A mixed-use property at 4311 Eagle Rock Boulevard in Los Angeles has sold to Opus Builders LA for $1,445,000 in an off-market transaction. Kidder Mathews commercial real estate brokers Darin Beebower, Mark Ventre, and Arian Rejaei represented Opus as well as the seller, a family trust.
The property comprises four townhome-style residential units and two commercial units for retail. With C-2 zoning and both commercial units being under-market, it is well-positioned for a dynamic range of value-adds. Opus plans to renovate and reposition the asset, with a long-term goal of redeveloping.
This closing sets a new benchmark — with the lowest cap rate (3.46%) and the highest price-per-unit ($361,250/unit) for any rent-controlled building in the Eagle Rock submarket within the past year.
“To meet the sellers’ pricing expectations, we suggested the seller carry the note with an attractive loan-to-value and interest rate,” said Ventre. “By doing so, we were able to get the seller a great price and monthly income higher than he was previously making by owning the building.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts 2,800 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.