Rare 24 Units Highland Park

$4,528,888

281 South Avenue 52, Los Angeles, CA 90042

For Sale

Multifamily

Active

Last Updated: 04/19/2025

Details:

Cap Rate: 4.53%

Pro Forma Cap Rate : 7.26%

NOI: $203,746

Building Size: 19,828 sqft

Lot Area: 29,724 sqft

Occupancy: 100%

Class: C

Units: 24

GRM: 11.37

Average Room Size: 750 sqft

Year Built: 1961

Price Per Sqft: $228

Price Per Unit: $188,703

Zoning: LARD2

Floors: 2

Parking Spots: 26

Investment Strategy: Value Add

Offered by

Seth Polen

Broker

Lacy Real Estate

#01133279

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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.