Incredible Highland Park Fourplex | 311 S Avenue 59
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Incredible Highland Park Fourplex 311 S Avenue 59
4 Unit Apartment Building $1,188,000 ($297,000/Unit) 4.57% Cap Rate Los Angeles, CA 90042
Investment Highlights
- 1 Unit Vacant and Available to Show!
- Unit Mix: Four Large 2Br+1Ba Apartments That Average Appx 800 SF Each
- Adjacent 4 Unit at 5920 Benner (Exact Same Size and Layout) Just Sold for $1,420,000!
- Great Investment Property in Highland Park near Figueroa's hottest shops, cafes, bars, & restaurants.
- Purchase With Residential Owner-User or Investor Financing - Call For Loan Programs, Interest Rates & Options!
- 4 Open Parking Spots & Potential To Utilize Open Space As Parking Via Curb Cut on Benner
Executive Summary
Rare opportunity to buy a turnkey 4plex in hip Highland Park on a large corner lot with parking! All apartments are 2 bedroom and 1 bathroom, and the spacious units average 806 SF each per title. Each apartment has one large bedroom and one smaller bedroom with no closet. Two apartments have small office areas off the kitchen, and all units have a closet at the end of the hallway that would be prefect for in unit stackable washer/dryers. There are separate hot water heaters and meters, and the property is professionally managed. Expenses are naturally low on a building like this. This property is in a prime area of Highland Park near Figueroa and with easy access to the 110 Freeway. All in all, this is an excellent investment in a stellar location.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$78,564
|
$24.10
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$78,564
|
$24.10
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$24,323
|
$7.46
|
| Net Operating Income |
$54,241
|
$16.64
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $78,564 |
| Annual Per SF | $24.10 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $78,564 |
| Annual Per SF | $24.10 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $24,323 |
| Annual Per SF | $7.46 |
| Net Operating Income | |
|---|---|
| Annual | $54,241 |
| Annual Per SF | $16.64 |
Property Facts
| Price | $1,188,000 | Apartment Style | Low Rise |
| Price Per Unit | $297,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 4.57% | Building Size | 3,260 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 75% |
| Gross Rent Multiplier | 15.12 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1948 |
| Property Type | Multifamily | Parking Ratio | 1.23/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,188,000 |
| Price Per Unit | $297,000 |
| Sale Type | Investment |
| Cap Rate | 4.57% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 15.12 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 3,260 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built | 1948 |
| Parking Ratio | 1.23/1,000 SF |
Amenities
- Smoke Detector
Unit Amenities
- Heating
- Ceiling Fans
- Kitchen
Site Amenities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | $1,863 | 806 |
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Walk Score ®
Very Walkable (82)
PROPERTY TAXES
| Parcel Number | 5492-019-007 | Improvements Assessment | $70,957 |
| Land Assessment | $269,380 | Total Assessment | $340,337 |
PROPERTY TAXES
Parcel Number
5492-019-007
Land Assessment
$269,380
Improvements Assessment
$70,957
Total Assessment
$340,337
zoning
| Zoning Code | LARD1.5 |
| LARD1.5 |
-
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Incredible Highland Park Fourplex | 311 S Avenue 59
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