259 North Burlington Avenue
259 North Burlington Avenue
Description
259 N Burlington Ave, an 8-unit Semi-Value-Add & High Vacancy (±62% vacant) Opportunity in the Heart of the Historic Filipino Town. The property is three blocks from Echo Park Lake and centrally located near East Hollywood, Koreatown, Silverlake, Chinatown, and Downtown Los Angeles. This submarket has been on the uptick for years as more and more luxury apartment & retail units pour into the area, pushing the rental market...62% Vacant! 5.71% CAP Rate - 5 out of 8 units are vacant and fully upgraded.
259 N Burlington Ave, an 8-unit Semi-Value-Add & High Vacancy (±62% vacant) Opportunity in the Heart of the Historic Filipino Town. The property is three blocks from Echo Park Lake and centrally located near East Hollywood, Koreatown, Silverlake, Chinatown, and Downtown Los Angeles. This submarket has been on the uptick for years as more and more luxury apartment & retail units pour into the area, pushing the rental market over the last decade. Priced to sell at a strong CAP Rate of ±5.70% and a proforma CAP Rate of ±8.40%, this investment offers a very attractive rental upside of ±33%. Built-in 1960, 259 N Burlington Ave consists of 8 exceptional units totaling ±5,041 SF of building area on a sizeable ±6,000 SF lot. The property is an easily maintained two-story building with a strong unit mix of (2) Two bedrooms + One Bathroom and (6) One Bedroom + One Bathroom Units. (1) Two-bedroom unit is a recently built ADU (Non-rent-control, buyer to verify), which was finished at the beginning of 2024. Deliverable with 5 Rent Ready Vacancies to provide robust CAP Rate of ±5.70%, low GRM ±12.40, and this investment offers a significant rental upside of ±33%. The ownership has recently completed many significant capital improvements to the property, including a new two-bedroom + one-bathroom ADU. The vacant units have been completely upgraded with new flooring throughout, brand new kitchen complete with stainless steel appliances, a fully updated bathroom with modern features, brand-new AC Systems, and In-Unit Washers and dryers. The property also features 4-Tuck Under Parking spaces in the back. Seismic Retrofit has already been completed.
- Listed by Han Chen • DRE #01749321 • Brokerage DRE #02201380 • Growth Investment Group Pasade • 626-224-2495
- Listed by Abel Benitez • DRE #02173463 • Brokerage DRE #02021933 • GIG Real Estate Inc.
Property Details for 259 North Burlington Avenue
Location
Property Details for 259 North Burlington Avenue
| Status | Active |
|---|---|
| MLS # | AR24061926 |
| Days on Market | 32 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1960 |
| County | Los Angeles County |
Location
Building Information for 259 North Burlington Avenue
Payment Calculator
$12,001 per month
30 year fixed, 7.25% Interest
$12,001
—
$0
Property Information for 259 North Burlington Avenue
- Tenant Pays: Electricity, Gas
- Gross Income: $176,280
- Gross Scheduled Income: $176,280
- Vacancy Allowance Rate: 3
- Gross Operating Income: $170,992
- Net Operating Income: $125,530
- Gross Multiplier: 12.47
- Cap Rate: 5.71
- Operating Expense: $45,462
- Operating Expense Percent: 27.00%
- New Taxes Expense: $26,375
- Insurance Expense: $3,781
- Maintenance Expense: $4,000
- Professional Management Expense: $0
- Trash Expense: $4,800
- Water Sewer Expense: $4,800
- Total Expenses: $45,462
- Tax Block: 0
- Tax Tract Number: 0
- CFD/Mello-Roos Fee: $0
- Tax Lot: 0
- Assessments YN: Yes
- Assessments: Buyer to Verify
- Community Features: Urban
- Appliances: Gas Range
- Equipment: Dryer, Dryer Included, Washer, Washer Included
- Laundry: Yes
- Laundry Features: Dryer Included, Washer Included
- Fireplace Features: None
- Fireplace Rooms: None
- Cooling: Wall/Window Unit(s)
- Heating Type: Wall
- Heating: Wall Furnace
- Flooring: Vinyl
- Roof: Flat
- Entry Location: 1
- Property Condition: Updated/Remodeled
- View Description: None
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: Rectangular Lot, Level, Near Public Transit
- Direction Faces: East
- Number Of Units: 8
- Land Lease: No
- Land Lease Type: Fee
- Levels: Two
- Water: Public
- Sewer: Public Sewer
- Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
- Electric: Standard
- Water Source: Public
- Garage Spaces: 0
- Parking Garage Spaces: 0
- Carport Spaces: 4
- Unit Type Units Total: 2
- Unit Type Beds Total: 2
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $2,200
- Unit Type Total Rent: $4,400
- Unit Type Pro Forma: 5800
- Unit Type Type: 1
- Unit Type Units Total: 6
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 2
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $1,715
- Unit Type Total Rent: $10,290
- Unit Type Pro Forma: 13800
- Unit Type Type: 2
- Number Of Units Leased: 3
- Rent Controlled: Yes
- Number Of Buildings: 1
- Number Of Separate Electric Meters: 8
- Number Of Separate Gas Meters: 8
- Number Of Separate Water Meters: 1
- Number With Dishwasher: 0
- Number With Range: 8
- Number With Refrigerator: 8
- Number With Disposal: 5
- Number Wall AC: 8
Property History for 259 North Burlington Avenue
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 259 North Burlington Avenue
Schools near 259 North Burlington Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | K to 5 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
Union Avenue Elementary School PublicK to 5 | ||
Sal Castro Middle School Public6 to 8 | ||
Miguel Contreras Learning Complex School Public9 to 12 | ||
Contreras Learning Center-School Of Social Justice Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
Similar Homes
Similar Sold Homes
Homes for Sale near Echo Park
Neighborhoods
Cities
No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.
Listing Courtesy of Growth Investment Group Pasade, Han Chen, DRE #01749321; GIG Real Estate Inc., Abel Benitez, DRE #02173463
Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.