Under Contract

Active Under Contract

6817 N Figueroa Street

Los Angeles CA, 90042

$5,030,000


$306.93 per sqft

Under Contract

Active Under Contract

16,388 sqft

Condo

Built in 1954

Listed by Evan Monroe with Growth Investment Group Pasade 626-594-4900

6817-6819 North Figueroa Street is a 21-unit apartment community conveniently located north of the intersection at York Boulevard and Figueroa Street in Highland Park. Built between 1954 and 1955, the property includes an excellent apartment mix of 14 2-bedroom units along with 6 1-bedroom units and a converted/permitted (combined) 4-bedroom unit. The 2-story garden-style apt. building consists of 16,388 SF of bldg. area sitting upon over 21,000 SF of lot area zoned RD1.5-1. The property has not been renovated to top-of-market standards for 2024-2025, presenting a new owner/investor with a unique value-add opportunity to maximize income and value through a robust rehab/renovation strategy. Built between 1954 and 1955, 6817-6819 N. Figueroa Street is fully subject to LA's Citywide RSO. It is separately metered for Gas/Electricity. The section of the property facing Figueroa Street between the two "arms" of the U-Shaped structure currently houses A) a 1-car garage used for storage, B) a machine storage room, and C) an exercise room. All three of these spaces may be converted for additional garage parking, ADU's, or additional common space. (Buyer to Verify) 6817-6819 N. Figueroa St.'s current ownership is a Non-Profit Organization, and has established artificially low rental rates over the years. The property has enormous rental upside with a proforma cap rate of 6.46% and a proforma GRM of 10.67 post-rehab/renovation. 6817-6819 North Figueroa Street can operate as a traditional apartment complex (w/ regular rental unit registration, SCEP inspections, etc.) The apartments feature a unique notification alarm/light system which helps to ensure security. Overall, 6817-6819 North Figueroa Street represents a very rare opportunity to own a mid-sized apt. asset with a strong unit mix, tremendous upside potential, and a strategic central location in a popular rental market. Only approx. 6-8% of the apt. properties in 90042 are 16+ units in total. Residents of 6817-6819 N. Figueroa St. also enjoy easy access to transit, with the Metro Gold Line station and 110 Fwy nearby.

6817-6819 N. Figueroa St. may be purchased individually or together with 2 adjacent parcels: 6079 La Prada St. (13-Unit Apt. 1985 Constr.) and 6801 N. Figueroa St. (4-Suite Corner Retail 1974 Constr.) Altogether, the portfolio covers just over 1 Acre of contiguous residential land in Highland Park.

AR24039591

MLS ID

February 26, 2024

Listed

June 13, 2024

Updated

Map

6817 N Figueroa Street
Los Angeles CA, 90042

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.49 Acres


Lot Features

21-25 Units/Acre


Sewer

Public Sewer

Other Property Details

Area Name

632 - Highland Park


Days on Market

108


Garage

Yes


Garage Spaces

1


Parking

Controlled Entrance, Carport, Garage, Gated


Parking Total

19


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LARD1.5-1


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

4/16/2024

Under Contract

Listing Contact: 626-594-4900 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 6/13/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 6/13/2024 at 7:10 PM UTC

 

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