Investment Overview

Marcus & Millichap is pleased to present 171 S Burlington Ave, a 58-unit apartment building in the Westlake neighborhood of Los Angeles located on the corner of S Burlington Ave & Miramar St between Beverly Blvd and W 3rd St, less than one mile from MacArthur Park. The property features an ideal unit mix made up of 34 one-bedrooms (515-575 SF), six one-bedroom lofts (775 SF), and 18 two-bedrooms (812-993 SF); there are 75 total parking spaces (39 single and 18 tandem) with access from the front and rear of the property. Built in 1989, 171 S Burlington Ave is not subject to the Los Angeles Rent Stabilization Ordinance. Capital expenditures have been recently completed including full exterior painting, new elevator conveyance, new boiler, updated common area hallways, and SCEP maintenance work. At the asking price, the property is being offered at a 4.26% CAP rate and 12.91 GIM on current income, with an additional 20% rental upside achievable as units turn; 20 units have undergone full interior renovations and seven units have been partially renovated, allowing an investor to continue the interior upgrades and capture market rents. The building garners substantial additional income from on-site laundry and has a RUBS system in-place; the building is also separately metered for gas and electric and has a secured, gated entrance. A high Walk Score of 89, 171 S Burlington Ave is located directly across the street from Union Avenue Elementary School and walking distance to Belmont High School. This neighborhood of Westlake is ideally located with a short commute to Downtown, Echo Park, Silver Lake, and Koreatown. The rental market continues to grow, illustrated through the plentiful new developments currently under construction in the area such as 1800 W Beverly Blvd (243 units), Inspire Echo Park (90 units), and 1999 W 3rd St (137 units).