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281 S Avenue 52 24 Unit Apartment Building $5,751,962 CAD ($239,665 CAD/Unit) 5.22% Cap Rate Los Angeles, CA 90042
Investment Highlights
- 24-Unit Value-Add — Soft Story Retrofit Complete
- 26 On Site Parking Spaces Including Covered Carports
- 19,828 SF of Improvements on a 29,724 SF Lot
- Excellent Unit Mix - 5 One Bedroom Units, 18 Two Bedroom Units, 1 Two Bedroom / Two Bath Unit
- On Site Laundry Facility Providing Additional Income; ADU Potential
- In-Place Rents - 24.5% Below Market
Executive Summary
Seth Polen of Lacy Real Estate presents a 24-unit apartment community in Highland Park, Los Angeles. Built in 1961 on a 29,724 SF lot, the property is fully leased at 0% vacancy with in-place rents averaging roughly 24.5% below achievable market — a clear, low-CapEx path to grow NOI as units turn over. Northeast LA investment sales have accelerated meaningfully: six comparable assets closed in the past six weeks alone, most recently 217 S Avenue 54 (17 units, two blocks away) at $167,647/unit and a 5.41% cap rate — confirming today's $4,088,888 ask ($170,370/unit) is well aligned with where informed capital is transacting. Residents benefit from 110 Freeway and Metro Gold Line access and the Figueroa Street retail corridor. Opportunities of this scale in Highland Park are moving quickly.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,751,962 CAD | Apartment Style | Garden |
| Price Per Unit | $239,665 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.68 AC |
| Cap Rate | 5.22% | Building Size | 19,828 SF |
| Gross Rent Multiplier | 9.94 | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1.31/1,000 SF |
| Zoning | LARD2 - restricted Density Multiple Dwelling | ||
| Price | $5,751,962 CAD |
| Price Per Unit | $239,665 CAD |
| Sale Type | Investment |
| Cap Rate | 5.22% |
| Gross Rent Multiplier | 9.94 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.68 AC |
| Building Size | 19,828 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.31/1,000 SF |
| Zoning | LARD2 - restricted Density Multiple Dwelling |
Amenities
Unit Amenities
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | $2,040 CAD | 620 |
| 2+1 | 18 | $2,364 CAD | 606 - 822 |
| 2+2 | 1 | $2,726 CAD | 1,302 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5468-013-045 | Total Assessment | $5,997,471 CAD (2025) |
| Land Assessment | $3,300,716 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $2,696,755 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
5468-013-045
Land Assessment
$3,300,716 CAD (2025)
Improvements Assessment
$2,696,755 CAD (2025)
Total Assessment
$5,997,471 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026
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281 S Avenue 52
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