501 North Avenue 50

Marcus and Millichap is pleased to present an eleven (11) unit apartment building located at 501 North Avenue 50 in Los Angeles, California. The subject property is situated in a prime Highland Park location, north of Figueroa Street and southeast of El Paso Drive.

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 1922, this property contains a great unit mix of one (1) studio / one-bathroom unit, seven (7) one-bedroom / one-bathroom units, and three (3) two-bedroom / one-bathroom units. This gated, courtyard style property features character, Spanish accents that makes the building look and feel like a bungalow community. There is alley access at the rear of the property with secure access to ample on-site parking. There is potential to add multiple ADU unit(s) to the storage areas or to the parking lot. Tenants will love living just down the street from Figueroa, a trendy and historic thoroughfare considered as the core of Highland Park. Some of the notable amenities include Highland Park Bowl, Most Likely Highland Park, The Greyhound Bar, Civil Coffee, Lodge Room, and ETA Oyster Bar.

Situated in a prime Highland Park location, this offering presents an excellent opportunity for any investor capitalize on strong rental upside at a low price point in one of the trendiest markets of Los Angeles.