Exclusive Listings

THE ABBOTT - 6-unit Turn-key Fully Upgraded Charming apartment in Highland Park

Address:
400 N Avenue 54
Highland Park, CA 90042
Price:
$2,880,000
Status:
Available
Type:
Apartment
# Units:
6
Year Built:
1922
Building Size:
±5,820 SF
Lot Size:
10,136 SF
CAP Rate:
4.40%
GRM:
15.71x
Price/Unit:
$480,000
Price/SqFt:
$495

INVESTMENT HIGHLIGHTS

  • Superb location within minutes to all amenities Highland Park has to offer; Walk Score 83
  • Superb area amenities, within walking distance to some of the best restaurants/attractions in Highland Park: Highland Park Bowl, Hippo, Otono, Cafe Birdie, ETA, Go Get Em Tiger, Highland Park Theatres, etc.
  • Nearby Highland Park Station (light rail), Highland Park Farmers Market, Figueroa St and York Blvd retail corridors!
  • Top-down renovation with modern upgrades while retaining the charming characteristics of 1920s construction
  • 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 locations in Highland Park!

 

PROPERTY HIGHLIGHTS

  • Excellent unit mix with 3-bedroom and 2-bedroom units!
  • Open concept unit layout with modern upgrades and 1920’s charm
  • Individually Metered for Gas/ Electricity
  • Amenities: gated parking, secured entry, front porch, private garden area, front yard, in-unit laundry, stainless steel appliances, upgraded unit
  • Full occupancy with good tenants
  • Back building is a single-story bungalow style duplex with front porch and desirable layout
  • ZERO soft story parking retrofit required

 

LIST OF CAPITAL IMPROVEMENTS

  • New drought tolerant landscaping
  • New electrical finishes and subpanels
  • New plumbing throughout
  • New exterior façade, siding and paint
  • New secured entrance
  • New signage
  • Newly painted and upgraded steel guard rails
  • New stainless-steel appliances in all units
  • New planters in the common area
  • New security system and cameras in common area
  • New exterior furniture, tables and shade in common area
  • New seismic gas shutoff valves
  • Private garden area

 

UNIT AMENITIES

  • New double pane windows throughout
  • New high efficiency mini-split A/C system in each unit
  • New in-unit washer/dryer combo
  • New luxury vinyl hardwood flooring
  • New interior paint
  • New lighting fixtures and ceiling fans
  • New mirrors and built-in medicine cabinets
  • New matching appliances including built-in microwave
  • New kitchen granite/quartz counters
  • New bathroom and vanity cabinet
  • Stainless steel appliances in all units
  • Separately metered for electric and gas


EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer THE ABBOTT - 400 North Avenue 54, Highland Park. A turn-key, beautifully upgraded and charming 6-unit apartment community located in the gentrified neighborhood of Highland Park, CA. The property is strategically located across the street from Monte Vista Elementary School and within minutes to Highland Park Metro Station, Figueroa Street and York Boulevard retail corridors. It is also 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. The property offers an investor the rare opportunity to own an excellent real estate in a strong and gentrifying submarket nearby downtown Los Angeles.

The property is situated on a quiet, residential street surrounded by single family residential and apartment communities. It consists of 2 buildings that are separated by a beautifully maintained center garden. The buildings, all of which have been completely renovated, offer a superb mix of 3-bedroom and 2-bedroom units.

All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, open space layout, new high durability wood vinyl and tile flooring, new windows,  new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. It retains its 1920s charm with wall paneling, high ceiling, and bay-view windows.

The property is situated on a large 10,136 SF lot and a superb unit mix of one (1) 3bed+1bath, and five (5) 2bed+1bath units. It is separately metered for electricity and gas. Each unit is spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, high ceiling, etc.

 

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 lends 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.

Highland Park has just as many contemporary landmarks as it does ones that pre-date the neighborhood’s distinction as one of LA’s hippest. From a steampunk-esque bowling alley and bar to off-the-beaten-path museums, here’s the very best of Highland Park.


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
Copyright © 2018 GIG Real Estate, Inc. dba. Growth Investment Group - Corp. ID 02021933
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