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450 S Burlington Ave, Los Angeles, CA 90057
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450 S Burlington Ave Los Angeles, CA 90057

$2,700,000 Sold Price as of 10/27/2022
  • 25 Beds
  • 18 Baths
  • 14,140 Sq.Ft.
Sold
$2,700,000 Sold Price as of 10/27/2022 Refinance Your Mortgage
Map preview of 450 S Burlington Ave, Los Angeles, CA 90057

Property Overview: 450 S Burlington Ave Los Angeles, CA has 25 bedrooms, 18 bathrooms, 14,140 living square feet and 9,089 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 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.

Listed by Sean Rosenzweig | BRE #01406343 | Marcus & Millichap
Last checked: 8 minutes ago | Last updated: November 3rd, 2022 | Source CRMLS | DOM: 50

Home details

Lot Sq. Ft
9,089
HOA Dues
$0/mo
Year built
1925
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
22148847
City
Los Angeles
County
Los Angeles
Time on Site
756 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 18
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 11
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $838
  • Total Rent: $10,145
  • Pro Forma/Market Rent: $19,404
Unit Breakdown 2
  • # of Units: 7
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $931
  • Total Rent: $7,836
  • Pro Forma/Market Rent: $15,736
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 3.44%
  • Gross Rent Multiplier: 15.27
  • Gross Scheduled Income: --
  • Net Operating Income: $113,273
  • Gross Operating Income: $214,407
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 450 S Burlington Ave

Lot Details / Garage and Parking
Parking/Garage Information
  • No
  • Parking Features: None
Lot Information
  • Lot Size Source: Assessor
Property Information
  • Total # of Units: 18
  • Parcel Number: 5153004004
  • Year Built Source: Assessor
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Location / Neighborhood
Location Information
  • Directions: Between 3rd and 6th Street, east of Alvarado Street
View more facts & features

Local Los Angeles Agent

Sale History for 450 S Burlington Ave

Last sold for $2,700,000 on October 27th, 2022

  • October, 2022

  • Oct 27, 2022

    Date

    Sold

    CRMLS: 22148847

    $2,700,000

    Price

  • Apr 21, 2022

    Date

    Active

    CRMLS: 22148847

    $3,575,000

    Price

  • October, 2011

  • Oct 21, 2011

    Date

    Sold (Public Records)

    Public Records

    $668,000

    Price

  • May, 2006

  • May 3, 2006

    Date

    Sold (Public Records)

    Public Records

    $365,000

    Price

Show More

Tax History for 450 S Burlington Ave

Assessed Value (2020): $1,291,998
Year Land Value Improved Value Assessed Value
2020 $689,099 $602,899 $1,291,998

Home Value Compared to the Market

This property vs the competition

450 S Burlington Ave sold on October 27, 2022 for 176.89% higher than the current median sold price for the city of Los Angeles which is $1,190,000. The median sold price per/sqft for Los Angeles is $755 and this home is sold at $233.03 per/sqft which puts the price per square foot 69.14% lower than the current median sale per square foot for the city of Los Angeles.

About 450 S Burlington Ave

Detailed summary of property

450 S Burlington Ave is a multi family that recently sold in Los Angeles, CA 90057. This multi family property offered 25 bedrooms, 18 bathrooms, roughly 14,140 living square feet, and sits on an approximately 9,089 square foot lot. 450 S Burlington Ave was first listed on ArdentRealEstateGroup.com on April 21, 2022. The homeowner sold the property for $2,700,000. Home in Los Angeles are selling for a median price of $1,190,000 and a median price per square foot of $755. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 176.89% higher than the current median priced home. Local homes that are currently for sale include 198 S Commonwealth Ave, 1041 Elden Ave and 1144 Elden Ave. While the average home in Los Angeles, CA is selling in 94 days, 450 S Burlington Ave has a days on market of 50 days. There are currently 3654 homes for sale in the Los Angeles real estate market and 2456 of them are single family homes while 1102 of them are condos and 90 are townhomes. For more information on this home for sale at 450 S Burlington Ave Los Angeles, CA 90057 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 450 S Burlington Ave

Public county record property details
Beds
--
Baths
18
Year built
1925
Sq. Ft.
14,140
Lot Size
9,089
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
10
APN
5153-004-004

The source for these homes facts are from public records.

90057 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$649,000
Median List Price/Sq.Ft.
$538
Median Sold Price
$365,000
Median Sold Price/Sq.Ft.
$773
Total Inventory
13
Median Sale to List Price %
104.58%
Avg Days on Market
15
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (0%), Other (0%)

Thinking of Selling?

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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.

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