Description
Westdale Eagle Rock apartments, an 11-unit true value-add apartment community in Eagle Rock area of the City of Los Angeles, California. This offering provides an exceptional opportunity for investors to acquire a prime value-add opportunity within walking distance to Occidental College (one block away), a highly sought-after area of Los Angeles. This location provides multiple strategies to savvy investors to operate it as-is, turn it into student housing, or short-term rentals. Current rental income are significantly below market which provides opportunities for buyer to bring the CAP Rate close to 6%. Rent comparable based on competing property that is on the market shows that this property offers 18% rental upside potential. It is in a strong demographics area with $129,284 Average Household Income within a-mile radius.The property is a bread and butter 2-story garden style apartment community and consists of 4 buildings. It is a corner lot and situated on the northwest corner of Eagle Rock Blvd and Westdale Ave. It has 5,538 sf building size on a 6,052 sf lot size (zoned C4-1XL). It has a quiet center walkway with a small garden area for seating. It offers a desirable unit mix of seven (7) x 1bed+1bath, and four (4) x Studio units. Each unit offers a functional layout with plenty of windows, windows A/C, and ceiling fans. One of the 2nd floor units has a large private roof deck, and several 2nd floor units have small private balconies. Each unit is individually metered for electricity and gas. Parking is provided by seven garages (one for each unit). Parking soft story retrofit is not required (buyer to verify).
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School Ratings & Info
Description
Westdale Eagle Rock apartments, an 11-unit true value-add apartment community in Eagle Rock area of the City of Los Angeles, California. This offering provides an exceptional opportunity for investors to acquire a prime value-add opportunity within walking distance to Occidental College (one block away), a highly sought-after area of Los Angeles. This location provides multiple strategies to savvy investors to operate it as-is, turn it into student housing, or short-term rentals. Current rental income are significantly below market which provides opportunities for buyer to bring the CAP Rate close to 6%. Rent comparable based on competing property that is on the market shows that this property offers 18% rental upside potential. It is in a strong demographics area with $129,284 Average Household Income within a-mile radius.The property is a bread and butter 2-story garden style apartment community and consists of 4 buildings. It is a corner lot and situated on the northwest corner of Eagle Rock Blvd and Westdale Ave. It has 5,538 sf building size on a 6,052 sf lot size (zoned C4-1XL). It has a quiet center walkway with a small garden area for seating. It offers a desirable unit mix of seven (7) x 1bed+1bath, and four (4) x Studio units. Each unit offers a functional layout with plenty of windows, windows A/C, and ceiling fans. One of the 2nd floor units has a large private roof deck, and several 2nd floor units have small private balconies. Each unit is individually metered for electricity and gas. Parking is provided by seven garages (one for each unit). Parking soft story retrofit is not required (buyer to verify).
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-09-24T00:28:43.64. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Romero Home Team | eXp Realty. Licensed in the State of California, USA.