1445 North Ave 47
$6,975,000
26
24
13,424
13,424
$520
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...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!
- Listed by Armin Soleimani • DRE #01846872 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.
- Listed by Julio Ruiz • DRE #01911261 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.
Property Details for 1445 North Ave 47
Zoning
LARD3
Parcel Number5474028013
Total Units22.0
Living Area13424
Source Living AreaOwner
AreaHighland Park (632)
Vacancy Rate0
Lot Size Area15030
LISTING UPDATED: 12/01/2024 07:10 AM
Property Details for 1445 North Ave 47
Status | Active |
---|---|
MLS # | 24-430563 |
Days on Market | 107 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1963 |
Lot Size | 0.35 AC / 15,030 SF |
County | Los Angeles County |
Building Information for 1445 North Ave 47
Stories2Residences-Year Built1963Building Size-Lot Size0.35 AC / 15,030 SF
Property Information for 1445 North Ave 47
Property History for 1445 North Ave 47
Date | Event & Source | Price | Appreciation |
---|
Date | Event & Source | Price |
---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1445 North Ave 47
Taxable ValueLand$2,393,024Additions$2,212,054Total$4,605,078
Tax Record2024$57,353 ($4,779 / month)
Home Facts
Total Finished SqFt13,424 SqFtAbove Grade Finished SqFt13,424 SqFtLot Size15,030 SqFtStyleMulti-Family Res (5+ Units)Year Built1963ZoningLARD3CountyLOS ANGELESAPN5474-028-013
Schools near 1445 North Ave 47
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 6 | |||
Public - | 6 to 8 | |||
Public - | 6 to 12 | |||
Public - | 7 to 12 |
Rating | School | Distance |
---|---|---|
Toland Way Elementary School PublicK to 6 | ||
Benjamin Franklin Senior High School Public6 to 12 | ||
Eagle Rock High School Public7 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
Similar Homes
Sorry, we can't find any similar homes at this time. Please check back later.
Similar Sold Homes
Sorry, we can't find any similar sold homes at this time. Please check back later.