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Just Listed – 2 Houses on a Lot in Eagle Rock

Just Listed – 2 Houses on a Lot in Eagle Rock

Lyon | Stahl is pleased to present 1216 Oak Grove Dr, two houses on a lot for sale in Eagle Rock.


Listed at $1,250,000 this building was built in 1956, has a cap rate of 6.72% and an NOI of $60,174.

These two (2) 3-bed/2-bath houses are situated on 7,557 SF of land and consist of 2,101 SF of total living area. The homes are
currently operating as a four unit with two (2) 2-bedroom/1-bathroom units and two (2) studios. The front house is built on a slab
and contains all new electrical, while the back house is on a raised foundation and has all new sewage.
The property features a two-car garage, all copper plumbing, and a washer/dryer in both of the 2-bed/1-bath units.

Located in the heart of Eagle Rock, the property is in close proximity to many restaurants & retailers with easy access to several freeways
and Downtown Los Angeles. Located just minutes from Occidental College, this property could be an excellent housing option for students
in the area. With huge upside in market rent potential, this is an excellent value-add investment opportunity in the up-and-coming city of Eagle Rock.


Investment Highlights:

  • (2) 3-bed/2-bath rent-controlled houses | 2,101 SF situated on 7,557 SF of land
  •  Operating as (2) 2-bed/1-bath & (2) studio additions (built late 80’s/early 90’s)
  • Huge upside in rent potential | Pro Forma 6.5%+ CAP & 11.30 GRM
  • Both 2-bed/1-baths have washer/dryer | All copper plumbing
  • The front house contains all new electrical | Situated on a slab
  • Backhouse (on raised foundation) has all new sewage
  •  Features a 2-car garage along w/ plenty of street parking
  • Centrally located in Eagle Rock near restaurants & retailers w/ easy access to FWYs & Downtown LA
  • Close proximity to Occidental College | Student housing utilization potential

 

Eagle Rock Highlights:

● Historically high occupancy rates.
● Dramatic net absorption during recoveries.
● Extremely limited numbers of large blocks of available space.
● Significant increases in rental rates in strong economic times.

 

 

 

To learn more about this property:

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