This listing was posted on ListedBuy.
$3,890,000
259 & 265 N Burlington Ave
Price:
$3,890,000
BR/BA:
10+ BR, 9 BA
Location:
259 & 265 N Burlington Ave, Los Angeles, CA
Description:
We are very pleased to present the exclusive opportunity to acquire two properties located side by side in one of LA's hottest neighborhoods, Echo Park. 259 N. Burlington Avenue and 265 N. Burlington Avenue, two amazing value-add opportunities offer today's savvy value-add Buyer the chance to purchase both an 8 unit apartment building and a 6,000 SF Zoned RD 1.5 with RTI permits for a 5 unit multi-family development. 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, 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 ready to be re-imagined and leased at market sales 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 sale. Priced at $2,395,000, this 8-unit property will offer (once currently vacant units are remodeled and re-leased) a 5.2% cap and a 13 GRM, which future upside in the 3 under market sales to be increased in the future. To be purchased separately or together from the 8-unit building, 265 N. Burlington is a 6,000 SF RD 1.5 Corner lot with fully RTI plans for 5 new construction units. The RTI plans call for two detached duplexes that each offer two 5 bedrooms and 5 bathrooms and one ADU that is a 2 bedroom plus loft plus 2.5 bathrooms. When completed,. Still available at ListedBuy!
Property Type:
Multi-Family Residences for Sale
Sq feet:
13,131 sq. ft.
Year:
1960
Amenities:
AC, Washer Dryer
For sale by:
By Owner
Posted:
September 9 2023 on ListedBuy
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More About this Listing: 259 & 265 N Burlington Ave
259 & 265 N Burlington Ave is a 10+ BR 9 Bathroom Multi-Family Real Estate for Sale at 259 & 265 N Burlington Ave in Los Angeles CA. Find other listings like 259 & 265 N Burlington Ave and listings near 259 & 265 N Burlington Ave by searching Oodle Classifieds for 10+ BR 9 Bathroom Multi-Family Real Estate for Sale in Los Angeles CA.
259 & 265 N Burlington Ave is a 10+ BR 9 Bathroom Multi-Family Real Estate for Sale at 259 & 265 N Burlington Ave in Los Angeles CA. Find other listings like 259 & 265 N Burlington Ave and listings near 259 & 265 N Burlington Ave by searching Oodle Classifieds for 10+ BR 9 Bathroom Multi-Family Real Estate for Sale in Los Angeles CA.