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$ 8,088,000
Est. payment | /mo
0.46 Acres Lot
$ 8,088,000
Est. payment | /mo
0.46 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26051140
HOA Y/N No
Year Built 1962
Lot Size 0.459 Acres
Property Sub-Type Apartment
Property Description
We are pleased to present 376 N Ave 57, an exceptional 24-unit investment opportunity in the heart of Highland Park—one of the most sought-after and rapidly evolving neighborhoods in Los Angeles. Strategically located within walking distance of the vibrant retail and dining corridor along Figueroa Street, York Blvd, and the Highland Park Station, this property provides unparalleled convenience and connectivity. This rare ±8.28% Cash-on-cash return deal in a gentrified area provides a safe investment in a volatile market. The building was built in 1962 and situated on a commanding ±20,000 SF lot, this asset has undergone significant capital improvements between 2020 and 2026. The heavy lifting is already complete: 22 of the 24 units have been extensively renovated to feature new flooring, shaker cabinets, stainless-steel appliances, updated bathrooms, LED lighting, mini-split HVAC systems, and in-unit laundry. Furthermore, the building benefits from vital systemic updates, including plumbing and electrical panel / subpanel upgrades. The favorable unit mix consists of (20) 1-bedroom units, (2) 2-bedroom units, and (2) studio units. All units are individually metered for gas and electricity, helping to minimize owner expenses. This offering represents a secure, high-yield investment anchored by highly attractive in-place financing. A new owner can assume a 3.7% fixed interest rate through June 2029, generating an estimated ±8.28% cash-on-cash return from day one. With utilities individually metered for gas and electricity, RUBS already implemented, and remaining upside in the two unrenovated units and current rents, this is a rare opportunity to acquire a well-located, renovated asset with strong in-place cash flow and meaningful future upside in one of Northeast Los Angeles' premier rental markets.
Location
State CA
County Los Angeles
Area 632 - Highland Park
Interior
Fireplace No
Laundry Common Area, Inside
Exterior
Pool None
Community Features Urban
Private Pool No
Building
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5469033018
Energy Description 6249.0
Acceptable Financing Cash to Existing Loan, Cash to New Loan
Listing Terms Cash to Existing Loan, Cash to New Loan
Special Listing Condition Standard
Lease Land No
Listed by Justin McCardle Growth Investment Group Pasade 310-606-0192, DRE #01895720
NEARBY SCHOOL & BUSINESS
22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA
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