10.53% CAP & 7.43 GRM on Market Rents in HP | 144 S Avenue 55
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10.53% CAP & 7.43 GRM on Market Rents in HP 144 S Avenue 55
16 Unit Apartment Building $3,712,000 ($232,000/Unit) 5.03% Cap Rate Los Angeles, CA 90042
Investment Highlights
- 16-unit value-add courtyard-style complex located 1 block south of Figueroa St, the artistic hub of Highland Park
- Courtyard-style property featuring (3) 2-bdrm. units & (13) 1-bdrm. units on a 15,910 SF lot. Please note, there is a VACANT 2-bdrm. unit
- Well-maintained landscaping and mature trees in the front and courtyard, community laundry, and 16 surface parking spaces
- 10.53% CAP & 7.43 GRM on market rents - 5.09% CAP & 12.81 GRM on current rents w/ approx. 72% rental upside
- Situated just 1 block south of Figueroa Street—the vibrant commercial heart of Highland Park
- Available for individual purchase or as part of a portfolio, with a nearby 10-unit property located just 1 mile away at 1223 N. Ave 56
Executive Summary
144 S. Avenue 55 is a well-maintained 16-unit courtyard-style property located 1 block south of Figueroa St, the commercial hub of Highland Park. Notable tenants of this lively hub include Highland Park Bowl, Go Get ‘Em Tiger, Mendocino Farms, Highly Likely, Blind Barber and more. In addition, the property is approx. 2 miles from Occidental College, and could potentially be an off-campus student housing option. Built in 1961, this courtyard-style property features (3) 2-bdrm. units & (13) 1-bdrm. units. Please note, there is a VACANT 2-bdrm. unit. The property presents a substantial value-add opportunity with approx. 78% rental upside. At projected market rents, the property will stabilize at a 10.21% CAP and 7.66 GRM. 144 S. Avenue 55 can be purchased individually or in conjunction with a 10-unit property with approx. 66% rental upside, located 1 mile away (1223 N. Avenue 56). Please contact Kenny Stevens for more info at Kenny@KennyStevensTeam.com.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,712,000 | Apartment Style | Low Rise |
| Price Per Unit | $232,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.37 AC |
| Cap Rate | 5.03% | Building Size | 11,048 SF |
| Gross Rent Multiplier | 12.81 | Average Occupancy | 94% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Price | $3,712,000 |
| Price Per Unit | $232,000 |
| Sale Type | Investment |
| Cap Rate | 5.03% |
| Gross Rent Multiplier | 12.81 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 11,048 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1/1,000 SF |
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $2,229 | - |
| 1+1 | 13 | $1,583 | - |
Walk Score ®
Walker's Paradise (92)
PROPERTY TAXES
| Parcel Number | 5468-014-024 | Total Assessment | $3,748,140 (2024) |
| Land Assessment | $2,632,623 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,115,517 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5468-014-024
Land Assessment
$2,632,623 (2024)
Improvements Assessment
$1,115,517 (2024)
Total Assessment
$3,748,140 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | LARD1.5 |
| LARD1.5 |
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10.53% CAP & 7.43 GRM on Market Rents in HP | 144 S Avenue 55
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