Eight (8) Units in Eagle Rock

$1,850,000

2244 Addison Way

# of Units: 8

GRM (Pro Forma): 11.95

CAP Rate (Pro Forma): 5.77%

Price/SF: $424

Building SF: 4,354

Lot SF: 6,603

Zoning: LARD1.5

Year Built: 1966 &            1990

Description​​​

Unique opportunity to acquire eight (8) units just one mile to Eagle Rock and York Blvd - one of LA's coolest streets. Built in 1966 with an addition of 4 studio apartments in 1990 the building totals 6,603 sf. Great opportunity in a location that rarely sees properties trade.

2244 Addison Way is an 8 unit apartment building nestled in a quiet area near popular, newly revitalized shopping center in Eagle Rock Blvd. The property consists of 4 studios and 4 one-bedroom apartments. The studio units were built in 1990 and thus not subject to the city of LA rent control (RSO). Multiple units have been updated in the last 10 years and feature laminate flooring, granite countertops, mini-split air conditioning, and more. the property is 100% occupied and the average rent is $1,355/month.

Location

Located in the eclectic neighborhood of Eagle Rock on Addison and Ellenwood. This charming area sits between Glendale and Pasadena just south of the 134 freeway. The neighborhood is known for its diversity and relatively high income (by national standards). Neighbors to popular Northeast LA neighborhoods Highland Park & Glassell Park. Eagle Rocks' proximity to Occidental College, quick access to DTLA, great restaurants, and coffee shops, and diverse and welcoming community make it an ideal haven for tenants. 

Property Highlights

  • Fantastic Eagle Rock Location

  • Parking for All Units

  • Mostly Residential Area 

  • Studios were built in 1990 & not subject to City of LA rent control (RSO)

  • All units have Copper Plumbing

  • All units are separately metered, but studios only feature electricity

  • 4 units were remodeled in past 10 years

  • 4.5% CAP on Current Rents!

  • Does NOT require soft-story retrofitting

  • ALL Tenants are Current on Rent

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