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
|Need Help? Have questions? Fill out the CONTACT FORM or call Jane at 310-351-9208