6024 Monterey Rd

Los Angeles CA 90042

8854 sq. ft.

11900 sq. ft.

Other

Currently for sale - view listing

Overview

*** $680,000 (16%) Price Reduction *** 6024 Monterey Road is a well-maintained 14-unit property (built in 1995) situated in the heart of Highland Park. Northeast LA's Highland Park has experienced rapid growth in recent years while maintaining its historic roots and vibrant culture. This property is just 0.6 miles from Figueroa Street, the vibrant epicenter of Highland Park, home to a wide array of eclectic boutiques, charming cafes, art galleries, lively nightlife venues, and beloved dining experiences. Built in 1995, 6024 Monterey is not subject to local rent control and currently qualifies for an 8.8% annual rent increase (5% + CPI). This is the first time a 1990's+ constructed building has been put on the market in Highland Park since 2021. This well-maintained complex features (4) 2-bdrm. units and (10) 1-bdrm. units that reside on a spacious 11,900 SF lot with ample side-by-side covered and uncovered parking spaces that present an opportunity to add one or two ADUs (buyer to verify). Select units are renovated, including new windows, wood-laminate flooring, granite countertops, and updated appliances and cabinetry. 6024 Monterey presents approx. 30% rental upside compared to renovated units in the area. It is offered at $312,500 per unit, and at the listed price, stabilizes at a 5.73% CAP and 11.94 GRM with projected market rents. Property amenities include a well-maintained and secure environment with gated entry access and a convenient on-site laundry room.