Listed by Seth Polen Real Estate
$4,088,888
281 S Avenue 52
Details
APN 5468-013-045
Property Type Multifamily
Sub Type Apartment Building
Square Footage 19,828
Units 24
Cap Rate 5.22%
NOI $213,500
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 7.87%
Pro-Forma NOI $321,762
Price per SqFt $206
Class C
Year Built 1961
Buildings 4
Acreage 0.680
Zoning LARD2
Parking Spaces 26 spaces
Parking per 1,000 SqFt 1.31
Investment Type Value Add
Highland Park 24‑unit value‑add, 5.22% cap, below‑market rents
Marketing description
Highland Park 24‑unit value‑add opportunity delivering a 5.22% current cap rate with meaningful mark‑to‑market upside. 281 S. Avenue 52 is a four‑building, courtyard‑style community built in 1926/1961 with 19,828 SF of improvements on a 29,724 SF LARD2 lot, featuring a desirable mix of five 1+1s, eighteen 2+1s, and one 2+2, plus 26 on‑site parking spaces and an on‑site laundry facility.
Investment highlights
- 24 Unit Apartment Community in Highland Park
- Excellent Unit Mix: five 1+1s, eighteen 2+1s, and one 2+2
- 29,724 SF LARD2 site; potential for ADUs (buyer to verify with City).
- 26 On Site Parking Spaces Including Covered Carports
- Four Building Courtyard Style Layout
- On Site Laundry Facility Providing Additional Income
- Below Market Rents with Significant Rental Upside Potential
- Soft Story Seismic Retrofit Completed
- 5.22% Current Cap / 7.87% Pro‑Forma; $170K/Unit
Listing Contacts
Listed by Seth Polen Real Estate
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Loan Amount
$0.00
Annual Debt Service
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$--
Annual Cash Flow
$213,500.00
$17,791.67/mo
Valuation Metrics
0
DSCR
5.22%
Cap Rate
5.22%
ROI
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Zoning
RD2-1-HCR ResidentialMulti FamilyRestricted Density Multiple Dwelling Hillside Construction Regulation
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View all 674 uses Last updated Jun 22, 2026 For deeper zoning details, reports are available at Zoneomics
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