Highland Park Apartments - 376 N Ave 57 is a prominent 24-unit apartment community located in the gentrified neighborhood of Highland Park, CA. The property is strategically located within walking distance to Highland Park Metro Station. It is also within walking distance to elementary and high school and within minutes to the well-known Occidental College in Eagle Rock. It has superb access to Downtown Los Angeles via FWY 110, and minutes to FWY 2, FWY 134 and FWY 210.This property has been under the same ownership since 2000 and is the first time ever being offered for sale. The property is situated on a quiet, residential street surrounded by single family residential and apartment communities. There is several new residential development projects nearby that demonstrate the strength of local property market. The property is a very well maintained three-story garden style apartment community with a center courtyard and a fenced swimming pool. It was built in 1962 and is situated on a large 19,986 SF lot size. It offers an attractive unit mix of two (2) 2bed+1bath, twenty (20) x 1bed+1bath, and two (2) large Studio units, and has a total of 22 parking spaces. It is separately metered for electricity and gas. The property is under rent stabilization ordinance (rent control). The property offers Ã¿Â±42% rental upside potential. Some of the units have been upgraded, giving buyer a head start and built-in rent comparable for their value-add plan.
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