281 Ave 52 Apts
❖ Rare 24-Unit Offering in Prime Highland Park
❖ Excellent Unit Mix Comprised of Mostly 2-Bedroom Units
❖ Significant Upside Potential
❖ Large 29,751 Square Foot Lot; Potential Opportunity to add ADU’s – Up to 6 attached and 2 detached
❖ Easy Access to Trendy Restaurants and Lifestyle Amenities
❖ Conveniently Located Close to Metro Gold Line and 110 Freeway
❖ Soft Story Retrofit Completed; Electric Panels Updated
Property Description
24-unit apartment community located in the highly desirable Highland Park neighborhood of Los Angeles.
Built in 1961, the property consists of approximately 19,828 square feet of improvements situated on 29,724 SF Lot (.68AC) The unit mix includes 5 one-bedroom / one-bath units, 18 two-bedroom / one-bath units, and 1 two-bedroom / two-bath unit, offering a strong configuration that supports long-term tenant demand.
Residents benefit from the property’s proximity to Downtown Los Angeles via the 110 Freeway and convenient access to the Metro Gold Line, connecting Highland Park to South Pasadena, Pasadena, and DTLA.
The property is also located near the vibrant Figueroa Street retail corridor, providing tenants with easy access to Highland Park’s popular restaurants, cafes, shops, and neighborhood amenities. Opportunities to acquire assets of this scale in Highland Park remain limited, as the neighborhood is largely built-out and new multifamily development remains constrained.
Key Property Information
| Listing Status: | Available |
|---|---|
| Property Types: | Apartment Buildings |
| Price: | $4,088,888 |
| No. of Units: | 24 |
| Cap Rate: | 5.22% |
| GRM /GIM: | 9.7 |
| Average Occupancy: | 100 |
| Year Built: | 1961 |
| Building Size: | 19,828 Sq ft |
| Lot Size: | 29,724.00 Acres |
| No. of Stories: | 2 |
| APN: | 5468-013-045 |
| Zoning Code: | LARD2 |
| Buy Side Fee: | 2% |
| Opportunity Zone: | No |
| Price per unit: | $170,370 |
| Parking Spaces: | 26 |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| 1+1 | 5 | 620 | 1250 |
| 2+1 | 18 | 806 | 1511 |
| 2+2 | 1 | 1302 | 1675 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Financial year: | 2026 |
| Gross income: | 421608 |
| Effective Gross income: | 413283 |
| Operating expenses: | 199783 |
| Net operating income: | 213500 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Seth Polen | 2135955726 | [email protected] |
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