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1580 Yosemite Drive, Eagle Rock, CA 90041
Yosemite Gardens is a 50-unit community situated on a large ±2.06 acre lot. The large lot and RD1.5-1 zoning allow additional 26 units to be built on site (BUYER TO VERIFY). The property is a Mid-century, well-maintained, two-story, value-add apartment community in the Eagle Rock area of the City of Los Angeles, California. The community has a center driveway with large, landscaped outdoor common areas and consists of 3 main buildings with multiple detached private garages. It was built in 1951, has a ±44,272 sqft building size on an oversized 89,658 sqft lot. The property has 2 parcels and 2 different zonings. The property offers walkable amenities, easy transportation access, and close proximity to LA’s most exciting neighborhoods. It has an excellent unit mix of 27 x 2bedroom+1bathroom and 23 x 1bedroom+1bathroom. Each unit (average unit size ±885 sqft) has an excellent layout with original hardwood flooring, large windows, individual water heaters, tiled kitchens and tiled bathrooms, ceiling fans, and a dishwasher. Approximately 13-units have been upgraded with restored hardwood flooring, new kitchen finishes, and restored bathroom. The property separately metered for electricity and gas and is cable and Wi-Fi ready. Many of the units have not been upgraded which provides prime opportunity for an investor to increase the rents to market. The achieved in-place rent in upgraded units shows ±60% rental upside potential.