Property Details.

Kenny Stevens Team is pleased to offer for sale 255 S Avenue 55, a 10 unit, multifamily community located in Highland Park. The mid-century courtyard apartment is located in a prime location of Highland Park, one block to Figueroa Dining/Nightlife. The units average 750 sf and the unit mix consists of(9) 2 bedroom 1 bathroom units and (1) 1 bedroom 1 bathroom units. With a 8.5% apartment rent growth over 2017 in Highland Park and a 27% upside in rents for the unrenovated units this is great value-add investment for any buyer.

Price $3,300,000

Year Built 1962

# of Units 10

Price P/ Unit $330,000

Sq. ft. 7,538

Price p/ Sq. ft. $438

Current Cap Rate 5.03%

Proforma Cap Rate 6.45%

Current GRM 13.31%

Proforma GRM 11.17%

Lot Size 11,900

Zoning LARD2

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255 S Avenue 55
Los Angeles, CA 90042

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