Listed By Growth Investment Group Pasade, Han Chen
626-224-2495
259 N BURLINGTON AVE Los Angeles, CA 90026
$2,199,000
—
Bedrooms
—
Total Baths
—
Full Baths
5,041
Square Feet
0.14
Acres
1960
Year Built
Active
Status
MLS#
AR24061926
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.
Details for 259 N BURLINGTON AVE
*The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Price per square foot and days on website are not provided values and are calculated by RE/MAX.
Listing Office Growth Investment Group Pasade, 626-594-4900
MLS# AR24061926
Updated 11:59AM - 5/2/2024
Listing Agent Han Chen
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