Active
259 N Burlington AVE
LOS ANGELES CA, 90026
$2,199,000
$436.22 per sqft
Active
3 Beds
5,041 sqft
Condo
Built in 1960
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.
AR24061926MR
MLSⓇ ID
March 28, 2024
Listed
April 5, 2024
Updated
Map
259 N Burlington AVE
LOS ANGELES CA, 90026
Interior Features
Total Stories
2
Bedrooms
3 Beds
Appliances
Dryer, Dryer Included, Washer, Washer Included
Laundry Description
Dryer, Dryer Included, Washer, Washer Included
Fireplace
Yes
Fireplace Description
None
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Wall
Exterior/Building Features
Lot Size
0.14 Acres
Roof
Flat
Sewer
Public Sewer
Other Property Details
Area Name
Silver Lake - Echo Park
Garage
No
Parking Total
4
View
No
View Description
None
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
0
Listed by Han Chen with Growth Investment Group Pasade
Listing Contact: 626-224-2495
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Revel Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 4/5/2024