259 N Burlington Avenue

Description

8 Unit Building with 5 of 8 Units Delivered Vacant located in the heart of Echo Park - Priced to Sell at $2,025,000! A true 6.4% Cap and an 11 GRM once the 5 vacant units are rented! We are very pleased to present the exclusive opportunity to acquire 259 N. Burlington Avenue, an amazing 8 unit value-add multi-family building located in Echo Park, one of Los Angeles' most desirable areas to live, play and work, delivered with 5 of 8 units vacant - 4 of which are ready to be remodeled and re-rented and one is a new construction 2+1 ready to be leased at market rent! This historic and diverse neighborhood is home to Dodgers Stadium and Echo Park Lake, which recently re-opened after a $45 million renovation. Dine at some of the best restaurants in all of Los Angeles, including Valerie, El Prado, Ototo Sake Bar, Monty's Good Burger and Guisados Tacos which was included in Conde Nast Traveler's guide to "Best Restaurants in the World". Echo Park is also home to the Chavez Ravine Arboretum, the first and oldest Arboretum in Southern California. 259 N. Burlington Avenue is an 8-unit apartment building, 5 of 8 units will be delivered vacant at close of escrow, including a newly constructed 2+1 ADU. Totaling 5,031 SF, this building features six 1-bedroom units and two 2-bedroom units. Seismic retrofit has already been completed. 5 of 8 units delivered vacant, 4 of which are vacant and to be re-imagined and re-leased at market rents and one unit, the newly built 2+1 ADU complete with high-end designer kitchen, in-unit washer/dryer and AC, is ready to be leased at full market rent. Priced at $2,025,000, this 8-unit property will offer (when the 4 vacant units are remodeled & leased) a 6.4% cap and an 11 GRM, which future upside in the three under market rents to be increased in the future. Once 100% market rents, a new owner will acheive an amazing 8.1% cap and a 9 GRM. 259 N. Burlington Avenue is located just minutes away from Dodger Stadium, Echo Park Lake, USC as well as several billion-dollar developments in Downtown Los Angeles, including L. A. LIVE, Crypto.com and the Red Line Station, as well as several new high-end multi-family developments all nearby. Don't miss the chance to renovate this mostly vacant 8 unit building in a prime Echo Park location! 259 N. Burlington can be purchase together with 265 N. Burlington, the 6,000 SF corner lot located directly next door with fully approved RTI plans for a new 5 unit multi-family development. Truly an amazing value add and new construction opportunity for a savvy multi-family investor looking for their next great project!