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Rare 24 Units Highland Park

$4,528,888

281 South Avenue 52, Los Angeles, CA 90042

Active
Last Updated: 04/24/2025

4.54

Cap Rate

7.27

Pro Forma Cap Rate

Details:
Cap Rate:    4.54%
Pro Forma Cap Rate :    7.27%
NOI:    $205,665
Building Size:    19,828 sqft
Lot Area:    29,724 sqft
Occupancy:    100%
Class:    C
Units:    24
GRM:    11.23
Average Room Size:    750 sqft
Year Built:    1961
Price Per Sqft:    $228
Price Per Unit:    $188,704
Zoning:    LARD2
Floors:    2
Parking Spots:    26
Investment Strategy:    Value Add
Highlights:
  • Excellent Unit Mix Comprised of Mostly 2-Bedroom Units
  • Significant Upside Potential
  • Large 29,751 Square Foot Lot
Description:

Lacy Real Estate is delighted to present a charming 24-unit apartment building in the red-hot Los Angeles neighborhood of Highland Park. Built in 1961, this 19,828 improvement is situated on a large 29,751 SF lot. The unit mix is comprised of 5 (1 Bed/1 Bath) Units, 18 (2 Bed/1 Bath) Units, and 1 (2Bed/2 Bath) Units. There are 26 parking spaces on property.

Tenants benefit from the property’s close proximity to Downtown LA’s major employers by way of the 110 freeway. Alternatively, the property is within a short distance to the Metro Gold line, immediately connecting the passengers to neighboring South Pasadena, Pasadena, and DTLA.

Map:
Documents:
Title
Avenue_52_and_Glen_Ellen_24U_OM_Optimized.pdf
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