Exclusive Listings

24-Units Highland Park Value Add Opportunity

Address:
376 N Ave 57
Highland Park, CA 90042
Price:
$5,490,000
Status:
Available
Type:
Apartment
# Units:
24
Year Built:
1962
Building Size:
16,671 sqft
Lot Size:
19,986 sqft
CAP Rate:
6.69% Prof
GRM:
10.87 Profx
Price/Unit:
$229,000
Price/SqFt:
$329

CAP RATE and GRM are PROFORMA POST-REHAB!!

INVESTMENT HIGHLIGHTS

  • Value-add opportunity with an estimated more than 6% Proforma CAP Rate through further unit repositioning
  • Superb location within minutes to all amenities Highland Park has to offer; Walking distance to Metro Gold Line Station!
  • VERY WALKABLE LOCATION with score of 86!
  • Long-time owner since 2000 with 80% of units below market rents
  • Superb access to Downtown Los Angeles via FWY 110; minutes to FWY 2, FWY 134 and FWY 210
  • Currently gentrifying area with many new developments in the immediate area
  • Arguably located in one of the best location in Highland Park!

PROPERTY HIGHLIGHTS

  • Large units with excellent layout; some units have been completely remodeled with modern upgrades
  • Individually Metered for Gas/ Electricity
  • Amenities: gated parking, secured entry, swimming pool, and security cameras installed
  • Recently repainted exterior with new front gate and building façade
  • Some units have been upgraded with luxury upgrades which provides a built-in and proven rent comparable for this property

 

EXECUTIVE SUMMARY

 The Growth Investment Group is proud to offer Highland Park Apartments - 376 N Ave 57, 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, Figueroa Street and York Boulevard retail corridors. 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 SF 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.

Each unit is bright, large with plenty of natural light and has an excellent layout. The upgraded unit has vinyl hardwood floor, new kitchen cabinetry, granite kitchen countertops, tiled kitchen back splash, tiled bathroom, and stainless-steel appliances. The property has been very well-maintained throughout current ownership with no known deferred maintenance. Some capital improvements are recently repainted exterior, new front gate, new building façade.

 

LOCATION & AMENITIES

Highland Park and neighboring Pasadena became havens for artists and intellectuals who led the Arts and Crafts movement. The city is building a reputation as a mecca for artists, with trendy shops, galleries, bars and restaurants opening throughout the neighborhood. The continuation of several long-time businesses lend credibility to the neighborhood’s hipster status and add to its charm.

Highland Park sits a few miles up the 110 from Downtown LA, just south of Eagle Rock and Pasadena. Its tree-lined residential streets mix with a walkable urban culture, particularly along the burgeoning York Boulevard, a street stocked with trendy gastropubs and art galleries. More recently, Figueroa Street has found itself as another source of increasing pedestrian activity, partially thanks to its Metro Gold Line stop.




Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

Justin McCardle
Direct: (909) 486-2069
justin@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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