4650 York Boulevard

4650 York Blvd presents a street-to-street assemblage in the center of Eagle Rock, combining approx. 43% rental upside, a favorable all 2-bed unit mix, and a highly walkable location along one of the neighborhood's most established retail corridors. First time on the market in 50 years, the property consists of (12) spacious 2-bdrm. units totaling approx. 13,270 SF, with (2) units delivered vacant at COE. 4650 York represents a clear value-add opportunity with approx. 43% rental upside. Based on market rents for renovated units in the immediate area, the property is projected to stabilize at a 7.68% market CAP and a 9.32 market GRM. The assemblage spans 4 contiguous parcels, including an 8-unit building and a 4-unit building, along with additional land currently used for parking and a vacant lot. According to a Brickwork development report, the APN containing the existing 8-unit and 4-unit buildings indicates potential capacity to develop up to 82 units under a full affordable housing development scenario, subject to buyer. In addition to the primary development scenario, the street-to-street configuration presents a secondary opportunity to add density. Preliminary analysis suggests the potential to construct approximately (5) market-rate units on the vacant lot and adjacent parking area, allowing investors to pursue a phased or more modest development approach while continuing to collect income from the existing apartments, subject to buyer verification. 4650 York Boulevard is positioned along the central stretch of York Ave, surrounded by some of Eagle Rock's most established and well-reviewed cafs, restaurants, specialty retail, and neighborhood services. The corridor benefits from consistent foot traffic throughout the day and evening, reinforcing long-term renter demand and supporting both current operations and future development plans. Taken together, the property offers a balanced investment profile: in-place income with upside from the existing two-bdrm. units, paired with meaningful long-term development potential. This structure allows a buyer to generate cash flow today while advancing entitlements and permits for additional units in a supply-constrained Eagle Rock location where scale and flexibility are increasingly difficult to replicate.