450 S BURLINGTON Avenue, Los Angeles CA, 90057

Sold

450 S BURLINGTON Avenue

Los Angeles CA, 90057

$2,700,000

$190.95 per sqft

Sold

25 Beds

18 Baths

14,140 sqft

Residential

Built in 1925

Listed by Sean Rosenzweig with Marcus & Millichap 213-943-1800

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.

22148847

MLSⓇ ID

April 21, 2022

Listed

March 23, 2024

Updated

Map

450 S BURLINGTON Avenue
Los Angeles CA, 90057

Interior Features

Total Stories: 2
Bedrooms: 25
Total Bathrooms: 18
Fireplace: No
Cooling: No
Heating: No

Exterior/Building Features

Lot Size: 0.21 Acres

Other Property Details

Area Name: C42 - Downtown L.A.
Days on Market: 50
Garage: No
Parking: None
Parking Total: 0
View: No
County: Los Angeles
Pool: No
Zoning: LAR4
Buyer Agency Compensation: 2%

Listing Contact: 213-943-1800

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

Data last updated on 3/23/2024 at 1:41 AM UTC