The Growth Investment Group is proud to offer 376 N Ave 57, a prominent 24-unit apartment community located in the gentrified neighborhood of Highland PArk, CA. This property has been under the same ownership since the early 2000's and is the first time ever being offered for sale. The property is situated on a quiet, residential street surrounded by single family residential and apartment communities. There is several new residential development projects nearby that demonstrate the strength of local property market.
The property is a very well maintained three-story garden style apartment community with a center courtyard and a fenced swimming pool. It was built in 1962 and is situated on a large 19,986 SF lot size. It offers an attractive unit mix of two (2) 2bed+1bath, twenty (20) x 1bed+1bath, and two (2) Studio units, and has a total of 22 parking spaces. It is separately metered for electricity and gas. The property is under rent stabilization ordinance (rent control).
The property offers ±38% rental upside potential. From 24-units, 5 have been renovated, giving buyer a head start with their value add plan. Each unit is bright, large with plenty of natural light and has an excellent layout. The upgraded unit has vinyl hardwood floor, new kitchen cabinetry, granite kitchen countertops, tiled kitchen back splash, tiled bathroom, and stainless-steel appliances. The property has been very well-maintained throughout current ownership with no known deferred maintenance. Some capital improvements are recently repainted exterior, new front gate, new building façade.
The property is strategically located within walking distance to Highland Park Metro Station, Figueroa Street and York Boulevard retail corridors. It is also within walking distance to elementary and high school and 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.