1182 Oak Grove Dr - Apartments FOR SALE


Los Angeles, CA 90041- Eagle Rock
$2,900,000 USD
818-212-2738
1182 Oak Grove Dr, Los Angeles, CA for Sale
$2,900,000 USD
Apartments - FOR SALE
1/12
null | 5.19% Cap Rate

1182 Oak Grove Dr
Los Angeles, CA 90041
Eagle Rock


HIGHLIGHTS

  • 7-unit cottage style apartment community located on a secluded 1.78 acre hillside cul-de-sac in Eagle Rock, California
  • Excellent unit mix consisting of (4) one-bedroom/one-bathroom units and (3) two-bedroom/one-bathroom units
  • Originally constructed in 1909, six of the seven units have been taken down to the studs and fully renovated over the last few years
  • Renovated units feature private decks (select units), split heat/air-conditioning units, in-unit washer/dryers, designer vinyl plank flooring
  • Given the expansiveness of the lot (1.78 acres), there is also an opportunity for a buyer to construct more units (buyer to conduct its own investigat
  • The property is conveniently located 2.1 miles from the Highland Park Metro Gold Line Station and 134, 110, 210 and 5 fwys

OVERVIEW

Marcus & Millichap is pleased to present 1182-1194 Oak Grove Drive, a 7-unit cottage style apartment community located on a secluded 1.78 acre hillside cul-de-sac in Eagle Rock, California. Originally constructed in 1909, the individual cottages are spread out over the expansive lot like small private residences. Six of the seven units have been fully renovated over the past few years. The property features a favorable unit mix consisting of (4) one-bedroom/one-bathroom units and (3) two-bedroom/one-bathroom units. Renovated units have been taken down to the studs and rebuilt to feature private decks (select units), split heat/air-conditioning units, in-unit washer/dryers, designer vinyl plank hardwood style flooring, fully remodeled kitchens with tiled backsplashes, granite countertops and new stainless-steel appliances (refrigerator, dishwasher, stove), stylish bathrooms with tiled showers and flooring. The property features great views with usable outdoor space and each unit is provided ample assigned off-street parking. Given the expansiveness of the lot (1.78 acres – LAR1 zone), there is also an opportunity for a buyer to construct more units (buyer to conduct its own investigations). 1182-1194 Oak Grove Drive is located in Eagle Rock, one of the most rapidly gentrifying rental submarkets in Los Angeles County with high rental demand and historically low vacancy rates. The property is close to trendy coffee shops, excellent restaurants, bustling bars and nightlife along Colorado Boulevard. It is also just a short drive to other dining and entertainment hubs such as Highland Park, Pasadena and Glendale. The property is conveniently located 2.1 miles from the Highland Park Metro Gold Line Station providing easy rail access to DTLA, Hollywood, Koreatown, Culver City and Santa Monica. The property is also close to the 134, 110, 210 and 5 freeways for commuters heading to job centers such as Glendale, Burbank, DTLA and Pasadena.

FOR SALE DETAILS

PRICE

$2,900,000 USD

PRICE/SF

$601 USD /SF

# OF UNITS

2

PRICE/UNIT

$1,450,000

CAP RATE

5.19%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1909

PARKING SPACES

14

LAND DETAILS

LAND ACRES

1.78 AC

LAND SF

77,615 SF

ZONING

LAR1

APN/PARCEL ID

5480-016-015

ASK ABOUT THIS PROPERTY

Matt ZieglerMarcus & MillichapMore Info
818-212-2738

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Matt ZieglerMarcus & MillichapMore Info
818-212-2738

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.