281 Avenue 52 Los Angeles, CA 90042

Property Details for 281 Avenue 52

Year built

1961

Lot size

0.68 lot acres

Property size

19,828 SF

Zone code

LARD2

Property type

Apartment buildings

APN

5468-013-045

APU

5468013045

Description

This exceptional 24-unit apartment building presents a compelling value-add opportunity in the desirable Highland Park neighborhood of Los Angeles, California. The property, located at 281 S Ave 52, boasts a substantial 19,828 square feet of net rentable space spread across four, two-story buildings on a large 29,724 square foot lot. Currently operating at 100% occupancy, the property features a desirable unit mix primarily consisting of two-bedroom, one-bathroom units, with a smaller number of one-bedroom units and a single two-bedroom, two-bathroom unit. Built in 1961, the property offers significant upside potential, reflected in the substantial difference between the current Net Operating Income (NOI) of $198,115 and the pro-forma NOI of $336,187, resulting in a pro-forma cap rate of 6.88%. Recent improvements include perimeter fencing (2019) and updated sub-panels (2022). The property is zoned LARD2 and benefits from its proximity to major employers in Downtown Los Angeles via the 110 freeway and the Metro Gold Line, providing convenient access to South Pasadena, Pasadena, and Downtown LA. The asking price is $4,888,888, translating to $246.56 per square foot and $203,704 per unit. The land value alone is $164.48 per square foot. This presents a rare opportunity to acquire a well-located, multifamily asset with considerable potential for increased profitability.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Longitude

-118.197

Latitude

34.1036

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments