Property Details

Price $4,375,000

Year Built 1995

# of Units 14

Price P/ Unit $312,500

Sq. ft. 8,854 SF

Price p/ Sq. ft. $494

Current Cap Rate 4.46%

Proforma Cap Rate 5.73%

Lot Size 11,900

Zoning LARD1.5

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About the Property

6024 Monterey Road is a well-maintained 14-unit property located 0.6 mile from Figueroa Street, the vibrant epicenter of Highland Park, which is home to a wide array of eclectic boutiques, charming cafes, art galleries, lively nightlife venues, and beloved dining experiences. Built in 1995, this property is not subject to local rent control and currently qualifies for an 8.8% annual rent increase (5% + CPI). This is the first time a 1990’s+ constructed building has been put on the market in Highland Park since 2021. 6024 Monterey features (4) 2-bdrm. units and (10) 1-bdrm. units that reside on a spacious 11,900 SF lot, with ample side-by-side covered and uncovered parking spaces that present an opportunity to add ADUs (buyer to verify). Select units are renovated, including new windows, wood-laminate flooring, granite countertops, and updated appliances and cabinetry. 6024 Monterey presents approx. 30% rental upside compared to renovated units in the area. It is offered at $312,500 per unit, and at the listed price, stabilizes at a 5.73% CAP and 11.94 GRM with projected market rents. Property amenities include a well-maintained and secure environment with gated entry access and an on-site laundry room.

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