5952-5960 Benner St - Apartments FOR SALE


Los Angeles, CA 90042
$3,995,000 USD
818-448-4415
5952-5960 Benner St, Los Angeles, CA for Sale
$3,995,000 USD
Apartments - FOR SALE
1/50
null | 6.7% Cap Rate

5952-5960 Benner St
Los Angeles, CA 90042


HIGHLIGHTS

  • Prime Highland Park Location
  • Rare Opportunity in a Low Velocity Submarket
  • Great ADU Opportunity to Nearly Double the Unit Count Under SB1211
  • Easily Maintained Landscaping with Center Courtyard
  • Property is Gated and Secured
  • On-site Laundry Facility Available

OVERVIEW

Marcus and Millichap is pleased to present a fourteen (14) unit apartment building located at 5952-5960 Benner Street in Los Angeles, California. The subject property is situated in a prime Highland Park location, north of Arroyo Seco Parkway and east of S Avenue 60. Highland Park is a high density rental market adjacent to Eagle Rock, Pasadena, and Montecito Heights. These surrounding submarkets are major employment centers for the demographic that resides in Highland Park, and make it a very commutable area for its residents. Between Highland Park’s two (2) main streets (York Boulevard and Figueroa), you will frequently find neighborhood coffee shops, thrift stores, and new nightlife establishments booming with life. This submarket’s tree-lined residential streets mix with a walkable urban culture, but it is also known for its commuter friendly transportation hubs and thoroughfares. The Metro is an at-grade light rail station near the intersection of North Avenue 57 at Marmion Way (one block north of North Figueroa Street). It is the first station on the line going west toward Atlantic station that’s in the city of Los Angeles. Highland Park has just as many contemporary landmarks as it does ones that predate the neighborhood’s distinction as one of Los Angeles’ hippest locations. Built in 1959 and 1961, this property consists of a ideal unit mix of six (6) one-bedroom / one-bathroom units, three (3) two-bedroom / one-bathroom units, two (2) two-bedroom / one-and-a-half-bathroom units, and three (3) two-bedroom / two-bathroom units. Select units have been renovated with new appliances, flooring, air conditioning, and more. The property is gated and secure, featuring easily maintained landscaping and a large center courtyard perfect for tenant enjoyment. An on-site laundry facility is available. The property is equipped with fourteen (14) on-site parking spaces with potential to build into several ADU unit(s) given the property has two (2) separate parcels and may allow a path through SB1211 to nearly double the unit count. Tenants will love being within a few miles of many trendy restaurants, nightlife, and entertainment options such as The Lodge Room, Highland Park Bowl, Kitchen Mouse Cafe, The Offbeat, and Hermon Park. Positioned in a prime Highland Park Location, this offering presents an exceptional opportunity for an investor to capitalize on a large, rare corner double-lot with two (2) separate APNs in a low velocity submarket.

FOR SALE DETAILS

PRICE

$3,995,000 USD

PRICE/SF

$407 USD /SF

# OF UNITS

14

PRICE/UNIT

$285,357

CAP RATE

6.7%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1959

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.41 AC

LAND SF

17,879 SF

ZONING

RD1.5, Los Angeles

APN/PARCEL ID

5492-019-028,5492-019-032

ASK ABOUT THIS PROPERTY

Jason TuviaMarcus & MillichapMore Info
818-448-4415

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Jason TuviaMarcus & MillichapMore Info
818-448-4415

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.