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Multifamily

450 S Burlington Ave

450 S Burlington Ave, Los Angeles, CA 90057

Listing Price: $3,295,000

Cap Rate
3.44%
Number of Units
18
Price/Unit
$183,056
Price/Gross SF
$233.03
Gross SF
14,140

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is 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.

Investment Highlights

  • Section 8 Tenancy Complies With the In-Place Regulatory Agreement and Allows a New Owner the Ability to Achieve Superior Returns With Stability
  • Property is Being Offered at an Attractive Basis of $233 Per Square Foot
  • As Part of the Regulatory Agreement with the City of Los Angeles in 1997, the Property Underwent a Substantial Renovation
  • Property is Located in a Highly Desirable Pocket of Westlake. With a Walk Score of 94 'Walker's Paradise' – Daily Errands do not Require a Car. Residents Enjoy Convenient Access to Employment Centers, Retail, and Entertainment in Westlake & Koreatown and is Only 0.5 Miles From Westlake/MacArthur Purple Line Metro Station
  • Located in the Path of Future Growth Between Downtown Los Angeles and Koreatown

Exclusively Listed By

Financing By

Multifamily

450 S Burlington Ave

Listing Price: $3,295,000

Cap Rate
3.44%
Number of Units
18
Price/Unit
$183,056
Price/Gross SF
$233.03
Gross SF
14,140

Investment Highlights

  • Section 8 Tenancy Complies With the In-Place Regulatory Agreement and Allows a New Owner the Ability to Achieve Superior Returns With Stability
  • Property is Being Offered at an Attractive Basis of $233 Per Square Foot
  • As Part of the Regulatory Agreement with the City of Los Angeles in 1997, the Property Underwent a Substantial Renovation
  • Property is Located in a Highly Desirable Pocket of Westlake. With a Walk Score of 94 'Walker's Paradise' – Daily Errands do not Require a Car. Residents Enjoy Convenient Access to Employment Centers, Retail, and Entertainment in Westlake & Koreatown and is Only 0.5 Miles From Westlake/MacArthur Purple Line Metro Station
  • Located in the Path of Future Growth Between Downtown Los Angeles and Koreatown

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is 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.

Exclusively Listed By

Financing By

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