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1445 N Avenue 47

Los Angeles (City), CA 90042
  • $6,450,000
  • STATUS: Active
  • ON SITE: 14 Days
  • ID#: 24392613
$6,450,000
  • 26
    BEDS
  • 0.34
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 13,424
    SQFT
  • $480
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

Listing Agent(s): Armin Soleimani of Global Platinum Properties, Inc. (424-394-1030) and Julio Ruiz of Global Platinum Properties, Inc.(424-394-1030)


Description

Huge 550k Price Reduction! These 22 apartment units are an incredible investment opportunity cash flowing at a remarkable Current Cap Rate of 6% and 12 GRM from day one. Priced attractively at only $293k/door for fully renovated units, this property offers a significant upside potential to achieve an impressive 8% Cap Rate and 9.5 GRM on the proforma. This is a rare and excellent opportunity to acquire a turnkey apartment building with value-add potential in one of LA's hottest neighborhoods, Highland Park. The property features 12 fully renovated units with permits consisting of 8 units and 4 brand-new attached ADUs. Additionally, the parking soft-story retrofit has already been completed and all units are individually metered for gas and electricity, ensuring maximum efficiency in operation costs. The property features a diverse unit mix of 2 (2 bed/2 bath), 2 (2 bed/1 bath), and 18 (1 bed/1 bath) units. 13 units have been completely renovated with permits (1 vacant) and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, as well as major exterior capital improvements. Notably, there are Preliminary Plans for 2 additional Detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The property is steps away from all the hip restaurants, bars, and shops on Famous York Blvd. With its vibrant lifestyle close to Downtown Los Angeles, Highland Park has fast emerged as one of the most sought-after areas in town. The neighborhood offers easy access to entertainment venues and cultural hotspots, making it an ideal spot for young professionals and creatives seeking an urban lifestyle with all amenities nearby. For investors looking for high-quality investments in prime locations that offer long-term value potential while tapping into current trends, this property ticks all the boxes. The apartments are well-appointed with modern finishes that have been carefully curated to cater to today's discerning tenants' needs and tastes whether they be millennials or older adults seeking community living spaces that provide convenience along with style at every turn. Overall, these apartments represent an excellent investment opportunity that investors should consider taking advantage of now before it's too late!

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-05-30T00:30:35.32. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Pushpa Nagaraj Team | Compass. Licensed in the State of California, USA.
www.pushpa4homes.com/homes/150565602
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1445 N Avenue 47 Los Angeles (City), CA 90042

  • Price: $6,450,000
  • Status: Active
  • On Site: 14 Days
  • ID#: 24392613
26
Beds
0
Baths
0
½ Baths
0.34
Acres
13,424
SQFT
$480
$/SQFT
1963
Built
Neighborhood:
632 - Highland Park
County:
Los Angeles
Area:
632 - Highland Park
Property Description
Huge 550k Price Reduction! These 22 apartment units are an incredible investment opportunity cash flowing at a remarkable Current Cap Rate of 6% and 12 GRM from day one. Priced attractively at only $293k/door for fully renovated units, this property offers a significant upside potential to achieve an impressive 8% Cap Rate and 9.5 GRM on the proforma. This is a rare and excellent opportunity to acquire a turnkey apartment building with value-add potential in one of LA's hottest neighborhoods, Highland Park. The property features 12 fully renovated units with permits consisting of 8 units and 4 brand-new attached ADUs. Additionally, the parking soft-story retrofit has already been completed and all units are individually metered for gas and electricity, ensuring maximum efficiency in operation costs. The property features a diverse unit mix of 2 (2 bed/2 bath), 2 (2 bed/1 bath), and 18 (1 bed/1 bath) units. 13 units have been completely renovated with permits (1 vacant) and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, as well as major exterior capital improvements. Notably, there are Preliminary Plans for 2 additional Detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The property is steps away from all the hip restaurants, bars, and shops on Famous York Blvd. With its vibrant lifestyle close to Downtown Los Angeles, Highland Park has fast emerged as one of the most sought-after areas in town. The neighborhood offers easy access to entertainment venues and cultural hotspots, making it an ideal spot for young professionals and creatives seeking an urban lifestyle with all amenities nearby. For investors looking for high-quality investments in prime locations that offer long-term value potential while tapping into current trends, this property ticks all the boxes. The apartments are well-appointed with modern finishes that have been carefully curated to cater to today's discerning tenants' needs and tastes whether they be millennials or older adults seeking community living spaces that provide convenience along with style at every turn. Overall, these apartments represent an excellent investment opportunity that investors should consider taking advantage of now before it's too late!
Exterior Features

Parking Features None Parking Total 13

Interior Features

Appliances Refrigerator Cooling Wall/Window Unit(s) Cooling YN Yes Heating Wall Furnace Heating YN Yes

Property Features

Association YN No Cap Rate 6 Gross Income 534661 Levels Two Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 386766 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning LARD3



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-05-30T00:30:35.32. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Pushpa Nagaraj Team | Compass. Licensed in the State of California, USA.
 
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Pushpa Nagaraj Team | Compass
680 E. Colorado Blvd, Suite 400
Pasadena CA, 91101
Listing Agent(s): Armin Soleimani of Global Platinum Properties, Inc. (424-394-1030) and Julio Ruiz of Global Platinum Properties, Inc.(424-394-1030)