Exclusive Listings

Prime SEMI Value Add 17-units in Eagle Rock - Over 6% Proforma CAP Rate!

Address:
4319 Toland Way
Los Angeles, CA 90041
Price:
$5,500,000
Status:
Available
Type:
Apartment
# Units:
17
Year Built:
1921 / 1965
Building Size:
15,888 SF
Lot Size:
20,813 SF
CAP Rate:
3.80%
GRM:
15.92x
Price/Unit:
$324,000
Price/SqFt:
$346

INVESTMENT HIGHLIGHTS

  • Rare opportunity to acquire a prime 17-unit asset in a superb area in Eagle Rock
  • SEMI-Value add opportunity with ±40% rental upside potential and a built-in(proven) rent comparable!
  • Strong demographics with ±$93,000 average household income within a mile radius
  • Neighborhood on the rise; many recently completed apartments and new developments are taking place in the neighborhood; Directly located behind The E.R.B., new mixed-use residential development (45-homes above retail)
  • High barriers to entry submarket with very limited apartment investment inventory
  • Excellent location on the border between Eagle Rock and Highland Park and within walking distance to shopping, restaurants, school, and other local & national retailers
  • Convenient access to amenities Eagle Rock has to offer; within minutes to Occidental College, multiple freeways (FWY 2, FWY 134 and FWY 110)
  • Walking distance to a neighborhood Target store, York Blvd retail corridor, and much more!
  • Eagle Rock was ranked #2 as 2014 America’s “Hottest Neighborhood” by REDFIN

 

PROPERTY HIGHLIGHTS

  • Situated on a large lot with sufficient open space parking that does not require soft-story retrofit
  • Well-maintained property with an excellent curb appeal
  • Excellent unit mix with 82% 2-bedroom units
  • Each unit is separately metered for electricity and gas
  • Each unit has laundry hookups and upgraded units have washer & dryer
  • Some units have private patios
  • Several units have been tastefully upgraded with luxury wood plank, quartz kitchen countertops, tiled bathroom, custom color paint, tiled patio, and much more!

 

PARTIAL LIST OF UPGRADES COMPLETED

  • New drought tolerant landscaping and sprinkler system
  • New exterior paint
  • Copper plumbing in some units
  • New laundry hookups in some units
  • New parking re-stripe
  • New code-compliant railings
  • Upgraded Units (8-units): luxury wood vinyl flooring, mini-split A/C system in living room and bedrooms, recessed lightings, laundry hookups, upgraded kitchen (quartz countertops, new cabinets, tiled backsplash, stainless steel range, dishwasher, microwave), upgraded bathroom (tiled bathtub wall, new bathtub, new bathroom vanity cabinet), refinished patio area, custom color paint

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to offer Toland Garden, a 17-unit very well-maintained apartment community in Eagle Rock area of the City of Los Angeles, California. The property is an attractive low-rise garden style apartment community and consists of 2 buildings that are situated on a large 20,813 square foot lot. The property offers a rare opportunity for investor to acquire a well-maintained apartment in a rapidly gentrifying area with many new developments nearby and almost no inventory of apartments for sale in the neighborhood. This rare investment offering is suitable for an owner-user who can use the front house, a 1031 exchange buyer, or a sophisticated investor that can take this property to the next level.

      The front building is a 2-bedrooms and 1-bathroom single family house that was built in 1921. The back building is a two-story 16-unit apartment that was built in 1965. The apartment consists of one (1) 3-bedrooms+1.5-bathroom townhouse style, six (6) 2-bedrooms+1.5-bathroom townhouse style, eight (8) 2-bedrooms+1-bathroom, and one (1) 1-bedroom+1.5-bathroom townhouse style units. Each unit is large and bright with good layout, separately metered for electricity and gas. Each unit has individual laundry-hookups and upgraded units have washer and dryer.

      The exterior has been upgraded with new drought tolerant landscaping and sprinkler system, new exterior paint, new code-compliant railings, new parking re-stripe, and others. Eight (8) units have been completely upgraded with new kitchen (quartz countertop, new cabinets, stainless steel appliances), new luxury-wood vinyl flooring, new bathroom, multi-room split A/C system, redone patio area and much more!

      The 9 non-upgraded units provide a prime opportunity for investor to capture the untapped cash-flow potential. Rent comparable based on competing property that is on the market shows that this property offers ±40% rental upside potential. Parking is provided by 18 open spaces which does not require any retrofit. The property is subject to a rent control ordinance. 

 

LOCATION AMENITIES & ACCESS

The property is strategically situated on Toland Way, a residential street near Eagle Rock Blvd and York Blvd. The area is a desirable location with good mix of residential and commercial stores. It has a strong demographics of more than $93,000 average household income within a mile radius. The area is in the middle of gentrification with many recently completed luxury apartment, mixed-use and condominiums. The property is situated directly behind The E.R.B., a collection of new mixed-use and single-family residences (45-homes above retail). It is within walking distance to Target on Eagle Rock Blvd, Toland Way Elementary School, and many shopping and dining options along York Blvd.

      It offers convenient access to Glendale, Downtown Los Angeles, Highland Park and Pasadena areas. It is minutes away from the well-known Occidental College, Eagle Rock High School, retail stores along Eagle Rock Blvd and York Blvd. FWY 2, FWY 5, and FWY 134 are minutes away from the property.

      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.

      Eagle Rock exudes eclectic charm and a quirky mix of the old and the new. Bohemian youth, urban homesteaders, Occidental College students and multigenerational families converge in this small-town stretch of northeastern LA. The well-trafficked Colorado and Eagle Rock Boulevards are lined with specialty clothing stores, unique markets, antique crafts shops and enough restaurants and bars.



Marketing Files


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
[email protected]

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Office:
GROWTH INVESTMENT GROUP CALIFORNIA
1487 E Colorado Blvd.
Pasadena, CA 91106
By Appointment Only - No Walk-ins
Front Office: 626.594.4901

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