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1223 N Avenue 56, Los Angeles, CA 90042
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1223 N Avenue 56 Los Angeles, CA 90042

$2,475,000
  • 10 Beds
  • 10 Baths
  • 5,794 Sq.Ft.
For Sale
$2,475,000 Get Pre-Qualified
Map preview of 1223 N Avenue 56, Los Angeles, CA 90042

Property Overview: 1223 N Avenue 56 Los Angeles, CA has 10 bedrooms, 10 bathrooms, 5,794 living square feet and 12,603 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 1223 N. Avenue 56 is a 10-unit value-add property, on a 12,603 SF lot, located 1 block north or York Blvd, the artistic hub of Highland Park. Notable tenants of this lively hub include Kumquat Coffee, Block Party, The York, Joy, Collage Coffee & more. In addition, the property is located 1.5 miles from Occidental College, and could serve as a great off-campus student housing option. 1223 N. Ave. 56 presents a substantial value-add opportunity with approx. 63% rental upside. At projected market rents, the property will stabilize at a 8.07% CAP and 9.35 GRM. Built in 1950 & 1953, this property features (10) 1-bdrm. units spread across (3) 2-story buildings. The 12,603 SF lot features 2 APNs. Property amenities include automatic gated entry and approx. 9 surface tandem parking spaces. 1223 N. Ave. 56 can be purchased individually or in conjunction with a 16-unit property, located 1 mile away (144 S. Avenue 55). Please contact LA1 for more info.

Listed by Kenny Stevens | BRE #01090251 | Compass
Last checked: 8 minutes ago | Last updated: June 29th, 2024 | Source CRMLS | DOM: 10
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Home details

Lot Sq. Ft
12,603
HOA Dues
$0/mo
Year built
1950
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24406869
City
Los Angeles
County
Los Angeles
Time on Site
9 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 10
  • Total # of Buildings: 3
Unit Breakdown 1
  • # of Units: 10
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,345
  • Total Rent: $13,446
  • Pro Forma/Market Rent: $21,950
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: 15.23
  • Gross Scheduled Income: --
  • Net Operating Income: $100,194
  • Gross Operating Income: $158,487
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 1223 N Avenue 56

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Property Details for 1223 N Avenue 56

Interior Features
Cooling Information
  • Has Cooling
  • Wall/Window Unit(s)
Laundry Information
  • Has Laundry
  • Community
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: Two
  • Security Features: Gated Community
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 9
  • Has Parking
  • Parking Features: Tandem Garage, Uncovered
Lot Information
  • Lot Size Source: Other
Property Information
  • No View
  • View: None
  • Common Walls: No Common Walls
  • Total # of Units: 10
  • Parcel Number: 5485008004
  • Has Additional Parcels
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Located 1 block north of York Blvd, 1223 N. Avenue 56 is within walking distance of the artistic hub of Highland Park.
View more facts & features

Local Los Angeles Agent

Sale History for 1223 N Avenue 56

Last sold for $1,550,000 on September 25th, 2015

  • June, 2024

  • Jun 21, 2024

    Date

    Active

    CRMLS: 24406869

    $2,475,000

    Price

  • September, 2015

  • Sep 25, 2015

    Date

    Sold (Public Records)

    Public Records

    $1,550,000

    Price

Show More

Tax History for 1223 N Avenue 56

Assessed Value (2020): $1,398,335
Year Land Value Improved Value Assessed Value
2020 $611,573 $786,762 $1,398,335

Home Value Compared to the Market

This property vs the competition

1223 N Avenue 56 is listed 100.24% higher than the median list price for the city of Los Angeles which has a median list price of $1,236,000. The median price per/sqft for Los Angeles is $775 and this home is listed at $427.17 per/sqft which puts the price per square foot 44.88% lower than the median price per square foot for the city of Los Angeles.

About 1223 N Avenue 56

Detailed summary of property

1223 N Avenue 56 is a multi family located in Los Angeles, CA 90042 and is currently for sale. This multi family property offers 10 bedrooms, 10 bathrooms, roughly 5,794 living square feet, and sits on an approximately 12,603 square foot lot. 1223 N Avenue 56 was first listed on ArdentRealEstateGroup.com on June 21, 2024. The homeowner is currently asking $2,475,000. The median priced home in Los Angeles is $1,236,000 with a median price per square foot of $775. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 100.24% higher than the median priced home. Local competing homes currently for sale include 2641 Riverside Terrace, 3121 Silver Lake Blvd and 2626 Corralitas Dr. While the average home in Los Angeles, CA is selling in 99 days, 1223 N Avenue 56 has a days on market of 10 days. There are currently 3982 homes for sale in the Los Angeles real estate market and 2673 of them are single family homes while 1195 of them are condos and 107 are townhomes. For more information on this home for sale at 1223 N Avenue 56 Los Angeles, CA 90042 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1223 N Avenue 56

Public county record property details
Beds
8
Baths
8
Year built
1950
Sq. Ft.
4,834
Lot Size
6,298
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
3
APN
5485-008-004

The source for these homes facts are from public records.

90042 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,195,000
Median List Price/Sq.Ft.
$789
Median Sold Price
$1,100,000
Median Sold Price/Sq.Ft.
$763
Total Inventory
93
Median Sale to List Price %
115.91%
Avg Days on Market
20
Loan Type
Conventional (31.25%), FHA (0%), VA (0%), Cash (18.75%), Other (9.38%)

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Recently Sold Homes Near 1223 N Avenue 56

1215-1217 N Avenue 56, Los Angeles, CA 90042
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1135 N Avenue 56, Los Angeles, CA 90042
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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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