Skip To Content

6817 N Figueroa Street

Los Angeles (City), CA 90042
  • $5,030,000
  • STATUS: Active Under Contract
  • ON SITE: 118 Days
  • ID#: AR24039591
Under Contract
UPDATED: 220 min ago
$5,030,000
  • 0
    BEDS
  • 0.49
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1954
County:

School Ratings & Info

Listing Agent(s): Evan Monroe of Growth Investment Group Pasade (626-594-4900) and Justin Mccardle of Growth Investment Group Pasade(626-594-4900)


Description

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 LAs 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, ADUs, 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.

Monthly Payment Calculator



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-25T00:28:10.537. 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 deemed reliable but is not guaranteed accurate by the MLS or Mainstreet Realtors®. Licensed in the State of California, USA.
www.mainstreetgroup.com/homes/147998751
Print Image

6817 N Figueroa Street Los Angeles (City), CA 90042

  • Price: $5,030,000
  • Status: Active Under Contract
  • On Site: 118 Days
  • Updated: 220 min ago
  • ID#: AR24039591
0
Beds
0
Baths
0
½ Baths
0.49
Acres
1954
Built
Neighborhood:
632 - Highland Park
County:
Los Angeles
Area:
632 - Highland Park
Property Description
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 LAs 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, ADUs, 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.
Exterior Features

Carport Spaces 3 Carport YN Yes Entry Level 1 Entry Location N. Figueroa St. Lot Features 21-25 Units/Acre Number Of Separate Electric Meters 22 Open Parking Spaces 15 Parking Features Controlled EntranceCarportGarageGated Parking Total 19 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 1 Common Wall

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest Community Apartment Community Features FoothillsUrban Electric Expense 0 Fuel Expense 4235 Garage YN Yes Gross Income 558979 Gross Scheduled Income 558979 Insurance Expense 15000 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash to New Loan Net Operating Income 385465 New Construction YN No Number Of Separate Gas Meters 22 Number Of Separate Water Meters 1 Operating Expense 156745 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Trash Expense 6733 Water Sewer Expense 25219 Water Source Public Zoning LARD1.5-1



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-25T00:28:10.537. 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 deemed reliable but is not guaranteed accurate by the MLS or Mainstreet Realtors®. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372444754-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372444754-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372444754-2.jpg
Logo
Mainstreet Realtors®
10300 Fourth St. Ste 100
Rancho Cucamonga CA, 91730
Listing Agent(s): Evan Monroe of Growth Investment Group Pasade (626-594-4900) and Justin Mccardle of Growth Investment Group Pasade(626-594-4900)