4650 York Boulevard presents a rare street-to-street multifamily assemblage in the heart of Eagle Rock, offering a blend of stabilized in-place income, near-term rental upside, and long-term development optionality along one of Northeast Los Angeles’ most active commercial corridors. Offered at $278 per SF, 4650 York is a first-time-to-market opportunity in over 50 years and provides investors with scale, flexibility, and multiple paths to value creation.

Unit Mix, Income Profile, and Rental Upside at 4650 York

All 12 units at 4650 York are two-bedroom layouts, a format that remains in high demand throughout Eagle Rock and the surrounding Northeast LA neighborhoods. The existing income stream provides stability today, while vacancy and renovation potential support incremental rent growth.

Based on market rents for renovated units in the immediate area, the property offers approximately 43% rental upside. At stabilization, the asset is projected to operate at a 7.68% market CAP and a 9.32 market GRM, allowing investors to enhance cash flow through targeted capital improvements while preserving long-term optionality.

Street-to-Street Assemblage and Development Optionality

A defining feature of 4650 York is its street-to-street configuration spanning four contiguous parcels. The assemblage includes an eight-unit building, a four-unit building, and additional land currently used for parking and a vacant lot. This layout creates multiple development pathways while allowing continued operation of the existing apartments.

According to a Brickwork development report, the APN containing the eight-unit and four-unit buildings indicates potential capacity for up to 82 units under a full affordable housing development scenario, subject to buyer verification of zoning, incentives, approvals, and feasibility.

In addition to a larger redevelopment strategy, preliminary analysis suggests the potential to add approximately five additional units on the vacant lot and adjacent parking area. This phased approach allows investors to pursue modest density increases while maintaining income from the existing buildings, offering flexibility around timing and capital deployment.

Proximity to Occidental College and Neighborhood Demand Drivers

4650 York is located approximately 0.4 miles from Occidental College, a private liberal arts institution with roughly 2,000 undergraduate students. Proximity to the campus supports consistent demand for two-bedroom units, particularly for roommate housing, while also benefiting from the broader renter base drawn to Eagle Rock’s walkable streets and residential character.

The property is surrounded by the retail, dining, and neighborhood services that define York Boulevard’s appeal, with immediate access to Eagle Rock, Highland Park, Glassell Park, and Pasadena. Consistent foot traffic throughout the day and evening reinforces long-term renter demand and supports both current operations and future development plans.

Location and Long-Term Market Positioning

Situated along the central stretch of York Boulevard, 4650 York benefits from one of Northeast Los Angeles’ most established and active commercial corridors. The area continues to attract residents seeking walkability, neighborhood retail, and proximity to employment centers throughout the Eastside and Pasadena.

Conclusion

4650 York Boulevard offers a balanced investment profile rarely found in today’s market: stabilized in-place income from 12 two-bedroom units, meaningful rental upside, and multiple development scenarios supported by a street-to-street assemblage in a high-demand Eagle Rock location.

The combination of current cash flow, vacancy-driven upside, and long-term entitlement potential allows investors to generate income today while preserving flexibility for future development in one of Northeast Los Angeles’ most active corridors. 4650 York stands out as a strategic multifamily opportunity for buyers seeking scale, adaptability, and long-term value creation.