1435 N Ave 47, Los Angeles, CA 90042

Property Description

We are pleased to present an eleven (11) unit apartment building located at 1435 North Avenue 47 in Los Angeles, California. The subject property is situated in a prime Eagle Rock location, south of York Boulevard and west of Eagle Rock Boulevard. Eagle Rock is an eclectic neighborhood northeast of Downtown, with working class roots and a hip, laid-back vibe. Vintage shops, coffeehouses, Southern-inspired diners and old-school Italian joints line commercial strips that surround quaint residential blocks. A retro-cool bowling alley and Occidental College, a small liberal arts school, liven up the area, along with several craft beer focused watering holes. The neighborhood is inhabited by a wide variety of ethnic and socioeconomic groups and the creative class. Over the past decade the Eagle Rock and neighboring Highland Park have been experiencing gentrification as young urban professionals have moved from nearby neighborhoods such as Los Feliz and Silver Lake. The submarket is currently experiencing high levels of gentrification, with residents pouring over from Atwater Village, Silverlake, & Echo Park in hopes of finding a more laid-back environment while still living in the city. Built in 1963, this turn-key property is well renovated, stylish, and located within walking distance to Occidental College. The property contains an incredible unit mix of eleven (11) two bedroom / one bathroom units. Eight (8) units have been completely remodeled, and three (3) will be delivered vacant. This offering also comes with preliminary plans to build one (1) two bedroom ADU unit in the back of the building. Tenants will enjoy living with easy access to all of Los Angeles's world class amenities while being within walking distance to local restaurants, retail, and other amenities. Some of these include Echo Garden, Thai Eagle Rox, Put Me In Coach, Chifa, Hilltop Coffee + Kitchen, Society of the Spectacle, & Advanced Stitchworks. They can also find outdoor recreation within walking distance at Elysian Park. Outdoor recreation is also nearby at Yosemite Recreation Center. While street parking is in abundance, there ample on-site parking available. Situated in a prime Eagle Rock location, this offering presents an excellent opportunity to acquire a high cash flowing turn-key property with stylish upgrades that includes preliminary plans to build an ADU in the back.