Skip To Content

450 S Burlington Avenue

Los Angeles (City), CA 90057
  • $3,295,000
  • STATUS: Active
  • ON SITE: 31 Days
  • ID#: 22148847
Price Reduced
UPDATED: 66 min ago
$3,295,000
  • 0
    BEDS
  • 0.21
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1925
County:

School Ratings & Info

Listing Agent(s): Sean Rosenzweig of Marcus & Millichap (213-943-1800)


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.

Monthly Payment Calculator



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-23T18:30:22.44. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/127939832
Print Image

450 S Burlington Avenue Los Angeles (City), CA 90057

  • Price: $3,295,000
  • Status: Active
  • On Site: 31 Days
  • Updated: 66 min ago
  • ID#: 22148847
0
Beds
0
Baths
0
½ Baths
0.21
Acres
1925
Built
Neighborhood:
C42 - Downtown L.A.
County:
Los Angeles
Area:
C42 - 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

Parking Features None Parking Total 0

Property Features

Association Fee 0 Gross Income 215780 Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 113273 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning Lar4



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-23T18:30:22.44. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_368565098-1.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_368565098-1.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_368565098-1.jpg
Logo
Legacy 15 Real Estate Brokers
22521 Avenida Empresa Suites 100 & 102
Rancho Santa Margarita CA, 92688
Listing Agent(s): Sean Rosenzweig of Marcus & Millichap (213-943-1800)