INVESTMENT HIGHLIGHTS
- Walking distance to Highland Park Metro Station!
- Superb location within minutes to all amenities Highland Park has to offer; Walk Score 87
- 18 out of 24 units will be delivered vacant!
- Suitable unit mix that is perfect for a rent control area!
- 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 Farmers Market, Figueroa St and York Blvd retail corridors!
- 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
- Property will be delivered with 18 Vacant Units
- Soft story retrofit has been completed!
- Individually Metered for gas and electricity
- Secured Parking for the tenants
- Secured entrance, laundry room, swimming pool
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer 376 North Avenue 57, Highland Park. A rare value-add 24-unit apartment community located in the gentrified neighborhood of Highland Park, CA. The property is strategically located nearby Highland Park Metro Station and within minutes to 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 value-add real estate in a strong and gentrifying submarket nearby downtown Los Angeles.
The property was built in 1962 and situated on a large 19,986 SF lot. It will be delivered ready for the next owner to complete their vision of the renovation with 18 of the units vacant, and ready for upgrades. The Assets desirable unit mix includes Two (2) 2bedroom+1bathroom, Twenty (20) 1bedroom+1bathroom, and Two (2) Large Studios. The soft story retrofit for parking area has been completed. The property is individually metered for electricity and gas. Other amenities include space for a laundry room or storage, and a swimming pool!
The property is a fresh canvas for the new owner to come in and design the building immediately into it’s maximum potential while adding a personal touch. This is a perfect central location with a short walk to the Metro Gold Line or all that Figueroa has to offer. This number of units, in this location, with this many vacancies- don’t come along very often, and it will be a great generational asset to own. This is a true value add deal, for the experienced owner builder.
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.