A mixed-use property at 4311 Eagle Rock Blvd. in Los Angeles has sold to Opus Builders LA for $1,445,000 in an off-market transaction. Kidder Mathews’ 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. Opus plans to renovate and reposition the asset, with a long-term goal of redeveloping.
The closing reportedly sets a new benchmark, coming in 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.”
