Investment Highlights
- Rare High Vacancy Opportunity – 62% VACANT!
- 8 Semi-Value-Add Units with ±30% Rental Upside!
- Priced to sell! Strong CAP Rate of about ±5.70% and ±8.40% Proforma CAP Rate
- Brand New 2B + 1B ADU recently built (Non-Rent-Control - buyer to verify) & deliverable vacant.
- Deliverable with 5 Fully Renovated Units, rent ready for immediate cashflow!
- STRONG Historic Filipino Town Rental Submarket! Perfectly adjacent to Echo Park Lake, East Hollywood, Koreatown, Silverlake, Chinatown and Downtown Los Angeles.
- Nearby Major Transportation Lines: Temple & Alvarado Bus Stop and easy access to 2, 101 & 110 Freeways.
- Centrally located to major employers: Dodger Stadium, Los Angeles City College, Good Samaritan Hospital, Paramount Studios, Sunset Gower Studios, Netflix Corporate Office, Los Angeles Financial and Arts District, Crypto Arena, Los Angeles Convention Center & much more.
Property Highlights
- Soft Story Retrofit has been completed!
- Large Brand New 2 Bedroom + 1 Bathroom ADU.
- Strong Unit Mix with (6) 1-Bedrooms + 1-Baths and (2) 2-Bedroom + 1-Bathroom
- 5 Renovated Units have been upgraded with Stainless Steel Appliances, Counter Tops, Flooring, Brand New AC Systems, and In-Unit Washer/Dryer.
- Low Maintenance Property Individually Metered for Gas & Electricity.
- 4-Tuck Under Parking Spaces Available
- Walk Score of 86 (Very Walkable) & Transit Score of 66 (Good Transit)
- Underutilized front courtyard area for Tenant amenities
Executive Summary
Growth Investment Group California proudly presents the sale of 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.
Location Amenities and Access
Right off Burlington Ave & Court St, the property is located 15-Minutes - walking from the Echo Park Lake, and within 5-8 Minutes - driving away from Silver Lake, Koreatown, Central Los Angeles, Downtown Los Angeles Financial District, Melrose Hill, East Hollywood, and Angelino Heights. 259 N Burlington Ave is close to great entertainment and restaurants as it is adjacent to many of Los Angeles trendiest boutique restaurants, coffee shops and upscale bars in Silver Lake, Echo Park, Koreatown & Downtown Los Angeles’s LA Live. Its location provides easy access to many of the city’s largest & strongest employers and major retailers. Some of employers include Koreatown Plaza, Good Samaritan Hospital, The Ritz Carlton, Los Angeles Financial and Arts District, Crypto Arena, Los Angeles Convention Center, Netflix Corporate Office, Paramount Studios, Sunset Gower, LACMA, Los Angeles City College, American Career College, all of this while providing easy access to the, 2. 101 & 110 Freeways.