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Multifamily

249 S Ave 55

249 S Ave 55, Los Angeles, CA 90042

Listing Price: $11,980,000

Cap Rate
4.52%
Number of Units
40
Price/Unit
$299,500
Price/Gross SF
$484.59
Gross SF
24,722

Investment Overview

The Neema Group of Marcus & Millichap is pleased to present 249 S Avenue 55, a 40-unit investment opportunity located in the Highland Park neighborhood of Los Angeles just south of N Figueroa Street above the 110 Freeway. Built in 1961 and renovated in 2021, this turn-key building presents an investor the opportunity to achieve market rents immediately with 11 of the 40 units to be delivered vacant at the close of escrow. The unit mix consists of 1 single, 33 one bedrooms, and 6 two-bedroom apartment units. T he vacant units have been completely renovated including gourmet kitchens with granite countertops, crisp white cabinets, white tile backsplash, and stainless-steel appliances (oven, refrigerator, and dishwasher). In addition, the renovated units have brand new unit numbers, flooring, windows, individual A/C units, recessed lighting, and designer bathrooms. 249 S Avenue 55 is a courtyard style building complete with a fully furnished pool patio. The entryway and parking are gated and there are a total of 40 parking spaces. Furthermore, the building is separately metered for gas and electric and has a RUBS program in-place. 18 of the units have a washer and dryer in-unit. In addition, there are security cameras throughout the building and community laundry with four washers and four dryers for the units without laundry. The Highland Park neighborhood is considered one of the most sought-after rental submarkets in Los Angeles as it sits in the center of three popular work and entertainment destinations with Downtown Los Angeles to the south, Glendale to the west and Pasadena to the east. Close proximity to the 110 Freeway as well as walking distance to the Highland Park Station on the Metro Gold Line giving tenants an easy commute throughout Los Angeles.

Investment Highlights

  • 40-unit investment opportunity located in the Highland Park neighborhood of Los Angeles just south of N Figueroa Street above the 110 Freeway.
  • Built in 1961 and renovated in 2021, this turn-key building presents an investor the opportunity to achieve market rents immediately with 11 of the 40 units to be delivered vacant at the closing.
  • The unit mix consists of 1 single, 33 one-bedrooms, and 6 two-bedroom apartment units.
  • The vacant units have been completely renovated including gourmet kitchens with granite countertops, crisp white cabinets, white tile backsplash, and stainless-steel appliances (oven, refrigerator, and dishwasher). In addition, the renovated units have brand new unit numbers, flooring, windows, individual A/C units, recessed lighting, and designer bathrooms. 18 units have a washer and dryer in-unit.
  • 249 S Avenue 55 is a courtyard style building complete with a fully furnished pool patio. The entryway and parking are gated and there are a total of 40 parking spaces.

Exclusively Listed By

Listing Price: $11,980,000

Cap Rate
4.52%
Number of Units
40
Price/Unit
$299,500
Price/Gross SF
$484.59
Gross SF
24,722

Investment Highlights

  • 40-unit investment opportunity located in the Highland Park neighborhood of Los Angeles just south of N Figueroa Street above the 110 Freeway.
  • Built in 1961 and renovated in 2021, this turn-key building presents an investor the opportunity to achieve market rents immediately with 11 of the 40 units to be delivered vacant at the closing.
  • The unit mix consists of 1 single, 33 one-bedrooms, and 6 two-bedroom apartment units.
  • The vacant units have been completely renovated including gourmet kitchens with granite countertops, crisp white cabinets, white tile backsplash, and stainless-steel appliances (oven, refrigerator, and dishwasher). In addition, the renovated units have brand new unit numbers, flooring, windows, individual A/C units, recessed lighting, and designer bathrooms. 18 units have a washer and dryer in-unit.
  • 249 S Avenue 55 is a courtyard style building complete with a fully furnished pool patio. The entryway and parking are gated and there are a total of 40 parking spaces.

Investment Overview

The Neema Group of Marcus & Millichap is pleased to present 249 S Avenue 55, a 40-unit investment opportunity located in the Highland Park neighborhood of Los Angeles just south of N Figueroa Street above the 110 Freeway. Built in 1961 and renovated in 2021, this turn-key building presents an investor the opportunity to achieve market rents immediately with 11 of the 40 units to be delivered vacant at the close of escrow. The unit mix consists of 1 single, 33 one bedrooms, and 6 two-bedroom apartment units. T he vacant units have been completely renovated including gourmet kitchens with granite countertops, crisp white cabinets, white tile backsplash, and stainless-steel appliances (oven, refrigerator, and dishwasher). In addition, the renovated units have brand new unit numbers, flooring, windows, individual A/C units, recessed lighting, and designer bathrooms. 249 S Avenue 55 is a courtyard style building complete with a fully furnished pool patio. The entryway and parking are gated and there are a total of 40 parking spaces. Furthermore, the building is separately metered for gas and electric and has a RUBS program in-place. 18 of the units have a washer and dryer in-unit. In addition, there are security cameras throughout the building and community laundry with four washers and four dryers for the units without laundry. The Highland Park neighborhood is considered one of the most sought-after rental submarkets in Los Angeles as it sits in the center of three popular work and entertainment destinations with Downtown Los Angeles to the south, Glendale to the west and Pasadena to the east. Close proximity to the 110 Freeway as well as walking distance to the Highland Park Station on the Metro Gold Line giving tenants an easy commute throughout Los Angeles.

Exclusively Listed By

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