Thank you
Han Chen
Growth Investment Group Pasade
626-594-4900
62% Vacant! 5.71% CAP Rate - 5 out of 8 units are vacant and fully upgraded. 259 N Burlington Ave, an 8-unit Semi-Value-Add & High Vacancy (±62% vacant) Opportunity in the Heart of the Historic Filipino Town. The property is three blocks from Echo Park Lake and centrally located near East Hollywood, Koreatown, Silverlake, Chinatown, and Downtown Los Angeles. This submarket has been on the uptick for years as more and more luxury apartment & retail units pour into the area, pushing the rental market over the last decade. Priced to sell at a strong CAP Rate of ±5.70% and a proforma CAP Rate of ±8.40%, this investment offers a very attractive rental upside of ±33%. Built-in 1960, 259 N Burlington Ave consists of 8 exceptional units totaling ±5,041 SF of building area on a sizeable ±6,000 SF lot. The property is an easily maintained two-story building with a strong unit mix of (2) Two bedrooms + One Bathroom and (6) One Bedroom + One Bathroom Units. (1) Two-bedroom unit is a recently built ADU (Non-rent-control, buyer to verify), which was finished at the beginning of 2024. Deliverable with 5 Rent Ready Vacancies to provide robust CAP Rate of ±5.70%, low GRM ±12.40, and this investment offers a significant rental upside of ±33%. The ownership has recently completed many significant capital improvements to the property, including a new two-bedroom + one-bathroom ADU. The vacant units have been completely upgraded with new flooring throughout, brand new kitchen complete with stainless steel appliances, a fully updated bathroom with modern features, brand-new AC Systems, and In-Unit Washers and dryers. The property also features 4-Tuck Under Parking spaces in the back. Seismic Retrofit has already been completed.
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Water Source : Public
Sewer : Public Sewer
Roof : Flat
Property Appliances: Gas Range,Dryer,Washer
Fireplace: None
Flooring: Vinyl
Wall/Window Unit(s)
Air Conditioning
Wall Furnace
Has Heating
Fireplace Features: None
Has Fireplace: 0
Year Built: 1960
Building Area Total: 5,041
Roof: Flat
None
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1377
Lot Size Source: Builder
Lot Size Square Feet: 6000
Original List Price: 2,199,000
Listing Contract Date: 2024-03-28
Listing Agreement: Exclusive Right To Sell
Parcel Number: 5159006028
Lease Term: Negotiable
Tenant Pays: Electricity,Gas
Source Listing Status: Active
Source Neighborhood: C21 - Silver Lake - Echo Park
Directions: north of Beverly Blvd
Source Property Type: Residential Income
Area: C21 - Silver Lake - Echo Park
Property SubType: Apartment
Property Age: 64
Common Walls: 2+ Common Walls
Property Condition: Updated/Remodeled
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
Property Attached: Yes
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
2140 Lemoyne Street, Los Angeles, CA,90026 | $3,200,000 | 3 | -- | -- | 7505 Sqft |
802 N Dillon Street, Los Angeles, CA,90026 | $1,450,000 | 6 | -- | 2,288 | 3828 Sqft |
1321 Laveta Terrace, Los Angeles, CA,90026 | $439,000 | -- | -- | -- | 5257 Sqft |
1427 Laveta, Los Angeles, CA,90026 | $1,990,000 | -- | -- | 1 | 10262 Sqft |
1804 Echo Park Avenue, Los Angeles, CA,90026 | $1,310,000 | 5 | -- | 2,319 | 5357 Sqft |
1804 Echo Park Avenue, Los Angeles, CA,90026 | $1,390,000 | 5 | -- | 2,319 | 5357 Sqft |
1600 W Court Street, Los Angeles, CA,90026 | $995,000 | 4 | 2 | 1,762 | 3387 Sqft |
1120 Logan Street, Los Angeles, CA,90026 | $1,995,000 | 10 | -- | 4,912 | 6269 Sqft |
1615 Park Avenue, Los Angeles, CA,90026 | $7,000,000 | 27 | -- | 13,260 | 8513 Sqft |
907 Glendale Boulevard, Los Angeles, CA,90026 | $2,575,000 | 4 | -- | 4,312 | 7500 Sqft |
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ByOwner last updated this listing 05/14/2024 @ 12:39
MLS: AR24061926
LISTED BY: Han Chen, Growth Investment Group Pasade
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.