logo
Los Angeles icon
icon Los Angeles icon
img
icon icon
Street View
icon icon
12 Photos
icon
icon icon
129 S Avenue 64
USD 3,695,000
Property ID: 24348687
icon
129 S Avenue 64 ,90042
icon --
icon 12545 SqFt
icon Built in 1962
icon USD 295/SqFt
icon 22 Beds
icon 13 Full
icon --
icon --
icon
icon
icon
Location Street View
icon
icon Direction
Interior Details
Bedrooms
22
Bathrooms
13
Interior Size
10705
Construction Details
Property Type --
Property Condition --
Architectural Style --
New Construction --
Year Built 1962
See more icon
Detailed Introduction Of This Home
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.
Continue Reading >>
Contact Development/Agent
Cissy Tang
TEL: (+1)626 9868**** icon
Please enter your nationality
+87
Cannot be empty
Email address is invalid Email address not authenticated!
Contact Development/Agent
icon
Cissy Tang
(+1)626 9868**** icon
Please enter your nationality
+87
Cannot be empty
Email address is invalid Email address not authenticated!
Cissy Tang
(+1)626 9868**** icon
1 of 12
album
album
album
album
album
album
album
album
album
album
album
album
Photos (12)
icon
icon
banner
129 S Avenue 64
USD 3,695,000 22 Beds
icon Copy link
icon WhatsApp
icon Facebook
icon Twitter
icon
Welcome to House.com
Log in or sign up to get the most out of your experience. This will also help increase your chances of response from agents.
Enter a valid email address.
or
Continue with Google
By submitting, I accept House.com’s   Terms of use
icon icon
Verify Your Email
Hello ,we’ ve just sent the code to your email.please check and enter the code here to continue logging in.
Verification code error
Didn’t receive email? Please check your spam folder