bath) units. 14 units have been completely renovated with permits (1 vacant) and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, as well as major exterior capital improvements. Notably, there are Preliminary Plans for 2 additional Detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The property is steps away from all the hip restaurants, bars, and shops on Famous York Blvd. With its vibrant lifestyle close to Downtown Los Angeles, Highland Park has fast emerged as one of the most sought-after areas in town. The neighborhood offers easy access to entertainment venues and cultural hotspots, making it an ideal spot for young professionals and creatives seeking an urban lifestyle with all amenities nearby. For investors looking for high-quality investments in prime locations that offer long-term value potential while tapping into current trends, this property ticks all the boxes. The apartments are well-appointed with modern finishes that have been carefully curated to cater to today's discerning tenants' needs and tastes whether they be millennials or older adults seeking community living spaces that provide convenience along with style at every turn. Overall, these apartments represent an excellent investment opportunity that investors should consider taking advantage of now before it's too late!

Location

State CA

County Los Angeles

Area Highland Park

Zoning LARD3

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Wall/Window

Equipment Refrigerator, Range/Oven

Exterior

Garage None

Garage Spaces 13.0

Building

Story 2

Level or Stories Two

Construction Status Updated/Remodeled

Others

Special Listing Condition Standard

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TheMLS (CLAW)
The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Global Platinum Properties, Inc.

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Shawn Kormondy

+1(323) 638-7567

Agent | License ID: 01451888

Agent License ID: 01451888

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