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323 S Burlington Ave

Los Angeles, CA 90057
  • $2,450,000
  • STATUS: Active Under Contract
  • ON SITE: 115 Days
  • MLS #: 22-121707
Under Contract
UPDATED: 188 min ago
$2,450,000
  • 13
    BEDS
  • 0.26
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,537
    SQFT
  • $287
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1928
County:

School Ratings & Info

Description

Built in 1928, this property made up of two fourplexes, a two-bedroom house and a four-bedroom house for a total of 10 units. The fourplexes consist of six one-bedroom units and two two-bedrooms. This is a rare value-add opportunity, as the property will be delivered with RTI plans to build two 2+2 ADU's (872 SF each) in place of the existing parking. By building the ADU's and continuing to turn the existing units, an investor has the opportunity to achieve a 8.14% CAP rate upon stabilization, including construction costs.Considering the high velocity of new developments in proximity, 323 S. Burlington Avenue presents an ideal infill location in one of the most densely populated submarkets of Los Angeles. The total lot size is 11,430 SF currently zoned R4-1 in a Tier 3 TOC. Proposed and under construction projects within 0.5 miles of the subject property include Hope on Alvarado (166 S Alvarado St), the Lake on Wilshire (478 units), and the Hartford Villa Apartments (101 units).Current rents of the existing units are below market and provide significant rental upside of over 45%. The buildings are separately metered for gas and electric and have individual water heaters.The Westlake neighborhood continues to be a strong rental submarket with rising rents year over year and demand continuing, illustrated by the rapid growth of new developments. The subject property has a walk score of 91 and just down the street from the Metro Purple Line and Metro Red Line at the Westlake/ MacArthur Park Station stop. Residents have the convenience of amenities surrounding them on W. Third Street, Wilshire Boulevard, and Beverly Boulevard just blocks away.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-20T23:43:00.543. 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.searchdesertrealestate.com/homes/125061790
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323 S Burlington Ave Los Angeles, CA 90057

  • Price: $2,450,000
  • Status: Active Under Contract
  • On Site: 115 Days
  • Updated: 188 min ago
  • MLS #: 22-121707
13
Beds
0
Baths
0
½ Baths
0.26
Acres
8,537
SQFT
$287
$/SQFT
1928
Built
Neighborhood:
Downtown L.A.
County:
Los Angeles
Area:
Downtown L.A.
Property Description
Built in 1928, this property made up of two fourplexes, a two-bedroom house and a four-bedroom house for a total of 10 units. The fourplexes consist of six one-bedroom units and two two-bedrooms. This is a rare value-add opportunity, as the property will be delivered with RTI plans to build two 2+2 ADU's (872 SF each) in place of the existing parking. By building the ADU's and continuing to turn the existing units, an investor has the opportunity to achieve a 8.14% CAP rate upon stabilization, including construction costs.Considering the high velocity of new developments in proximity, 323 S. Burlington Avenue presents an ideal infill location in one of the most densely populated submarkets of Los Angeles. The total lot size is 11,430 SF currently zoned R4-1 in a Tier 3 TOC. Proposed and under construction projects within 0.5 miles of the subject property include Hope on Alvarado (166 S Alvarado St), the Lake on Wilshire (478 units), and the Hartford Villa Apartments (101 units).Current rents of the existing units are below market and provide significant rental upside of over 45%. The buildings are separately metered for gas and electric and have individual water heaters.The Westlake neighborhood continues to be a strong rental submarket with rising rents year over year and demand continuing, illustrated by the rapid growth of new developments. The subject property has a walk score of 91 and just down the street from the Metro Purple Line and Metro Red Line at the Westlake/ MacArthur Park Station stop. Residents have the convenience of amenities surrounding them on W. Third Street, Wilshire Boulevard, and Beverly Boulevard just blocks away.
Exterior Features

Lot Size Area 11431 Other Structures None Parking Garage Uncovered Total Parking 0

Interior Features

Baths Total 10.00 Cooling Window Unit(S) Equipment RefrigeratorRange/Oven Heating Natural Gas

Property Features

Assessed Total Value 2363232 Gross Income 166537 Gross Operating Income 161541 Like Units1 6 Like Units2 3 Like Units3 1 Net Operating Income 92768.00 Number Of Buildings 4 Number Of Units 10 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 68773 Type Of Units HouseApt Year Built Source Vendor Enhanced Zoning Lar4

Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-20T23:43:00.543. 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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The John Jay Group - Bennion Deville Homes
74996 Highway 111
Indian Wells CA, 92210