BACK ON MARKET-PRICE REDUCED! BELOW MARKET LOAN ASSUMPTION;3.8% INTEREST ONLY, FIXED FOR 15 YEARS, 65% LTV. AFTER FIRST FIVE YEARS,OPTION TO PAY DOWN PRINCIPLE. NO LOAN ASSUMPTION FEE!
Marcus & Millichap is pleased to present for sale a 14-unit apartment building in the heart of Highland Park. Built in 1963 the building is comprised of eight one-bedroom, one-bath and six two-bedroom, two-bath units.
The rents may be at least 40 percent below market, with additional upside potential if buyer implements a property renovation program. New copper plumbing was installed in 2011 and the roof was replaced in 2015. (Buyer to confirm). The building features a laundry room, open courtyard and parking for approximately twenty-five cars.
This is a true add value opportunity in one of the most exciting emerging communities in Southern California.
Property is subject to City Ordinance #183893 pertaining to soft-story retrofit program.
5623 Meridian Street apartment complex is located one block north of York Boulevard and one block east of North Avenue 54. This neighborhood features a wide array of popular restaurants, pubs, art galleries, boutique clothing stores, and cafes.
Highland Park continues to receive local and national attention as a vibrant and rapidly developing neighborhood, attracting professional and creative people from all over Los Angeles.
If New York City' s Brooklyn neighborhoods were bathed in sunshine, they might find their west coast counterpart in Los Angeles' Highland Park. Historic homes combine with corridors replete with modern amenities and cozy bookshops tucked-away in secret corners. Despite its analog attitude, Highland Park' s evolution continues as it' s propelled by another moving accouterment the Metro Rail Gold Line easily connects commuters to the rest of the city. (Airbnb)
This community has long been perceived by investors as a solid rental market due to its direct proximity to Glendale to the west, Pasadena to the east, and Downtown Los Angeles just a few minutes to the south.
