1325 Douglas Street, Los Angeles
$2,700,000 - 1 Bed, 1 BathMLS® # PW24079912
Matias Stofenmacher Edgestone Real Estate, Inc.
259 Burlington Avenue, Los Angeles
$2,199,000
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3 Beds
2 Baths
.14 Acre
0 Garage
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.
Essential Information
- MLS® #
- AR24061926
- Price
- $2,199,000
- Bedrooms
- 3
- Bathrooms
- 2.00
- Acres
- 0.14
- Year Built
- 1960
- Type
- Residential Income
- Sub-Type
- Apartment
- Status
- Active
Community Information
- Address
- 259 Burlington Avenue
- Area
- C21 - Silver Lake - Echo Park
- City
- Los Angeles
- County
- Los Angeles
- Zip Code
- 90026
- Community Features
- Urban
- Senior Community
- N
Amenities
- Parking Spaces
- 4
- View
- None
- Pool
- None
Utilities
Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Interior
- Interior
- Vinyl
- Appliances
- Gas Range, Dryer, Washer
- Heating
- Wall Furnace
- Cooling
- Wall/Window Unit(s)
- Fireplaces
- None
- # of Stories
- 2
- Stories
- Two
Exterior
- Roof
- Flat
Lot Description
Level, Near Public Transit, Rectangular Lot
Additional Information
- Date Listed
- March 28th, 2024
- Days on Market
- 50
Listing Details
- Agent
- Han Chen
- Office
- Growth Investment Group Pasade
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Buyer's Agent
Listing Agent
Han Chen - Growth Investment Group PasadeBased on information from California Regional Multiple Listing Service, Inc. as of May 18th, 2024 at 8:20am PDT. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.