Highland Cove 200 S Avenue 59 28 Unit Apartment Building $6,100,000 ($217,857/Unit) Los Angeles, CA 90042

The Kanner Group is pleased to present 200 S Avenue 59, a 2-story, 28-unit value-add multifamily investment opportunity with 53%+ income upside potential, nestled at the top of a quiet cul-de-sac on a charming tree-lined street comprised primarily of single-family homes. Located in an ultra-prime pocket of Highland Park, one of Northeast Los Angeles’ most desirable submarkets, the property sits just one block south of the bustling Figueroa Street retail corridor and north of the 110 Freeway, providing ideal proximity to the neighborhood’s premier dining, shopping, and entertainment amenities.
Constructed in 1963, the 19,001 SF building comprises 22 (1+1), 5 (2+1), and 1 (3+1) units averaging approximately 678 gross SF. The property rests on an oversized 34,216 SF LARD2-1-HPOZ-zoned lot, offering investors excellent ADU potential. The charming Mid-Century courtyard-style design includes a central pool and patio area surrounded by generous open space and separate storage/garage structures that could be converted into a gym, rec room, or creative amenity space. The parking area provides 35 individual spaces at the front of the property.
Current ownership has thoughtfully reimagined the exterior, embracing the property’s original Mid-Century aesthetic through a stylish repaint and refreshed landscaping that enhances its curb appeal while accentuating distinctive architectural features such as decorative breeze blocks and floating staircases. Recent capital improvements include upgraded electrical house panels, a newly remodeled pool-adjacent deck offering a welcoming communal seating and gathering area, re-plastered and retiled pool, installation of new split-system HVAC units in many apartments, enhanced exterior lighting, and a resurfaced parking lot. There is also strong potential to privatize select unit patios for added tenant appeal. Sixteen of the units have been tastefully renovated with open-concept floor plans, engineered hardwood flooring, modern fixtures, stainless-steel appliances, quartz countertops, updated cabinetry, new blinds, and beautifully appointed bathrooms. Additional amenities include on-site gated parking, A/C, and a renovated community pool for residents.
200 S Avenue 59 places residents within walking distance of Highland Park’s most beloved destinations—including Highland Park Bowl, Civil Coffee, HomeState Tacos, Kinship Yoga, Hermon Park, Gold Line Bar, Checker Hall, and Triple Beam Pizza as well as numerous boutique shops, galleries, and nightlife options. Residents also enjoy close proximity to Ernest E. Debs Regional Park and other neighborhood green spaces offering hiking trails, tennis courts, basketball courts, and abundant outdoor recreation opportunities. The property is also within walking distance of the Metro Gold Line Highland Park Station and offers quick access to the 110 Freeway, connecting residents to Downtown Los Angeles, Pasadena, and the Tri-Cities employment centers within minutes. Surrounded by vibrant retail corridors and green spaces, Highland Park has emerged as one of Los Angeles’ most progressive and rapidly transforming neighborhoods, attracting a strong demographic of creative professionals and long-term renters seeking style, culture, and convenience.
With its prime location, significant rental upside, and recent capital improvements, 200 S Avenue 59 is well-positioned for a skilled value-add investor to continue implementing a high-end renovation program to optimize market rents, maximize appreciation, and generate strong future returns.