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Multifamily

233-235 N Ave 55

233-235 N Ave 55, Los Angeles, CA 90042

Listing Price: $1,025,000

Cap Rate
3.04%
Number of Units
2
GRM
20.31
Occupancy
100.0%
Price/Unit
$512,500
Price/Gross SF
$309.67
Gross SF
3,310

Investment Overview

Marcus & Millichap is pleased to present 233-235 N Avenue 55, a rare residential property with two separate and private 3-bedroom houses located in the heart of Highland Park. The subject property consists of an approximate 3,856 square-foot space situated on a 0.23-acre C4 zoned parcel. The front unit features a beautifully landscaped front yard, a large 2,528 square foot 3-bedroom house (possible 4th bedroom) that is setback approximately 35 feet from the sidewalk with enough parking for 4-5 cars. The back unit features a 1,328 square foot 3-bedroom house with a detached garage (not counted in the SF) and the ability to fit 4-5 cars comfortably. The two houses are divided down the middle with both units having their own private backyards that could be used for entertaining or additional parking. Additionally, the area surrounding the property is experiencing significant positive change and along N Figueroa St there are a considerable amount of mom & pop shops, local award-winning restaurants and local small businesses that have grown substantially over the last 5 years.

Between Highland Parks two main streets (York Blvd & Figueroa), you will frequently find neighborhood coffee shops, thrift stores and new nightlife establishments beaming with life. The building is conveniently located just a few blocks from the 110 Freeway, which easily connects to Downtown Los Angeles, Pasadena and Glendale. The Metro Gold Line can also get commuters to Downtown LA in just 30 minutes. A few years ago, the city opened up a major stop at the intersection of Marmion Way and North Avenue 57, located just a few blocks from the subject property. Additionally, the building boasts a walk score of 93 (Walkers Paradise), allowing for ease of use to get from one place to another. This coupled with the fact that there are approximately 725,000 people and an average household income of $92,601 within a 5-mile radius, will only help accelerate the continued rapid appreciation of Highland Park.

This is an ideal opportunity for either an investor looking to re-purpose the houses or an individual/family with the aspiration to live in a very desirable neighborhood, while building up equity in an appreciating asset. FHA loans are fixed and fully amortized over a 30-year period and the current lending limit for duplexes in Los Angeles County is $1,053,000 with extremely low interest rates (~3.00%). The current property is leased out on M-T-M leases and also has significant development potential due to the large lot size, desirable zoning standards and substantial TOC density bonuses (Tier 3). Contact agent regarding questions about FHA/residential financing and development potential.

*Neighboring Properties 5506-5514 Monte Vista & 5524-5528 Monte Vista also for sale. Please contact Agent.

Investment Highlights

  • Two Large 3 Bedroom Houses on a Large 9,819 SF Lot (C4)
  • Average Household Income of $92,601 within a 5-Mile Radius
  • Population over 750,000 within a 5-Mile Radius

Exclusively Listed By

Listing Price: $1,025,000

Cap Rate
3.04%
Number of Units
2
GRM
20.31
Occupancy
100.0%
Price/Unit
$512,500
Price/Gross SF
$309.67
Gross SF
3,310

Investment Highlights

  • Two Large 3 Bedroom Houses on a Large 9,819 SF Lot (C4)
  • Average Household Income of $92,601 within a 5-Mile Radius
  • Population over 750,000 within a 5-Mile Radius

Investment Overview

Marcus & Millichap is pleased to present 233-235 N Avenue 55, a rare residential property with two separate and private 3-bedroom houses located in the heart of Highland Park. The subject property consists of an approximate 3,856 square-foot space situated on a 0.23-acre C4 zoned parcel. The front unit features a beautifully landscaped front yard, a large 2,528 square foot 3-bedroom house (possible 4th bedroom) that is setback approximately 35 feet from the sidewalk with enough parking for 4-5 cars. The back unit features a 1,328 square foot 3-bedroom house with a detached garage (not counted in the SF) and the ability to fit 4-5 cars comfortably. The two houses are divided down the middle with both units having their own private backyards that could be used for entertaining or additional parking. Additionally, the area surrounding the property is experiencing significant positive change and along N Figueroa St there are a considerable amount of mom & pop shops, local award-winning restaurants and local small businesses that have grown substantially over the last 5 years.

Between Highland Parks two main streets (York Blvd & Figueroa), you will frequently find neighborhood coffee shops, thrift stores and new nightlife establishments beaming with life. The building is conveniently located just a few blocks from the 110 Freeway, which easily connects to Downtown Los Angeles, Pasadena and Glendale. The Metro Gold Line can also get commuters to Downtown LA in just 30 minutes. A few years ago, the city opened up a major stop at the intersection of Marmion Way and North Avenue 57, located just a few blocks from the subject property. Additionally, the building boasts a walk score of 93 (Walkers Paradise), allowing for ease of use to get from one place to another. This coupled with the fact that there are approximately 725,000 people and an average household income of $92,601 within a 5-mile radius, will only help accelerate the continued rapid appreciation of Highland Park.

This is an ideal opportunity for either an investor looking to re-purpose the houses or an individual/family with the aspiration to live in a very desirable neighborhood, while building up equity in an appreciating asset. FHA loans are fixed and fully amortized over a 30-year period and the current lending limit for duplexes in Los Angeles County is $1,053,000 with extremely low interest rates (~3.00%). The current property is leased out on M-T-M leases and also has significant development potential due to the large lot size, desirable zoning standards and substantial TOC density bonuses (Tier 3). Contact agent regarding questions about FHA/residential financing and development potential.

*Neighboring Properties 5506-5514 Monte Vista & 5524-5528 Monte Vista also for sale. Please contact Agent.

Exclusively Listed By

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