5952 Benner St Los Angeles, CA 90042-4849

Property Details for 5952 Benner St

Year built

1959

Construction

WOOD

Lot size

0.23 lot acres

Property size

4,820 SF

Zone code

LARD1.5

Property type

Apartment buildings

APN

5492-019-028

APU

5492019028

Description

This exceptional investment opportunity presents a 14-unit apartment building situated in a prime Highland Park, Los Angeles location. The property, built in 1959, comprises two buildings on two separate parcels totaling nearly 18,000 square feet, with addresses at 5952 and 5960 Benner Street, zip code 90042. The property features a mix of one and two-bedroom units, with select units boasting recent renovations including new appliances, flooring, and air conditioning. The complex includes 14 on-site parking spaces, a gated entrance, easily maintained landscaping, a central courtyard, and an on-site laundry facility. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $257,053, with a pro-forma NOI projected at $323,031, representing a 6.05% current cap rate and a pro-forma cap rate of 7.60%. The asking price is $4,250,000, translating to $433.45 per square foot and $303,571 per unit. The property's zoning (LARD1.5) and the potential for significant unit expansion under SB1211 present a compelling value-add opportunity in a low-velocity submarket. The property's convenient location offers easy access to public transportation, major freeways, and numerous nearby amenities, including restaurants, entertainment venues, and Hermon Park. This is a fee simple ownership opportunity.