Property listed by Growth Investment Group Pasade, Justin McCardle 310-606-0192
$8,088,000
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… Read More 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. Read Less
Listing Snapshot
Days Online
0
Last Updated
Property Type
Apartment
Lot Size
0.46 Acres
Year Built
1962
MLS Number
AR26051140
Additional Details
Building
Built in 1962, 1 building, 2 stories, Entry level: 1, Entry location: 1
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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