625 S. Burlington Ave., Los Angeles, CA
Multi-family for Sale - $3,595,000 - 23,480 Sq. Ft. on 7501 acres
Property Info
CIMLS# | 646961 |
Location 625 S. Burlington Ave. Los Angeles CA 90057 | |
Updated | October 3rd, 2013 |
Type | Multi-family |
Price | $3,595,000 |
Building | 23,480 Sq. Ft. |
Land | 7501 acres |
Property Description
625 S Burlington Avenue is a 48 unit apartment building consisting of (40) Singles and (8) 1+1 units.
Constructed in 1928, this 4 story walk up is built of reinforced brick and is master metered for both gas and
electric. Extensive upgrades done the the property including refinished hardwood floors, laminate counter tops,
a new $10,000 boiler system, plumbing, and roof. Units are newly renovated as tenants move out. Occupancy
rate is historically high in the building as there has always been applications lined up for the units to be leased.
The Burlington Apartments offers astute investors approximately 15% upside in rental growth, with aggressive
management, this property is a perfect value add opportunity.
Location Description:
Subject property is located in the heart of the Westlake District flanked by Koreatown to the West, Silver Lake
and Echo Park to the North and Downtown to the East. Just North of Wilshire Bloulevard. The Burlington
Apartments is located a few blocks East of MacArthur Park and is conveniently located near Home Depot, Food
4 less, and many other restaurants and shops; highly rated at 92 of 100 by walkscore.com due to it's prime
location
Highlights:
>> Perfect value add opportunity with over 15% upside in rental growth
>> Over $150,000 infused into capital improvements
>> Prime location in the gentrifying Westlake District, just one block North of Wilshire Bloulevard
>> Extraordinary high occupancy rate
>> Just installed, $10,500 boiler system
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