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Highland Cove 200 S Avenue 59 28 Unit Apartment Building $8,081,466 CAD ($288,624 CAD/Unit) 5.66% Cap Rate Los Angeles, CA 90042
Investment Highlights
- Prime Highland Park Location: two blocks from Figueroa, half a mile to the Metro L Line, and 0.2 miles to the 110. Easy access to DTLA and Tri-Cities
- Nearly 35% Rental Upside: 12 unrenovated units offer clear runway for rent growth, using a renovation strategy already proven across 16 units on-site.
- Ground-floor units have the potential for private patios, a low-cost enhancement that commands a rent premium at turnover.
- $456K of CapEx Since 2021: 16 renovated interiors, re-plastered pool, new deck, upgraded panels, split HVAC, and a completed sewage line replacement.
- The oversized 34,216 SF lot offers additional upside through new ADU construction, driving a meaningful increase in annual gross income.
- On-site storage and garage structures can be repurposed into amenity space — gym, lounge, or co-working — without new construction.
Executive Summary
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present Highland Cove, a 28-unit value-add apartment community at 200 S Avenue 59 in Highland Park.
Built in 1963, the two-story property sits on an oversized 34,216-square-foot lot. The unit mix comprises 22 one-bedrooms, five two-bedrooms, and one three-bedroom. On-site amenities include a central pool with a newly built communal deck, secured gated parking for 35 vehicles, and laundry facilities.
Since 2021, the current ownership has invested $456K in capital improvements — renovating 16 unit interiors with modern finishes while completing building-wide upgrades including pool re-plastering, a new pool deck, upgraded electrical panels, split-system HVAC units, and a full sewage line replacement. The remaining 12 unrenovated units account for the majority of the property's nearly 35% rental upside and offer a straightforward continuation of a renovation strategy that has already been validated on-site. The oversized lot also presents additional development potential through the construction of new ADUs, representing a meaningful increase in annual gross income.
Highland Cove is just two blocks south of Figueroa Street, Highland Park's main retail and dining strip, putting residents at the center of one of Northeast LA's most vibrant walkable neighborhoods — known for its independent restaurants, coffee shops, boutiques, galleries, and nightlife. The Metro L Line is half a mile away, and the 110 Freeway is 0.2 miles from the property, providing easy access to Downtown LA, Burbank, Glendale & Pasadena.
At a basis of $210,714 per unit, the property pairs completed capital improvements with meaningful remaining upside from both the unrenovated units and ADU development. Highland Park remains one of LA's fastest-appreciating submarkets.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Built in 1963, the two-story property sits on an oversized 34,216-square-foot lot. The unit mix comprises 22 one-bedrooms, five two-bedrooms, and one three-bedroom. On-site amenities include a central pool with a newly built communal deck, secured gated parking for 35 vehicles, and laundry facilities.
Since 2021, the current ownership has invested $456K in capital improvements — renovating 16 unit interiors with modern finishes while completing building-wide upgrades including pool re-plastering, a new pool deck, upgraded electrical panels, split-system HVAC units, and a full sewage line replacement. The remaining 12 unrenovated units account for the majority of the property's nearly 35% rental upside and offer a straightforward continuation of a renovation strategy that has already been validated on-site. The oversized lot also presents additional development potential through the construction of new ADUs, representing a meaningful increase in annual gross income.
Highland Cove is just two blocks south of Figueroa Street, Highland Park's main retail and dining strip, putting residents at the center of one of Northeast LA's most vibrant walkable neighborhoods — known for its independent restaurants, coffee shops, boutiques, galleries, and nightlife. The Metro L Line is half a mile away, and the 110 Freeway is 0.2 miles from the property, providing easy access to Downtown LA, Burbank, Glendale & Pasadena.
At a basis of $210,714 per unit, the property pairs completed capital improvements with meaningful remaining upside from both the unrenovated units and ADU development. Highland Park remains one of LA's fastest-appreciating submarkets.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
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Property Facts
| Price | $8,081,466 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $288,624 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.79 AC |
| Cap Rate | 5.66% | Building Size | 19,001 SF |
| Gross Rent Multiplier | 10.29 | Average Occupancy | 100% |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.84/1,000 SF |
| Zoning | LARD2 | ||
| Price | $8,081,466 CAD |
| Price Per Unit | $288,624 CAD |
| Sale Type | Investment |
| Cap Rate | 5.66% |
| Gross Rent Multiplier | 10.29 |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.79 AC |
| Building Size | 19,001 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.84/1,000 SF |
| Zoning | LARD2 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Ceiling Fans
- Tile Floors
- Granite Countertops
- Stainless Steel Appliances
- Tub/Shower
- Vinyl Flooring
Site Amenities
- Laundry Facilities
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 22 | - | 650 |
| 2+1 | 5 | - | 900 |
| 3+1 | 1 | - | - |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5492-017-043 | Improvements Assessment | $3,554,642 CAD |
| Land Assessment | $6,601,483 CAD | Total Assessment | $10,156,125 CAD |
Property Taxes
Parcel Number
5492-017-043
Land Assessment
$6,601,483 CAD
Improvements Assessment
$3,554,642 CAD
Total Assessment
$10,156,125 CAD
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Highland Cove | 200 S Avenue 59
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