50-Units Value Add in Eagle Rock with Potential to Add 26-units
- Rare opportunity to acquire a prime 50-unit asset with an ability to add ±50% more units (with bonus density, buyer to verify) in a superb area in Eagle Rock
- Large lot size which allows additional ±26 units to be built on site (with 35% density bonus, ±6-units to be designated as affordable unit through TOC or State Affordable Housing program) * Buyer to verify!
- Seller has never attempted any buyouts! Value-add opportunity with ±60% rental upside potential (Proforma CAP Rate 6.49%)!
- Assumable Loan at 3.77% interest only until 2020 and fixed until 2022!
- Strong demographics with ±$91,000 average household income within a 1-mile radius
- Eagle Rock was ranked #2 in 2014 as America’s “Hottest Neighborhood” by REDFIN
- Set amongst the best retail, restaurants, museums, concert venues, parks, and hotels in North East Los Angeles and DTLA.
- Within minutes to Occidental College, Pasadena City College, Glendale Community College, CalTech, ArtCenter College of Design, USC, FIDM, SciArc, and Southwestern Law School, and all amenities Eagle Rock has to offer
- Ideally located near Pasadena, Glendale, Highland Park, South Pasadena, Silver Lake, Echo Park, Downtown LA, Atwater Village, Chinatown, and University Park.
- Blocks away from Trader Joe’s, Sprouts, Farmers Markets, legendary Colorado Blvd shopping, community retail on York and Figueroa, and the Glendale Galleria.
- Within walking distance of over 10 award winning schools, daycares, and recreation spaces/parks.
- Conveniently located by the I-5, 101, 134, 110, 210, and 2 freeways, Colorado Boulevard, York, Figueroa, and major Metro lines
- Charming Mid-century architecture with large lot size
- Excellent unit mix with large and functional layout (avg. unit size ±885 sqft)
- Situated on an oversized lot with ample private garage parking, and multiple on-site laundry facilities
- Very well-maintained property with excellent curb appeal
- High walk-score, easy transportation access, and proximity to LA’s most exciting neighborhoods
- Large landscaped outdoor common areas, dog runs, community vegetable garden, and patios on a residential street
- Modern updated unit with restored hardwood flooring, new kitchen finishes, restored bathrooms, bathtubs, dining areas, ample in-unit storage, stainless steel fixtures and brand-new custom cabinetry
- Each unit is separately metered for electricity and gas, individual water heater
The Growth Investment Group is proud to offer Yosemite Gardens (http://www.yosemitegardenapartments.com/), a 50-unit community situated on a large ±2.06 acre lot. The large lot and RD1.5-1 zoning allow additional 26 units to be built on site (using 35% density bonus, through TOC-1 or State Affordable Housing – BUYER TO VERIFY). The property is a Mid-century, well-maintained, two-story, value-add apartment community in the Eagle Rock area of the City of Los Angeles, California.
The community has a center driveway with large, landscaped outdoor common areas and consists of 3 main buildings with multiple detached private garages. It was built in 1951, has a ±44,272 sqft building size on an oversized 89,658 sqft lot. The property has 2 parcels and 2 different zonings. Approximately 84,387 sqft lot has RD1.5-1 zoning (±1500 sqft lot/unit) and the remaining ±5,270 sqft lot is zoned R1. The property is within ZI-2129 East Los Angeles State Enterprise Zone and Transit Oriented Communities Tier-1 area (http://zimas.lacity.org/ ).
The property offers walkable amenities, easy transportation access, and close proximity to LA’s most exciting neighborhoods.
It has an excellent unit mix of 27 x 2bedroom+1bathroom and 23 x 1bedroom+1bathroom. Each unit (average unit size ±885 sqft) has an excellent layout with original hardwood flooring, large windows, individual water heaters, tiled kitchens and tiled bathrooms, ceiling fans, and a dishwasher. Approximately 13-units have been upgraded with restored hardwood flooring, new kitchen finishes, and restored bathroom. The property separately metered for electricity and gas and is cable and Wi-Fi ready.
Many of the units have not been upgraded which provides prime opportunity for an investor to increase the rents to market. The achieved in-place rent in upgraded units shows ±60% rental upside potential. Seller has never tried nor offered any buyout to tenants which means the new owner can be more aggressive and will be able to realize the upside potential faster.
Parking is provided by 50 detached private garages; each unit has an assigned space. There are open spaces in the driveway that can be further utilized as additional parking spaces. The property has many landscaped common areas complete with community vegetable garden, dog runs, barbeque area, and large backyard. It has 3 shared laundry rooms.
LOCATION AMENITIES & ACCESS
The property is strategically situated on Yosemite Drive, a residential street between Eagle Rock Blvd and Figueroa St. It has strong demographics of more than $91,000 average household income within a mile radius. The neighborhood has some of the best retail, restaurants, museums, concert venues, parks, and hotels in North East Los Angeles and DTLA. It is ideally located near Pasadena, Glendale, Highland Park, South Pasadena, Silver Lake, Echo Park, Downtown LA, Atwater Village, Chinatown, and University Park. It’s also blocks away from Trader Joe’s, Sprouts, Farmers Markets, legendary Colorado Blvd shopping, community retail on York and Figueroa, and the Glendale Galleria.
It is within walking distance of over 10 award winning schools, daycares, and recreation spaces/parks. The property is conveniently located by the I-5, 101, 134, 110, 210, and 2 freeways, Colorado Boulevard, York, Figueroa, and major Metro lines. It is also within minutes drive of Occidental College, Pasadena City College, Glendale Community College, CalTech, ArtCenter College of Design, USC, FIDM, SciArc, and Southwestern Law School.
Ranked#2 as 2014 America’s “Hottest Neighborhood” by REDFIN, Eagle Rock maintains a low-key vibe despite its soaring accolades as northeast LA’s most lavishly rooted-in-bohemia neighborhoods. Jukeboxes still jam in the neighborhood’s returned-to-trendy diners and vinyl still spins in its used bookstores. This imperceptibly discerning destination is so copacetic, you’ll forget you’re in the movie-making capital of the nation until you see a film crew along its quintessentially quaint main boulevards. Take five, hike to the top of its eponymous rock, and breathe in crisp nostalgia. The area is experiencing a rapid influx of young and creative professionals which has fueled high demand for rental units and attract many investors and property owners in the area.