450 South Burlington Avenue

Los Angeles, CA 90057

$2,700,000
Last Sold Price
25
Beds
18
Baths
14,140 Sq. Ft.
$191 / Sq. Ft.
14,140
Sq. Ft.
$191
per Sq. Ft.

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.
  1. Listed by Sean Rosenzweig • DRE #01406343 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 450 South Burlington Avenue

Zoning
LAR4
Parcel Number
5153004004
Total Units
18.0
Living Area
14140
Source Living Area
Assessor
Area
Downtown L.A. (C42)
Vacancy Rate
2 Units
Lot Size Area
9089

Location

Listing Courtesy of Marcus & Millichap, Sean Rosenzweig, DRE #01406343

Sold By Marcus & Millichap, Sean Rosenzweig, DRE #01406343

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LISTING UPDATED: 11/03/2022 12:08 PM

Property Details for 450 South Burlington Avenue

StatusSold
MLS #22-148847
Days on Market50
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1925
Lot Size0.21 AC / 9,089 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Sean Rosenzweig, DRE #01406343

Sold By Marcus & Millichap, Sean Rosenzweig, DRE #01406343

Add your commute

Building Information for 450 South Burlington Avenue

Stories2Residences-Year Built1925Building Size-Lot Size0.21 AC / 9,089 SF

Payment Calculator

$17,601 per month

30 year fixed, 7.25% Interest

Principal and Interest

$14,735

Property Taxes

$2,866

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 450 South Burlington Avenue

Community / Development
Community / Development
  • Number Of Units: 18
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Assessor
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Residential
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $214,407
  • Net Operating Income: $113,273.00
  • Gross Income: $215,780
  • Cap Rate: 3.44%
  • Gross Rent Multiplier: $15.27
  • Total Annual Expense: 101134
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2087
  • Lot Size Square Feet: 9089
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 0
  • Parking Features: None
Interior Features
Interior Features
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 04-21-2022
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $838.00
  • Unit Actual Rent: $10,145.00
  • Unit Projected Rent: $19,404.00
  • Like Units: 11
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $931.00
  • Unit Actual Rent: $7,836.00
  • Unit Projected Rent: $15,736.00
  • Like Units: 7
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $603,406.00
  • Assessed Improvement Percent: 46.43
  • Assessed Land Value: $696,238.00
  • Assessed Land Percent: 53.57
  • Assessed Total Value: $1,299,644.00

Property History for 450 South Burlington Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

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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Listing Courtesy of Marcus & Millichap, Sean Rosenzweig, DRE #01406343

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.