Investment Overview

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 224 South Avenue 58 in Los Angeles, California. The subject property is situated in a prime Highland Park location, south of Figueroa Street and east of South Avenue 57. Highland Park is a high density rental market adjacent to Eagle Rock, Pasadena, and Montecito Heights. These surrounding submarkets are major employment centers for the demographic that resides in Highland Park, and make it a very commutable area for its residents. Between Highland Park’s two (2) main streets (York Boulevard and Figueroa), you will frequently find neighborhood coffee shops, thrift stores, and new nightlife establishments booming with life. This submarket’s tree-lined residential streets mix with a walkable urban culture, but it is also known for its commuter friendly transportation hubs and thoroughfares. The Metro is an at-grade light rail station near the intersection of North Avenue 57 at Marmion Way (one block north of North Figueroa Street). It is the first station on the line going west toward Atlantic station that’s in the city of Los Angeles. Highland Park has just as many contemporary landmarks as it does ones that predate the neighborhood’s distinction as one of Los Angeles’ hippest locations. Originally built in 1961, this property contains an incredible unit mix of five (5) two-bedroom / one-bathroom units and one (1) three-bedroom / two-bathroom unit. The property features two (2) side-by-side houses with a fourplex in the middle. One (1) unit will be delivered vacant. The three-bedroom house was built in 1980, and connects to the 5-unit apartment building through a fully parked carport and a garage. Tenants will love being just down the street from trendy retail, restaurant, and entertainment amenities across Figueroa Street. Some of these amenities include Kitchen Mouse Cafe, Antigua Bread, Cafe Birdie, The Greyhound Bar & Grill, Gimme Gimme Records, Afters Ice Cream, and most prominently the renowned Highland Park Bowl. Outdoor recreation is also available down the street at Tierra de la Culebra Park, and Arroyo Seco Park a little further down. Situated in a prime Highland Park location, this offering presents an excellent opportunity for any investor to capitalize on over 100% rental upside potential adjacent to numerous new developments in a rapidly gentrifying market of Los Angeles.