281 S Avenue 52
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281 S Avenue 52
24 Unit Apartment Building $4,888,888 ($203,704/Unit) 4.05% Cap Rate Los Angeles, CA 90042
Investment Highlights
- Excellent Highland Park Neighborhood Offering;
- Unit Mix Comprised of Mostly 2-Bedroom Units;
- 26 parking spaces on property.
- Large 29,751 Square Foot Lot Zoned LARD2
- 2021 pool perimeter fencing installed; 2022 sub-panels updated
- Conveniently Located Close to Metro Gold Line and 110 Freeway
Executive Summary
Lacy Real Estate is delighted to present a charming 24-unit apartment building in the red-hot Los Angeles neighborhood of Highland Park. Built in 1961, this 19,828 improvement is situated on a large 29,751 SF lot. The unit mix is comprised of 5 (1 Bed/1 Bath) Units, 18 (2 Bed/1 Bath) Units, and 1 (2Bed/2 Bath) Units. There are 26 parking spaces on property.
Tenants benefit from the property’s close proximity to Downtown LA’s major employers by way of the 110 freeway. Alternatively, the property is within a short distance to the Metro Gold line, immediately connecting the passengers to neighboring South Pasadena, Pasadena, and DTLA.
Tenants benefit from the property’s close proximity to Downtown LA’s major employers by way of the 110 freeway. Alternatively, the property is within a short distance to the Metro Gold line, immediately connecting the passengers to neighboring South Pasadena, Pasadena, and DTLA.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$382,801
|
$19.31
|
| Other Income |
$4,822
|
$0.24
|
| Vacancy Loss |
$11,484
|
$0.58
|
| Effective Gross Income |
$376,139
|
$18.97
|
| Taxes |
$58,637
|
$2.96
|
| Operating Expenses |
$119,387
|
$6.02
|
| Total Expenses |
$178,024
|
$8.98
|
| Net Operating Income |
$198,115
|
$9.99
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $382,801 |
| Annual Per SF | $19.31 |
| Other Income | |
|---|---|
| Annual | $4,822 |
| Annual Per SF | $0.24 |
| Vacancy Loss | |
|---|---|
| Annual | $11,484 |
| Annual Per SF | $0.58 |
| Effective Gross Income | |
|---|---|
| Annual | $376,139 |
| Annual Per SF | $18.97 |
| Taxes | |
|---|---|
| Annual | $58,637 |
| Annual Per SF | $2.96 |
| Operating Expenses | |
|---|---|
| Annual | $119,387 |
| Annual Per SF | $6.02 |
| Total Expenses | |
|---|---|
| Annual | $178,024 |
| Annual Per SF | $8.98 |
| Net Operating Income | |
|---|---|
| Annual | $198,115 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,888,888 | Apartment Style | Garden |
| Price Per Unit | $203,704 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.68 AC |
| Cap Rate | 4.05% | Building Size | 19,828 SF |
| Gross Rent Multiplier | 12.61 | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1.31/1,000 SF |
| Price | $4,888,888 |
| Price Per Unit | $203,704 |
| Sale Type | Investment |
| Cap Rate | 4.05% |
| Gross Rent Multiplier | 12.61 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.68 AC |
| Building Size | 19,828 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.31/1,000 SF |
Unit Amenities
- Disposal
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $1,168 | 620 |
| 2+1 | 18 | $1,361 | 806 - 822 |
Walk Score ®
Very Walkable (85)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 5468-013-045 | Total Assessment | $1,852,863 (2024) |
| Land Assessment | $648,492 (2024) | Annual Taxes | $58,637 ($2.96/SF) |
| Improvements Assessment | $1,204,371 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5468-013-045
Land Assessment
$648,492 (2024)
Improvements Assessment
$1,204,371 (2024)
Total Assessment
$1,852,863 (2024)
Annual Taxes
$58,637 ($2.96/SF)
Tax Year
2023
zoning
| Zoning Code | LARD2 |
| LARD2 |
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281 S Avenue 52
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