Multifamily
Blu on Burns
4221 Burns Ave, Los Angeles, CA 90029
Listing Price: $6,700,000
Investment Overview
Marcus & Millichap (“M&M”), as the exclusive listing agent, is pleased to present the opportunity to acquire Blu on Burns (the “Property”), a 28-unit multifamily community located in the Silver Lake submarket of Los Angeles.
Originally constructed in 1928, the property has been substantially renovated with over $1M in total upgrades spent by a prior owner and $401K of additional capital improvements under the current ownership group. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
24 of the 28 unit interiors (86%) have been extensively renovated, including new cabinetry, new appliances, upgraded flooring, quartz countertops, tile backsplash, new dual-pane windows, modern LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 4 units (14%) and capture 14%+ upside in rental income.
Blu on Burns
Investment Highlights
- A Compelling Turn-Key with Upside: Blu on Burns offers investors a proven interior renovation scope to emulate and capture 14%+ in remaining rental income upside.
- Common Area CapEx Needs already Addressed: Investors will be able to focus almost entirely on high return on investment interior renovations in the remaining unrenovated units.
- High Impact Improvements: Notable capital improvements include resealing 153 windows and upgrading landscaping throughout property including sprinkler and drip system
- Near Sunset Junction in Silver Lake: Silver Lake is a high demand rental market. 90% of the population are renters and 44% are between the ages of 20 and 44. The median home value is over $1.8M which prices most of the population out of home ownership.
- A True Live, Work, Play Location: The Property offers residents a true live, work, play environment just steps from Virgil Village and Sunset Junction with some of the regions best dining, retail shopping, and cultural destinations, and ideal proximity to thousands of high paying jobs in the surrounding hubs such as Hollywood, Mid-Wilshire, Glendale, and Downtown Los Angeles.
- Strong Recent Leasing: The Property recently achieved $1,799 on a renovated studio and $2,449 on a renovated 1-bedroom.
Exclusively Listed By
Listing Price: $6,700,000
Investment Highlights
- A Compelling Turn-Key with Upside: Blu on Burns offers investors a proven interior renovation scope to emulate and capture 14%+ in remaining rental income upside.
- Common Area CapEx Needs already Addressed: Investors will be able to focus almost entirely on high return on investment interior renovations in the remaining unrenovated units.
- High Impact Improvements: Notable capital improvements include resealing 153 windows and upgrading landscaping throughout property including sprinkler and drip system
- Near Sunset Junction in Silver Lake: Silver Lake is a high demand rental market. 90% of the population are renters and 44% are between the ages of 20 and 44. The median home value is over $1.8M which prices most of the population out of home ownership.
- A True Live, Work, Play Location: The Property offers residents a true live, work, play environment just steps from Virgil Village and Sunset Junction with some of the regions best dining, retail shopping, and cultural destinations, and ideal proximity to thousands of high paying jobs in the surrounding hubs such as Hollywood, Mid-Wilshire, Glendale, and Downtown Los Angeles.
- Strong Recent Leasing: The Property recently achieved $1,799 on a renovated studio and $2,449 on a renovated 1-bedroom.
Investment Overview
Marcus & Millichap (“M&M”), as the exclusive listing agent, is pleased to present the opportunity to acquire Blu on Burns (the “Property”), a 28-unit multifamily community located in the Silver Lake submarket of Los Angeles. Originally constructed in 1928, the property has been substantially renovated with over $1M in total upgrades spent by a prior owner and $401K of additional capital improvements under the current ownership group. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward. 24 of the 28 unit interiors (86%) have been extensively renovated, including new cabinetry, new appliances, upgraded flooring, quartz countertops, tile backsplash, new dual-pane windows, modern LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 4 units (14%) and capture 14%+ upside in rental income.
Exclusively Listed By
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