200 S Avenue 59
A 28-Unit Multifamily Community in Prime Highland Park
Marketing description
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.
Investment highlights
Prime Highland Park Location
Two blocks from the Figueroa Street corridor, half a mile from the Metro L Line, and 0.2 miles from the 110 Freeway. Easy access to Downtown LA, Burbank, Glendale & Pasadena.
$456K of Capital Improvements Since 2021
16 renovated unit interiors, pool re-plastering, new pool deck, upgraded electrical panels in select units, split-system HVAC units, and a completed sewage line replacement.
Nearly 35% Rental Upside
The 12 remaining unrenovated units offer a clear runway for rent growth using a renovation strategy already validated across 16 units on-site.
ADU Development Potential
The oversized 34,216-square-foot lot provides additional development potential through the construction of new ADUs, representing a meaningful increase in annual gross income.
Patio Privatization
Ground-floor units have the potential for private patios, a low-cost enhancement that commands a rent premium at turnover.
Garage and Storage Conversion
On-site storage and garage structures can be repurposed into amenity space — gym, lounge, or co-working — without new construction.
1.25:1 Parking Ratio
35 spaces for 28 units in a parking-constrained neighborhood. This supports both occupancy and rents.
Strong Submarket Fundamentals
The two-mile radius features an average household income of $149,629 and 67% white-collar employment. Highland Park continues to attract high-earning renters priced out of Silver Lake.
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