259 N Burlington Ave Los Angeles, CA 90026

• March, 2024

• Mar 28, 2024

  Date

  Active

  CRMLS: AR24061926

  $2,199,000

  Price

• December, 2023

• Dec 21, 2023

  Date

  Expired

  CRMLS: 23304389

  $2,025,000

  Price

• Aug 24, 2023

  Date

  Active

  CRMLS: 23304389

  $2,395,000

  Price

• Listing provided courtesy of CRMLS

  8 Unit Building with 5 of 8 Units Delivered Vacant located in the heart of Echo Park - Priced to Sell at $2,025,000! A true 6.4% Cap and an 11 GRM once the 5 vacant units are rented! We are very pleased to present the exclusive opportunity to acquire 259 N. Burlington Avenue, an amazing 8 unit value-add multi-family building located in Echo Park, one of Los Angeles' most desirable areas to live, play and work, delivered with 5 of 8 units vacant - 4 of which are ready to be remodeled and re-rented and one is a new construction 2+1 ready to be leased at market rent! This historic and diverse neighborhood is home to Dodgers Stadium and Echo Park Lake, which recently re-opened after a $45 million renovation. Dine at some of the best restaurants in all of Los Angeles, including Valerie, El Prado, Ototo Sake Bar, Monty's Good Burger and Guisados Tacos which was included in Conde Nast Traveler's guide to "Best Restaurants in the World". Echo Park is also home to the Chavez Ravine Arboretum, the first and oldest Arboretum in Southern California. 259 N. Burlington Avenue is an 8-unit apartment building, 5 of 8 units will be delivered vacant at close of escrow, including a newly constructed 2+1 ADU. Totaling 5,031 SF, this building features six 1-bedroom units and two 2-bedroom units. Seismic retrofit has already been completed. 5 of 8 units delivered vacant, 4 of which are vacant and to be re-imagined and re-leased at market rents and one unit, the newly built 2+1 ADU complete with high-end designer kitchen, in-unit washer/dryer and AC, is ready to be leased at full market rent. Priced at $2,025,000, this 8-unit property will offer (when the 4 vacant units are remodeled & leased) a 6.4% cap and an 11 GRM, which future upside in the three under market rents to be increased in the future. Once 100% market rents, a new owner will acheive an amazing 8.1% cap and a 9 GRM. 259 N. Burlington Avenue is located just minutes away from Dodger Stadium, Echo Park Lake, USC as well as several billion-dollar developments in Downtown Los Angeles, including L. A. LIVE, Crypto.com and the Red Line Station, as well as several new high-end multi-family developments all nearby. Don't miss the chance to renovate this mostly vacant 8 unit building in a prime Echo Park location! 259 N. Burlington can be purchase together with 265 N. Burlington, the 6,000 SF corner lot located directly next door with fully approved RTI plans for a new 5 unit multi-family development. Truly an amazing value add and new construction opportunity for a savvy multi-family investor looking for their next great project!

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• November, 2023

• Nov 21, 2023

  Date

  Expired

  CRMLS: 23302927

  $3,820,000

  Price

• Aug 21, 2023

  Date

  Active

  CRMLS: 23302927

  $3,890,000

  Price

• Listing provided courtesy of CRMLS

  We are very pleased to present the exclusive opportunity to acquire two properties located side by side in one of LA's hottest neighborhoods, Echo Park. 259 N. Burlington Avenue and 265 N. Burlington Avenue, two amazing value-add opportunities offer today's savvy value-add Buyer the chance to purchase both an 8 unit apartment building and a 6,000 SF Zoned RD 1.5 with RTI permits for a 5 unit multi-family development. This historic and diverse neighborhood is home to Dodgers Stadium and Echo Park Lake, which recently re-opened after a $45 million renovation. Dine at some of the best restaurants in all of Los Angeles, including Valerie, El Prado, Ototo Sake Bar, Monty's Good Burger and Guisados Tacos which was included in Conde Nast Traveler's guide to "Best Restaurants in the World". Echo Park is also home to the Chavez Ravine Arboretum, the first and oldest Arboretum in Southern California. 259 N. Burlington Avenue is an 8-unit apartment building, 5 of 8 units will be delivered, including a newly constructed 2+1 ADU. Totaling 5,031 SF, this building features six 1-bedroom units and two 2-bedroom units. Seismic retrofit has already been completed. 5 of 8 units delivered vacant, 4 of which ready to be re-imagined and leased at market rents and one unit, the newly built 2+1 ADU complete with high-end designer kitchen, in-unit washer/dryer and AC, is ready to be leased at full market rent. Priced at $2,395,000, this 8-unit property will offer (once currently vacant units are remodeled and re-leased) a 5.2% cap and a 13 GRM, which future upside in the 3 under market rents to be increased in the future. To be purchased separately or together from the 8-unit building, 265 N. Burlington is a 6,000 SF RD 1.5 Corner lot with fully RTI plans for 5 new construction units. The RTI plans call for two detached duplexes that each offer two 5 bedrooms and 5 bathrooms and one ADU that is a 2 bedroom plus loft plus 2.5 bathrooms. When completed, the new development will offer 8,100 net rentable square feet. Total future income will total over $24,200 per month, with an ARV of $4,100,000, to be held or sold upon completion, whichever the new owners prefer. Priced at $1,495,000 this fully RTI corner development site is ready for a new owner to close and break ground! 259 & 265 N. Burlington Avenue are located just minutes away from Dodger Stadium, Echo Park Lake, USC as well as several billion-dollar developments in Downtown Los Angeles, including L.A.LIVE, Crypto.com and the Red Line Station, as well as several new high-end multi-family developments all nearby. Don't miss the chance to renovate this mostly vacant 8 unit building and build the new 5 unit while still producing income on this incredible value-add opportunity in this prime Silver Lake/Echo Park neighborhood!

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• December, 2022

• Dec 1, 2022

  Date

  Expired

  CRMLS: 22203731

  $2,995,000

  Price

• Sep 28, 2022

  Date

  Active

  CRMLS: 22203731

  $2,995,000

  Price

• Listing provided courtesy of CRMLS

  Rare opportunity to purchase two lots in the desirable, cool, and hip Historic Filipino Town. The two lots are in the process of being subdivided. Lot #1 has an existing 7-unit building with RTI plans to convert the garage into an additional 2BED/1BATH ADU. 4 of the 7 units will be delivered vacant and ready for some TLC. Lot #2 is empty and will be delivered with RTI plans to build 4 units (3structures/5 total units with a total of 18 bedrooms and 20bathrooms. The property sits in an area under major redevelopment and is bringing a demand for high-end rental units. This is perfect for someone looking for a ground-up project that brings the ability to bring in immediate cash flow/value add from the existing dwelling.

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• January, 2022

• Jan 11, 2022

  Date

  Sold

  CRMLS: SB21226183

  $1,775,000

  Price

• Oct 30, 2021

  Date

  Active

  CRMLS: SB21226183

  $1,700,000

  Price

• Listing provided courtesy of CRMLS

  Value-Add and Development Opportunity!!! 12,000 square foot lot ready to be split zoned RD 1.5. The 7 unit apartment building is located on half of the lot allowing for development on the remainder 6,000 sq ft of land. Located in Historic Filipinotown, 259 N Burlington Ave is a value-add 7 unit apartment building with over 50% upside in rent potential. This 12,000 Sq.Ft. corner lot, zoned RD1.5 would allow for buyer to develop another 4-6 units on the vacant lot. To the new buyer's benefit, 259 N Burlington Ave is also located in a Tier 1 TOC zone, which would allow a 50% density bonus to the amount of units you can build. This is a unique investment or development opportunity with significant growth potential. The subject property has a unit mix of (6) 1-Bed/1-Bath & (1) 2-Bed/2-Bath offered at only $242k/unit. There is still over 50% upside in monthly rental income. Once stabilized, 259 N Burlington Ave would operated at an 8.32% CAP and 8.98 GRM on just the value-add portion. 259 N Burlington Ave is located just minutes away from billion dollar developments, including L.A. Live and the Red Line Station, as well as new multi-family developments all nearby. Don't miss the chance to entitle and build while still producing income on this value-add opportunity!

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