129 South Avenue 64

Los Angeles, CA 90042

$3,695,000
Price
22
Beds
13
Baths
10,705 Sq. Ft.
$345 / Sq. Ft.
10,705
Sq. Ft.
$345
per Sq. Ft.

Description

We just improved the pricing by $300k on this unique ultra value-add opportunity in Highland Park! The offering consists of 13 very large residential units with substantial rental and ADU upside. To further boost the already attractive metrics, the buyer can begin construction on 5 RTI ADUs shortly after closing (currently pending sanitation clearance, but can be delivered RTI), which would boost the unit count by nearly 50% to 18 units. Factoring in construction costs for these ADUs at $300/SF ($580k...We just improved the pricing by $300k on this unique ultra value-add opportunity in Highland Park! The offering consists of 13 very large residential units with substantial rental and ADU upside. To further boost the already attractive metrics, the buyer can begin construction on 5 RTI ADUs shortly after closing (currently pending sanitation clearance, but can be delivered RTI), which would boost the unit count by nearly 50% to 18 units. Factoring in construction costs for these ADUs at $300/SF ($580k total), the all-in-cost per door comes down significantly to approximately $237k/door at a very attractive cap rate of 7.1% or 10.73 GRM - virtually unheard of in Highland Park. These are not "pro forma" figures and are not reliant on unit turns, and they take into account the cost of building the ADUs. The seller has priced the asset for the buyer to capture an instant equity spread from the construction of the ADUs. Furthermore, new owners can capture incredible upside potential by raising rents in the existing large units which cover an average area of over 800 square feet each. The size of the units results in quick lease-ups, and the property has the additional upside to an 14.6% cap rate and 5.65 GRM. The property is situated close to the vibrant York Blvd and Figueroa Street. Tenants will enjoy living close to trendy shops, galleries, pubs, and gourmet eateries such as Casa Bianca, Sage Bistro, Scoops, Guisados, Owl Bureau, Highland Park Bakery, and The York, located near the 110 (Arroyo Seco Parkway) and just 10 minutes from Downtown Los Angeles! Close to the Gold Line Lightrail, Metro Bus Stops, and major thoroughfares.
  1. Listed by Armin Soleimani • DRE #01846872 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.
  2. Listed by Julio Ruiz • DRE #01911261 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.

Property Details for 129 South Avenue 64

Zoning
LARD1.5
Style
Traditional
Parcel Number
5492035026
Total Units
18.0
Living Area
10705
Source Living Area
Vendor Enhanced
Area
Highland Park (632)
Vacancy Rate
1 Unit

Location

Listing Courtesy of Global Platinum Properties, Inc., Armin Soleimani, DRE #01846872; Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261
Add your commute
LISTING UPDATED: 01/25/2024 12:01 AM

Property Details for 129 South Avenue 64

StatusActive
MLS #24-348687
Days on Market101
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1962
Lot Size0.29 AC / 12,545 SF
CountyLos Angeles County

Location

Listing Courtesy of Global Platinum Properties, Inc., Armin Soleimani, DRE #01846872; Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261
Add your commute

Building Information for 129 South Avenue 64

Stories-Residences-Year Built1962Building Size-Lot Size0.29 AC / 12,545 SF

Payment Calculator

$23,215 per month

30 year fixed, 7.25% Interest

Principal and Interest

$20,165

Property Taxes

$3,050

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 129 South Avenue 64

Community / Development
Community / Development
  • Number Of Units: 18
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 0
  • Number Of Buildings: 1
  • Type Of Units: Garden
  • View: Yes
  • View Description: City
  • View: City Lights
  • Water Heaters: Yes
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $398,460
  • Net Operating Income: $159,318.00
  • Gross Income: $396,060
  • Cap Rate: 4.30%
  • Gross Rent Multiplier: $15.53
  • Total Annual Expense: 71527
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.288
  • Lot Size Square Feet: 12545
Parking Details
Parking Details
  • Parking Garage: Carport Detached
  • Total Parking: 16
  • Parking Features: Detached Carport
  • Attached Garage: No
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Wall Unit(s)
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Microwave, Dishwasher, Stackable W/D Hookup, Refrigerator
  • Laundry: Stackable
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 01-17-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,066.00
  • Unit Actual Rent: $1,066.00
  • Unit Projected Rent: $3,395.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,383.00
  • Unit Actual Rent: $1,383.00
  • Unit Projected Rent: $3,395.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,768.00
  • Unit Actual Rent: $1,768.00
  • Unit Projected Rent: $3,395.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,335.00
  • Unit Actual Rent: $1,335.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,385.00
  • Unit Actual Rent: $1,385.00
  • Unit Projected Rent: $3,395.00
  • Like Units: 1
Unit 7 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $993.00
  • Unit Actual Rent: $993.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 8 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,895.00
  • Unit Actual Rent: $2,895.00
  • Unit Projected Rent: $3,395.00
  • Like Units: 1
Unit 9 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $728.00
  • Unit Actual Rent: $728.00
  • Unit Projected Rent: $3,395.00
  • Like Units: 1
Unit 10 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,080.00
  • Unit Actual Rent: $1,080.00
  • Unit Projected Rent: $3,395.00
  • Like Units: 1
Unit 11 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,054.00
  • Unit Actual Rent: $1,054.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 12 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,080.00
  • Unit Actual Rent: $1,080.00
  • Unit Projected Rent: $2,750.00
  • Like Units: 1
Unit 13 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,298.00
  • Unit Actual Rent: $1,298.00
  • Unit Projected Rent: $3,395.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $264,654.00
  • Assessed Improvement Percent: 59.9
  • Assessed Land Value: $177,143.00
  • Assessed Land Percent: 40.1
  • Assessed Total Value: $441,797.00

Property History for 129 South Avenue 64

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 129 South Avenue 64

Taxable ValueLand$1,581,000Additions$1,302,890Total$2,883,890
Tax Record2023$36,599 ($3,050 / month)
Home Facts
Total Finished SqFt10,705 SqFtAbove Grade Finished SqFt10,705 SqFtLot Size12,531 SqFtStyleMulti-Family Res (5+ Units)Year Built1962ZoningLARD1.5CountyLOS ANGELESAPN5492-035-026

Schools near 129 South Avenue 64

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - K to 5
Public - 6 to 12
Public - 6 to 8
Rating
School
Distance
Garvanza Elementary School
PublicK to 5

Benjamin Franklin Senior High School
Public6 to 12

Luther Burbank Middle School
Public6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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129 South Avenue 64 is a multi-family home for sale in Los Angeles, CA 90042. This property was listed for sale on January 17, 2024 by Global Platinum Properties, Inc., it's currently listed at $3,695,000. It has been on the market for a total of 101 days and was last sold on June 9, 2022. This listing's school district is Los Angeles Unified School District. Nearby schools include San Pascual Elementary Science Technology Engineering Arts And Mathematics (STEAM) Magnet, Garvanza Elementary School and Benjamin Franklin Senior High School. 129 South Avenue 64 is a 22-bed, 13-bath, 10,705 sqft multi-family home built in 1962.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Global Platinum Properties, Inc., Armin Soleimani, DRE #01846872; Global Platinum Properties, Inc., Julio Ruiz, DRE #01911261

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.