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1445 N Avenue 47
USD 6,375,000
Property ID: 23330291
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1445 N Avenue 47 ,90042
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icon 15030 SqFt
icon Built in 1963
icon USD 424/SqFt
icon 26 Beds
icon 24 Full
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Location Street View
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Interior Details
Bedrooms
26
Bathrooms
24
Interior Size
13424
Construction Details
Property Type --
Property Condition --
Architectural Style --
New Construction --
Year Built 1963
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Detailed Introduction Of This Home
Huge 625k Price Reduction! These 22 apartment units are an incredible investment opportunity cash flowing at a remarkable Current Cap Rate of 5.75% and 12.4 GRM from day one. Priced attractively at only $289k/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. 12 units have been completely renovated with permits (2 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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Contact Development/Agent
Cissy Tang
TEL: (+1)626 9868**** icon
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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
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Photos (28)
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1445 N Avenue 47
USD 6,375,000 26 Beds
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