Los Angeles, Residential Income – 376 N Ave 57, Los Angeles, CA 90042, USA -001-11-30T00:00:00-08:00
Highland Park Apartments – 376 N Ave 57 is a prominent 24-unit apartment community located in the gentrified neighborhood of Highland Park, CA. The property is strategically located within walking distance to Highland Park Metro Station. It is also within wa
376 N Ave 57, Los Angeles, CA 90042, USA
$5,490,000 USD
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Address376 North Avenue 57, Highland Park
Price$5,490,000
Price Changed0.16% (-$9,000, 102 days ago)
Year Built1962
Bedrooms Total0
Living Area16,671 ft2
Lot Size (Sq.Ft.)19,986
Listing IDAR17159793
StatusActive
Parcel Number5469033018
ZoningLARD2
Special ConditionsStandard
Days on Market128

Detailed Description: Highland Park Apartments – 376 N Ave 57 is a prominent 24-unit apartment community located in the gentrified neighborhood of Highland Park, CA. The property is strategically located within walking distance to Highland Park Metro Station. It is also within walking distance to elementary and high school and within minutes to the well-known Occidental College in Eagle Rock. It has superb access to Downtown Los Angeles via FWY 110, and minutes to FWY 2, FWY 134 and FWY 210. This property has been under the same ownership since 2000 and is the first time ever being offered for sale. The property is situated on a quiet, residential street surrounded by single family residential and apartment communities. There is several new residential development projects nearby that demonstrate the strength of local property market. The property is a very well maintained three-story garden style apartment community with a center courtyard and a fenced swimming pool. It was built in 1962 and is situated on a large 19,986 sq.ft lot size. It offers an attractive unit mix of two (2) 2bed + 1bath, twenty (20) x 1bed + 1bath, and two (2) large Studio units, and has a total of 22 parking spaces. It is separately metered for electricity and gas. The property is under rent stabilization ordinance (rent control). The property offers ±42% rental upside potential. Some of the units have been upgraded, giving buyer a head start and built-in rent comparable for their value-add plan.

Laundry
Parking
Pool Private
Rent Control
Senior Community
Property Attached
Land Lease

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Address Information
Address376 North Avenue 57, Highland Park
Street PrefixNorth
CityHighland Park
Location (MLS Area)632 – Highland Park
County Or ParishLos Angeles
State or ProvinceCA
Postal Code90042
Postal Code Plus43454
CountryUS
Financial Information
Price Changed-0.1637%
Previous Price$5,499,000
Price per Square Foot$329.31
Price per Lot Square Foot$274.69
Tenant PaysElectricity, Gas
Special ConditionsStandard
Total Expenses$138,887
Professional Management Expense$16,056
Operating Expense$138,887
Insurance Expense$11,828
Electric Expense$2,400
Water Sewer Expense$21,600
Trash Expense$3,600
Gross Operating Income$333,246
Gross Income$343,553
Gross Scheduled Income$343,553
Net Operating Income$194,359
Gross Multiplier15.98%
Tax Year2000
Tax Lot22
New Taxes Expense$67,542
Full Descriptions
Parcel Number5469033018
Detailed DescriptionHighland Park Apartments – 376 N Ave 57 is a prominent 24-unit apartment community located in the gentrified neighborhood of Highland Park, CA. The property is strategically located within walking distance to Highland Park Metro Station. It is also within walking distance to elementary and high school and within minutes to the well-known Occidental College in Eagle Rock. It has superb access to Downtown Los Angeles via FWY 110, and minutes to FWY 2, FWY 134 and FWY 210. This property has been under the same ownership since 2000 and is the first time ever being offered for sale. The property is situated on a quiet, residential street surrounded by single family residential and apartment communities. There is several new residential development projects nearby that demonstrate the strength of local property market. The property is a very well maintained three-story garden style apartment community with a center courtyard and a fenced swimming pool. It was built in 1962 and is situated on a large 19,986 sq.ft lot size. It offers an attractive unit mix of two (2) 2bed + 1bath, twenty (20) x 1bed + 1bath, and two (2) large Studio units, and has a total of 22 parking spaces. It is separately metered for electricity and gas. The property is under rent stabilization ordinance (rent control). The property offers ±42% rental upside potential. Some of the units have been upgraded, giving buyer a head start and built-in rent comparable for their value-add plan.
Lot Features21-25 Units / Acre, Lot 10000-19999 Sqft
Community FeaturesUrban
Water SourcePublic
Laundry FeaturesCommunity
Parking FeaturesAssigned, Carport
Common Walls Description2
Pool FeaturesCommunity Pool, In Ground
Property parameters
Year Built1962
Living Area (Sq.Ft.)16,671 ft2
Lot Size (Sq.Ft.)19,986
Lot Size (Acres)0.45
Lot Size SourceAssessor
Number of Buildings1
Number of Units Total24
ZoningLARD2
Water SourcePublic
Units Total24
Year Built SourceAssessor
Vacancy Allowance Rate3%
Number of Separate Electric Meters25
Number of Separate Gas Meters25
Number of Separate Water Meters1
Units with Disposal24
Cap Rate (For Cash Payment Only)3.54
Listed withJustin McCardle (Growth Investment Group, Inc.)