450 South Burlington Avenue
450 South Burlington Avenue
$2,700,000
25
18
14,140
14,140
$191
Sold 10/27/22
Description
I am 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...I am 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.
- Listed by Sean Rosenzweig • DRE #01406343 • Brokerage DRE #01240999 • Marcus & Millichap
Property Details for 450 South Burlington Avenue
Zoning
LAR4
Parcel Number5153004004
Total Units18.0
Living Area14140
Source Living AreaAssessor
AreaDowntown L.A. (C42)
Vacancy Rate2 Units
Lot Size Area9089
Location
LISTING UPDATED: 11/03/2022 12:08 PM
Property Details for 450 South Burlington Avenue
Status | Sold |
---|---|
MLS # | 22-148847 |
Days on Market | 50 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1925 |
Lot Size | 0.21 AC / 9,089 SF |
County | Los Angeles County |
Location
Building Information for 450 South Burlington Avenue
Stories2Residences-Year Built1925Building Size-Lot Size0.21 AC / 9,089 SF
Payment Calculator
$17,601 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 450 South Burlington Avenue
Property History for 450 South Burlington Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 450 South Burlington Avenue
Taxable ValueLand$1,620,000Additions$1,085,680Total$2,705,680
Tax Record2023$34,390 ($2,866 / month)
Home Facts
Total Finished SqFt14,140 SqFtAbove Grade Finished SqFt14,140 SqFtLot Size9,089 SqFtStyleMulti-Family Res (5+ Units)Year Built1925ZoningLAR4CountyLOS ANGELESAPN5153-004-004
Schools near 450 South Burlington Avenue
This home is within Los Angeles Unified School District.
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 | ||
John H. Liechty Middle School Public6 to 8 | ||
Academic Leadership Community 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.
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