Property Detail
Description
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 Boulevardthe 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 LA1.
Map Location
Listing provided courtesy of Kenny Stevens of Compass. Last updated 2024-11-26 09:11:19.000000. Listing information © 2024 CRMLS.
John Collins
DRE# 01948188
888 Prospect St. Suite 140
La Jolla, CA 92037
Get Directions
858.252.0200
Inquire Now
Address
888 Prospect St. Suite 140 La Jolla CA 92037
Coldwell Banker Realty, CalBRE# 00616212
Interested in Pacific Beach property, specifically? Check out PacificBeach.RealEstate
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by Sandicor®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. © 2020 SDMLS ~ By contacting John Collins / Collins Coastal, you agree to receive customer service texts from this business. We will not send you messages without your consent and we will not sell your data. Providing your contact information is confirmation you agree to receive text messages and/or calls from John Collins / Collins Coastal, your phone provider may have fees for this service. Message frequency varies. You may reply STOP at any time to cancel or call us at 858.252.0200.
Powered By:
