If your goal is to buy an income producing property in Los Angeles you are probably wondering where is the next up-and-coming Los Angeles neighborhood, one that is still affordable but which is going to appreciate faster than the more established areas. You may want to look at Cypress Park in Northeast L.A.
Cypress Park borders two other areas that have seen recent gentrification, both of which have seen quick appreciation and where there is becoming a shortage of available homes. These two areas are Highland Park and Glassell Park. For example four years ago the median home price in Highland Park was $444,ooo; this past year the median price is $725,000. That’s a 63% increase. Not bad. The average rental price for a two-bedroom home is $3,600.
With the development that is going on Downtown and plans to develop the L.A. river, neighborhoods around that area are going to be in high demand.
The average price of homes in Cypress Park is currently $588,000. In terms of rental prices you should be able to command an average of $3,000 for a two-bedroom 1,300 sq. ft. home.
Other neighborhoods that have not yet fully “arrived” are:
Frogtown (Elysian Valley): Median price $825,000. Average rental for a two-bedroom home $3,200.
City Terrace: Median price $485,000. Average rental here is lower, around $2,300.
Lincoln Heights: Median price $532,500. Average rental around $2,500.
In Los Angeles, for income property one of these up-and-coming areas makes sense. They are more affordable than most of L.A. and the appreciate is going to be greater.
Homes for sale in Cypress Park
$499,000 : 1501 KEMPER Street, Los Angeles2 beds, 1 bath
$1,099,000 : 1415 ISABEL Street, Los Angeles5 beds, 2 baths
$776,000 : 2700 E Chaucer Street #30, Los Angeles4 beds, 3 baths
$659,000 : 2620 Thorpe Avenue, Los Angeles3 beds, 1 bath
$465,000 : 3106 Arvia Street, Los Angeles2 beds, 1 bath
$776,000 : 2700 E Chaucer Street #19, Los Angeles4 beds, 3 baths
$890,000 : 911 Cypress Avenue, Los Angeles0 beds, 0 bath
$700,000 : 634 Locust Street, Los Angeles0 beds, 0 bath
See all Cypress Park homes for sale.
(all data current as of 1/16/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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