255 S Avenue 55

    Los Angeles (City), CA 90042
    • $3,250,000
    • STATUS: Active
    • ON SITE: 201 days
    • ID#: 19451516
    UPDATED: 83 min ago
    $3,250,000
    • 0
      BEDS
    • 0.27
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 7,538
      SQFT
    • $431
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1962
    County:

    School Ratings & Info

    Description

    255 S Avenue 55 is a 10 Unit Mid-Century Courtyard Apartment located in a PRIME location of Highland Park. Step out the door and walk one block to Figueroa Dining/Nightlife! Offered at 4.77% CAP Rate and 14 GRM. 6 out of 10 units are vacant and beautifully renovated with quartz countertops, stainless appliances, vinyl plank flooring, keypad keyless entry, laundry hookups, and wall mount HVAC systems. Recent upgrades include a new roof and copper plumbing throughout the building. The units average 750 sf and the unit mix consists of (9) 2 Bedroom 1 Bathroom units and (1) 1 Bedroom 1 Bathroom units. There is 28% upside in rents for the un-renovated units. This fully gated, secure property sits on a large 10,900 sf lot with a fire pit in the center of the common courtyard area. There are 10+ parking spaces, onsite laundry facilities, and the building is separately metered for gas + electricity. Once rented, this building will gross $232,092 annually!! Marketing Package is in the Docs.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-23T16:38:14.263. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Masters. Licensed in the State of California, USA.
    www.bestlahomefinder.com/homes/93366596

    255 S Avenue 55 Los Angeles (City), CA 90042

    • Price: $3,250,000
    • Status: Active
    • Updated: 83 min ago
    • ID#: 19451516
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.27
    Acres
    7,538
    SQFT
    $431
    $/SQFT
    1962
    Built
    Neighborhood:
    632 - Highland Park
    County:
    Los Angeles
    Area:
    632 - Highland Park
    Property Description
    255 S Avenue 55 is a 10 Unit Mid-Century Courtyard Apartment located in a PRIME location of Highland Park. Step out the door and walk one block to Figueroa Dining/Nightlife! Offered at 4.77% CAP Rate and 14 GRM. 6 out of 10 units are vacant and beautifully renovated with quartz countertops, stainless appliances, vinyl plank flooring, keypad keyless entry, laundry hookups, and wall mount HVAC systems. Recent upgrades include a new roof and copper plumbing throughout the building. The units average 750 sf and the unit mix consists of (9) 2 Bedroom 1 Bathroom units and (1) 1 Bedroom 1 Bathroom units. There is 28% upside in rents for the un-renovated units. This fully gated, secure property sits on a large 10,900 sf lot with a fire pit in the center of the common courtyard area. There are 10+ parking spaces, onsite laundry facilities, and the building is separately metered for gas + electricity. Once rented, this building will gross $232,092 annually!! Marketing Package is in the Docs.
    Exterior Features

    Construction Materials Stucco Lot Features Yard Lot Size Dimensions 85X140 Lot Size Source Assessor Lot Size Units Square Feet Parking Features Attached CarportUncovered Parking YN Yes

    Interior Features

    Appliances OvenRefrigeratorMicrowaveDishwasher Appliances YN Yes Flooring Vinyl Interior Features Open Floorplan Laundry Features Common AreaGas & Electric Dryer Hookup

    Property Features

    Cap Rate 4.77 Gross Multiplier 14.00 Gross Operating Income 225129.00 Improvements Amount 267622 Land Value 259664 Laundry YN Yes Net Operating Income 154885.00 Number Of Units Leased 4 Property Condition Repairs MajorUpdated/RemodeledRepairs CosmeticBuilding Permit Security Features Gated Community Special Listing Conditions Standard Tenant Pays ElectricityGas Total Expenses 70244.00 Zoning Lard2

    Listing provided courtesy of Kenny Stevens of Compass


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-23T16:38:14.263. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Masters. Licensed in the State of California, USA.
     
    RE/MAX Masters
    475 E. Badillo Street
    Covina CA, 91723