259 Burlington Avenue, Los Angeles, CA 90026
-
Listed Price :
$2,199,000
-
Beds :
N/A
-
Baths :
N/A
-
Property Size :
N/A sqft
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Year Built :
1960
Property Description
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.
Interior Features
Bedroom Information |
Bedrooms |
N/A |
Bathroom Information |
Bathrooms |
N/A |
Flooring Information |
Material |
Vinyl |
Interior Information |
Cooling Type |
Wall/Window Unit(s) |
Listing Information
Address |
259 Burlington Avenue |
City |
Los Angeles |
State |
CA |
Zip |
90026 |
County |
Los Angeles |
Listing Agent |
Han Chen DRE #01749321 |
Co-Listing Agent |
Abel Benitez DRE #02173463 |
Courtesy Of |
Growth Investment Group Pasade |
List Price |
$2,199,000 |
Status |
Hidden |
Type |
Residential Income |
Subtype |
Apartment |
Structure Size |
N/A |
Lot Size |
6,000 |
Year Built |
1960 |
Listing information courtesy of: Han Chen, Abel Benitez, Growth Investment Group Pasade. *Based on information from the Association of REALTORS/Multiple Listing as of May 31st, 2024 at 4:07 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.