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129 Avenue 64

Los Angeles, CA 90042

$3,695,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $345 / sqft

1962

calendar_month Built

Property Description

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.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A

Listing Information

Address 129 Avenue 64
City Los Angeles
State CA
Zip 90042
County Los Angeles
Listing Agent Armin Soleimani DRE#01846872
Co-Listing Agent Julio Ruiz DRE#01911261
Courtesy Of Global Platinum Properties, Inc.
MLS 24348687
List Price $3,695,000
Status Active
Type Residential Income
Structure Size N/A
Lot Size 12,545
Year Built 1962
DOM 8

Exterior Information

Maps

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$1,849,000

king_bed N/A
shower N/A
straighten N/A
straighten N/A
6456 York Boulevard,

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Image

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king_bed 1
shower 1
straighten 210
straighten 240
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shower 1
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straighten 18,093
254 Thorne Street,

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king_bed N/A
shower N/A
straighten N/A
straighten 5,494
6214 Bertha Street,

Highland Park, CA 90042
Image

$1,200,000

king_bed 2
shower 1
straighten 828
straighten 4,225
215 Hamlet Street,

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Listing information courtesy of: Armin Soleimani, Julio Ruiz, Global Platinum Properties, Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of Jan 25th, 2024 at 5:16 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.