Property listed by Keller Williams Realty Calabasas, Jared Levine [email protected]
$925,000
40% Vacant (2 of 5 units) including Vacant Detached 2+1 Owner User Unit - As the exclusive listing agent, is pleased to present the opportunity to acquire The Burlington in the submarket of Westlake North (LA Market) and in close proximity to Echo Park, Hollywood,Koreatown, and DTLA. This offering… Read More includes a 5-unit charming bungalow multifamily building built in 1923 with a footprint of approximately 2,778SF, sitting on an elevated corner lot with a detached owner-user unit and city views. The Burlington offers an investor a significant value-add opportunity with approximately 30% (+/-) of potential upside in rents spread across a desirable unit mix. The property has seen upgrades to the electrical, roofing, and plumbing under the current ownership. Delivered 40% vacant (2 of 5 units), the property provides the possibility of leveraging the high demand for both market-rate and Section 8 tenants. This well-located multifamily property offers a rare opportunity to secure unique corner lot property for both investors and owner-users in a high-demand rental pocket surrounded by new development and continued gentrification. The Burlington is situated in Westlake North, a diverse and vibrant neighborhood. The property is located close to Echo Park,Hollywood, Koreatown, and Downtown Los Angeles, providing easy access to cultural and commercial hot spots. Westlake North offers a mix of history and growth, making it a highly attractive area for tenants. Additionally, the property is near Echo Park Lake, numerous cafes, restaurants,and other amenities, offering a rich living experience. This neighborhood continues to experience growth due to its centrality and ongoing gentrification Read Less
Listing Snapshot
Days Online
1
Last Updated
Property Type
Apartment
Lot Size
0.12 Acres
Year Built
1923
MLS Number
SR26092878
Additional Details
Building
Built in 1923, 2 buildings, 1 storey, Entry level: 1, Entry location: 1
Community
Sidewalks
Expenses
Operating: $27,937
Garage
3 spaces
Income
Gross ScheduledIncome: $85,235, Net Operating Income: $57,620
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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