4 Remodeled Units in Highland Park - No RSO!

$1,725,000

5256 Meridian Street, LA 90042

# of Units: 4

Current GRM: 15

Current CAP Rate: 5.1%

Price/SF: $639

Building SF: 2,700

Lot SF: 5,40

Zoning: LAC4

Year Built: 1986

Description

Fantastic opportunity to purchase a 5% CAP Rate quadruplex in prime Highland Park just north of the trendiest stretch of York Blvd. Situated on a tree lined street of mostly residential properties, all 4 units are 2BR+1BA and appx 675 SF each (per title). Built in 1986, the property underwent a full gut remodel in 2018-2019, in which the roof was replaced, facade updated, kitchens and baths were remodeled and stackable washer/dryers added inside the units. It is virtually a new building given the amount of work it received. The property is also NOT subject to the City of LA’s RSO, or Rent Stabilization Ordinance (due to the 1980's construction). It is only subject to the State of CA AB1482 Rent Control, which allows 5% + CPI per year (8.8% for 2024). This is a pride of ownership property in a superb location with excellent in place rents and room to grow. Deals this good this are rare - act quickly before it’s too late!

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Location

Property is Just 1 Block North of York Blvd on a Mostly Residential Street. This Location Offers a 93 Walk Score, Making it a “Walker’s Paradise.”

The Average Home Price in Highland Park is now $946,069 and $815/SF. Homes go into Escrow in 17 days on Average. This is a Very High Barrier to Entry Neighborhood and Supply Constrained Zip Code for Purchasing a Home, Rental Property, and Especially Leasing a 2 Bedroom Apartment.

Less than 1 mile from Occidental College! Highland Park is a Favorite Among Young Creatives And Many Tenants Work From Home, Making Them More Likely To Rent an Apartment They Love In An Area That is Near Neighborhood Coffee Shops and Other Co-Working Friendly Establishments.

Property Highlights

This Opportunity Represents a Trophy Asset in a Prime Location, Ideal For A Seasoned Investor Who Knows Quality Buildings
The Entire Property Was Remodeled (Interior and Exterior) in 2018-2019. Appx $200,000 Spent in Upgrades, Including a New Roof in 2018.
Ideal For An Investor Who Wants An High Income Building That is Totally Turnkey And Needs Minimal Management
All Units Have MiniSplit AC and Heat, In Unit Washer and Dryer, Stainless Steel Appliances Including Dishwasher and Microwave, 100% Copper Plumbing, Separate Gas, Electric & Hot Water Heaters, Ring Doorbells, 2 Parking Spaces, and Shared Front Yard Access
Property is Just 1 Block North of York Blvd on a Mostly Residential Street. This Location Offers a 93 Walk Score, Making it a “Walker’s Paradise”