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450 S Burlington Ave

Los Angeles, CA 90057
  • $3,295,000
  • STATUS: Active
  • ON SITE: 32 Days
  • MLS #: 22-148847
Price Reduced
UPDATED: 59 min ago
$3,295,000
  • 25
    BEDS
  • 0.21
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 14,140
    SQFT
  • $233
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1925
County:

School Ratings & Info

Description

I am pleased to offer for sale an 18 unit-unit apartment community located at 450 South Burlington Avenue. The subject property is located just south of 3rd Street within the Westlake submarket. The Westlake neighborhood is one of the fastest growing pockets of Los Angeles and borders three thriving markets - Koreatown, Downtown & Echo Park. Situated on a 9,089 square foot parcel, the property comprises of 11 one-bedroom units and 7 two-bedroom units. Two of the units will be delivered vacant, providing new ownership the immediate opportunity to renovate and achieve additional rental premiums. The property has 95% remaining rental upside by leasing up units through Section 8 or other rental subsidy programs. Investors will have the opportunity to acquire a sizeable value-add property with potential for a new owner to renovate remaining units and achieve superior future returns moving forward, making 450 South Burlington an excellent acquisition opportunity. This property is subject to a regulatory agreement through the Los Angeles Housing Department that commenced in 1997 with an approximate end date in 5 years. Please contact the Listing agent for details.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-24T06:44:22.227. 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.
www.markwiseproperties.com/homes/127937773
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450 S Burlington Ave Los Angeles, CA 90057

  • Price: $3,295,000
  • Status: Active
  • On Site: 32 Days
  • Updated: 59 min ago
  • MLS #: 22-148847
25
Beds
0
Baths
0
½ Baths
0.21
Acres
14,140
SQFT
$233
$/SQFT
1925
Built
Neighborhood:
Downtown L.A.
County:
Los Angeles
Area:
Downtown L.A.
Property Description
I am pleased to offer for sale an 18 unit-unit apartment community located at 450 South Burlington Avenue. The subject property is located just south of 3rd Street within the Westlake submarket. The Westlake neighborhood is one of the fastest growing pockets of Los Angeles and borders three thriving markets - Koreatown, Downtown & Echo Park. Situated on a 9,089 square foot parcel, the property comprises of 11 one-bedroom units and 7 two-bedroom units. Two of the units will be delivered vacant, providing new ownership the immediate opportunity to renovate and achieve additional rental premiums. The property has 95% remaining rental upside by leasing up units through Section 8 or other rental subsidy programs. Investors will have the opportunity to acquire a sizeable value-add property with potential for a new owner to renovate remaining units and achieve superior future returns moving forward, making 450 South Burlington an excellent acquisition opportunity. This property is subject to a regulatory agreement through the Los Angeles Housing Department that commenced in 1997 with an approximate end date in 5 years. Please contact the Listing agent for details.
Exterior Features

Lot Size Area 9089 Other Structures None Parking Garage None Total Parking 0

Interior Features

Baths Total 18.00 Cooling Other Equipment Other Heating Other

Property Features

Assessed Total Value 1299644 Gross Income 215780 Gross Operating Income 214407 Like Units1 11 Like Units2 7 Net Operating Income 113273.00 Number Of Buildings 1 Number Of Units 18 Sale Type Standard Source Living Area Assessor Source Lot Size Area Assessor Total Annual Expense 101134 Type Of Units Residential Year Built Source Assessor Zoning Lar4

Listing provided courtesy of Sean Rosenzweig DRE#01406343 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-24T06:44:22.227. 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.
 
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Mark Wise | Bennion Deville Homes
71691 Highway 111
Rancho Mirage CA, 92270