129 South Avenue 64
129 South Avenue 64
$3,695,000
22
13
10,705
10,705
$345
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.
- Listed by Armin Soleimani • DRE #01846872 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.
- Listed by Julio Ruiz • DRE #01911261 • Brokerage DRE #01911261 • Global Platinum Properties, Inc.
Property Details for 129 South Avenue 64
Zoning
LARD1.5
StyleTraditional
Parcel Number5492035026
Total Units18.0
Living Area10705
Source Living AreaVendor Enhanced
AreaHighland Park (632)
Vacancy Rate1 Unit
Location
LISTING UPDATED: 01/25/2024 12:01 AM
Property Details for 129 South Avenue 64
Status | Active |
---|---|
MLS # | 24-348687 |
Days on Market | 101 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1962 |
Lot Size | 0.29 AC / 12,545 SF |
County | Los Angeles County |
Location
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
The Payment Calculator is for illustrative purposes only.
Property Information for 129 South Avenue 64
Property History for 129 South Avenue 64
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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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