Active

129 S Avenue 64

Los Angeles CA, 90042

$3,695,000


$345.17 per sqft

Active

22 Beds

10,705 sqft

Residential

Built in 1962

We just improved the pricing by $300k on this unique ultra value-add opportunity in Highland Park! The offering consists of 13 very large residential units with substantial rental and ADU upside. To further boost the already attractive metrics, the buyer can begin construction on 5 RTI ADUs shortly after closing (currently pending sanitation clearance, but can be delivered RTI), which would boost the unit count by nearly 50% to 18 units. Factoring in construction costs for these ADUs at $300/SF ($580k total), the all-in-cost per door comes down significantly to approximately $237k/door at a very attractive cap rate of 7.1% or 10.73 GRM - virtually unheard of in Highland Park. These are not "pro forma" figures and are not reliant on unit turns, and they take into account the cost of building the ADUs. The seller has priced the asset for the buyer to capture an instant equity spread from the construction of the ADUs. Furthermore, new owners can capture incredible upside potential by raising rents in the existing large units which cover an average area of over 800 square feet each. The size of the units results in quick lease-ups, and the property has the additional upside to an 14.6% cap rate and 5.65 GRM. The property is situated close to the vibrant York Blvd and Figueroa Street. Tenants will enjoy living close to trendy shops, galleries, pubs, and gourmet eateries such as Casa Bianca, Sage Bistro, Scoops, Guisados, Owl Bureau, Highland Park Bakery, and The York, located near the 110 (Arroyo Seco Parkway) and just 10 minutes from Downtown Los Angeles!Close to the Gold Line Lightrail, Metro Bus Stops, and major thoroughfares.

24-348687

MLS ID

January 17, 2024

Listed

March 18, 2024

Updated

Map

129 S Avenue 64
Los Angeles CA, 90042

Interior Features

Total Stories

0


Bedrooms

22 Beds


Appliances

Microwave, Dishwasher, Stackable W/D Hookup, Refrigerator


Fireplace

No


Cooling

Yes


Cooling Description

Wall Unit(s)


Heating

Yes


Heating Description

Wall

Exterior/Building Features

Lot Size

0.29 Acres


Architectual Style

Traditional

Other Property Details

Area Name

Highland Park


Days on Market

8


Garage

No


Parking

Carport Detached


Parking Total

16


View

Yes


View Description

City


County

Los Angeles


Pool

No


Zoning

LARD1.5

Listed by Armin Soleimani with Global Platinum Properties, Inc.
Listing Contact: 310-666-2246 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Cari Field Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 3/18/2024

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