259 N Burlington Ave, Los Angeles, CA 90026
FOR SALE
Listed by Han Chen, Growth Investment Group Pasade, (626) 594-4900

259 N Burlington Ave
Los Angeles, CA 90026

Westlake
  • 10 Beds
  • 8 Baths
  • 5,041 sqft
  • 10 Beds
  • 8 Baths
  • 5,041 sqft

$2,199,000

Est. Mortgage $14,083/mo*
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Local Information

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Description

62% Vacant! 5.71% CAP Rate - 5 out of 8 units are vacant and fully upgraded. 259 N Burlington Ave, an 8-unit Semi-Value-Add & High Vacancy (±62% vacant) Opportunity in the Heart of the Historic Filipino Town. The property is three blocks from Echo Park Lake and centrally located near East Hollywood, Koreatown, Silverlake, Chinatown, and Downtown Los Angeles. This submarket has been on the uptick for years as more and more luxury apartment & retail units pour into the area, pushing the rental market over the last decade. Priced to sell at a strong CAP Rate of ±5.70% and a proforma CAP Rate of ±8.40%, this investment offers a very attractive rental upside of ±33%. Built-in 1960, 259 N Burlington Ave consists of 8 exceptional units totaling ±5,041 SF of building area on a sizeable ±6,000 SF lot. The property is an easily maintained two-story building with a strong unit mix of (2) Two bedrooms + One Bathroom and (6) One Bedroom + One Bathroom Units. (1) Two-bedroom unit is a recently built ADU (Non-rent-control, buyer to verify), which was finished at the beginning of 2024. Deliverable with 5 Rent Ready Vacancies to provide robust CAP Rate of ±5.70%, low GRM ±12.40, and this investment offers a significant rental upside of ±33%. The ownership has recently completed many significant capital improvements to the property, including a new two-bedroom + one-bathroom ADU. The vacant units have been completely upgraded with new flooring throughout, brand new kitchen complete with stainless steel appliances, a fully updated bathroom with modern features, brand-new AC Systems, and In-Unit Washers and dryers. The property also features 4-Tuck Under Parking spaces in the back. Seismic Retrofit has already been completed.

Home Highlights

Parking
4 Carport Spaces
Outdoor
No Info
A/C
Heating & Cooling
HOA
None
Price/Sqft
$436
Listed
30 days ago

Home Details for 259 N Burlington Ave

Interior Features

Beds & Baths
Number of Bedrooms: 10Number of Bathrooms: 8
Appliances & Utilities
Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water ConnectedAppliances: Gas Range, Disposal, Range, RefrigeratorDisposalRefrigerator
Heating & Cooling
Heating: Wall FurnaceHas CoolingAir Conditioning: Wall/Window Unit(s),Wall Unit(s)Has HeatingHeating Fuel: Wall Furnace
Fireplace & Spa
Fireplace: NoneNo Fireplace
Gas & Electric
Electric: StandardHas Electric on Property
Windows, Doors, Floors & Walls
Flooring: VinylCommon Walls: 2+ Common Walls
Levels, Entrance, & Accessibility
Stories: 2Number of Stories: 2Levels: TwoEntry Location: 1Floors: Vinyl
View
No ViewView: None

Exterior Features

Exterior Home Features
Roof: FlatNo Private Pool
Parking & Garage
Number of Carport Spaces: 4Number of Covered Spaces: 4Has a CarportNo GarageParking Spaces: 4Parking: Carport
Pool
Pool: None
Frontage
Not on Waterfront
Water & Sewer
Sewer: Public Sewer
Surface & Elevation
Elevation Units: Feet

Days on Market

Days on Market: 30

Property Information

Year Built
Year Built: 1960
Property Type / Style
Property Type: Residential IncomeProperty Subtype: Multi Family
Building
Not a New ConstructionAttached To Another StructureNo Additional Parcels
Property Information
Condition: Updated/RemodeledParcel Number: 5159006028

Price & Status

Price
List Price: $2,199,000Price Per Sqft: $436

Active Status

MLS Status: Active

Location

Direction & Address
City: Los Angeles

Agent Information

Listing Agent
Listing ID: AR24061926

Building

Building Area
Building Area: 5041 Square Feet

Community

Community Features: UrbanNot Senior Community

HOA

Association for this Listing: California Regional MLSNo HOAHOA Fee: No HOA Fee

Lot Information

Lot Area: 6000 sqft

Listing Info

Special Conditions: Standard

Compensation

Buyer Agency Commission: 2Buyer Agency Commission Type: %
Notes
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed

Business

Expense
Tenant Pays: Electricity, Gas

Rental

Has Rent Control

Miscellaneous

Mls Number: AR24061926Attribution Contact: 626-224-2495

Additional Information

Urban
Last check for updates: about 18 hours ago
Listing Provided by: Han Chen DRE #01749321, (626) 224-2495
Growth Investment Group Pasade
Abel Benitez DRE #02173463
GIG Real Estate Inc.
Originating MLS: California Regional MLS
Source: CRMLS, MLS#AR24061926

Price History for 259 N Burlington Ave

DatePriceEventSource
03/29/2024$2,199,000Listed For SaleCRMLS #AR24061926
12/12/2023ListingRemovedCLAW #23-304389
10/25/2023$2,025,000PriceChange
CLAW #23-304389
10/11/2023$2,195,000Listed For SaleCLAW #23-304389
10/02/2023ListingRemovedCLAW #23-304389
09/09/2023$2,350,000PriceChange
CLAW #23-304389
08/24/2023$2,395,000Listed For SaleCLAW #23-304389
01/11/2022$1,775,000Sold
CRMLS #SB21226183
12/27/2021$1,700,000PendingCRMLS #SB21226183
10/30/2021$1,700,000Listed For SaleCRMLS #SB21226183

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Neighborhood Overview

Westlake
See Local Highlights
Neighborhood stats provided by third party data sources.

What Locals Say about Westlake

  • Trulia User
    "Garbage everywhere. Seriously feel like we are crazy sometimes for living downtown. It’s like we live in a mental institution. "
    1
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  • Trulia User
    "BE VERY CAREFUL ABOUT YOUR SURROUNDINGS AND IF YOU ARE ABLE AVOID ANY NIGHT WALKS too much crime and too much homeless people usually under the influence of drugs "
    3
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  • Trulia User
    "Having certain fairs around the neighborhood with music and food. Also different marathons but don’t really like the traffic bc of it "
    0
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  • Trulia User
    "A lot of homelessness in area but very family oriented an very diverse "
    0
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  • Trulia User
    "Friendly neighborhood with a bit of sting. I don't know how but different cultures are able to coexist along one another."
    0
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  • Trulia User
    "LA native, (mainly east of LA) and 1 year living just south of a echo Park Lake and I’m actually disappointed in just about every aspect of living here. Will be moving back to Long Beach asap. "
    2
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  • Trulia User
    "Very noisy all the times do it’s probably not a good idea growing kids in downtown. It’s convenient to do any activities but downtown is more singles."
    0
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  • Trulia User
    "it's full of diverse ethnicities which will allow the dog to be filled with knowledge to know who to trust and who not to trust. "
    0
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  • Trulia User
    "It’s mostly noisy outside and you can hear helicopters, fire truck sirens and police cars all the time. It’s definitely not for kids"
    0
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  • Taliamontgomery
    "High crime area and lots of garbage. People don’t pick up after themselves or their pets. Lots of fireworks go off for no reason in this high fire zone. Blume and Plume, Woon and Gra are really cool spots that have opened up recently that I love in my neighborhood."
    25
    Flag
  • Victoriafern94
    "Stray cats and dogs are usually around. Most areas are not pet friendly. Not a lot of green areas for dogs to use the bathroom. Areas are dirty with garbage"
    9
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  • Josellyn O.
    "Can take Red or Purple Lines into downtown. My commute to the financial district is 5-10 minutes at most. "
    2
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  • Robbujak
    "No one picks up their dogs poop and many dogs off leash! It’s also extremely dangerous walking around here, it does not feel safe! "
    9
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  • Jodilfrazier
    "It’s quiet and residential but close enough to walk to the Financial District of DTLA and to Echo Park Lake"
    16
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  • Susana G.
    "I live next to the 101 freeway so my commute is easier than others. Traffic on a regular day basis just adds like 15 minutes. "
    1
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  • Marly0710
    "Not the area I want to continue raising my kids. Not the safest area either. I have lived here for the past 10 years."
    3
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  • Xanyz
    "Sketchy area not safe and very LOUD! I would not recommend for families and not recommend area as it is not safe constant police , helicopters, police chases and construction noise its a NIGHTMARE and be expected to be woken up every weekday morning by 6:45 am due to jack hammering due to construction! Did I mention the cars constantly honking? Aghhh!"
    2
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  • Vanessa_membreno
    "It’s not a kid friendly area, there’s a lot of homeless people in the alleys I would not trust kids walking around alone "
    1
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  • Gregory J. M.
    "Beautiful park to walk your dog around. It’s a little busy because of traffic but the park is a safe spot. "
    0
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  • K.ivonne005
    "It’s okay. Could be more maintained. I don’t feel as if it dangerous, I’ve lived here for over 15 years and I’ve never experienced anything crazy. "
    14
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  • Maria V. M.
    "It could be better but rideshare is fairly convenient in this area. Buses are so so depending where you are going."
    0
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  • Vanessa_membreno
    "It’s definitely not kid friendly neighborhood, they need to build more parks or recreational areas.. "
    1
    Flag
  • Jacqui M. B.
    "used to walk 15 minutes to the downtown metro stop until i got a car for work. now i drive and it’s close to highways"
    0
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  • Josh G.
    "McArthur Park has summer jazz events and concerts. As well as peace rides annually. Latin American Parades will surprise everyone every once in a while. "
    1
    Flag
  • Taylor.arburua
    "The view makes our neighborhood very unique and that’s it oh and parking is always great on the street"
    5
    Flag
  • Mainaiz85
    "Beautiful place to live and be happy just enjoy yourself it’s a great place. Feel like home in an environment full of peace."
    1
    Flag
  • Vanessa
    "None there are no special events that happen to my knowledge. Maybe something happens up on sunset but nothing in this immediate area. "
    1
    Flag
  • Veronica C.
    "Very dangerous and dirty neighborhood. I wouldn’t recommend anyone to live here. The people living here don’t care for the environment AT ALL"
    3
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  • Amanda G.
    "Don’t know this Area do not know how to make a statement about what the area is like . "
    1
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  • RJS
    "All commutes in LA are inline with the City’s ranking of 12th worst traffic congestion....IN THE ENTIRE WORLD. Come on, LA. You can do better — you can break into the top 10. Go LA!"
    0
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  • Ronald Mendez
    "Our community is silent and very quite... there are frequent emergency ambulance stops due to an elderly facility near by."
    0
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  • Matt C.
    "Ice cream truck, tamale guy, and a few others come around. Also the good ol’ neighbors who love to park in front of our driveway so we can’t leave the house. The neighborhood has a vast abundance of garbage on the sidewalks. It’s really charming..."
    0
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  • Nikki S.
    "Just move downtown. There aren’t a lot of restaurants and the parking is worse than Koreatown (I live there, I know). The one place I love here is an Indian restaurant called Bombay Beach. "
    1
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  • Caroline P.
    "We have a great neighborhood and it is very peaceful and a great community.Also the stores are near me so I can just walk there"
    0
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  • Robert J. W.
    "A lot of strict guidelines for dog or pet owners. Some accept pets and some do not. Most apartments don't take in pets while some have fees for the first time or monthly pet fees. "
    0
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  • Romero r.
    "I lived here for 8 years, it’s super peaceful and safe. Wouldn’t want to live anywhere but here . Rent is expensive but totally worth it, you have everything near you."
    3
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  • Jrgrieg
    "It’s one of the last historical neighbourhoods in LA to not be fully gentrified. It’s still quite lawless with sanitation and social niceties taking the back seat to reality and daily struggles. There is a sense of community but it feels quite divided between the old guard and new rather Central American or not. I’ve lived in Westlake for five years and thusly love and hate the neighborhood yet proud to call it home."
    10
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  • Norma M.
    "I have been living here in Westlake for a couple of months and the people here are mostly Hispanic and Latino and I feel great amongst my community. "
    2
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LGBTQ Local Legal Protections

Han Chen, Growth Investment Group Pasade
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 2024-01-24 10:53:37 PST 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
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed.
259 N Burlington Ave, Los Angeles, CA 90026 is a 10 bedroom, 8 bathroom, 5,041 sqft multi-family built in 1960. 259 N Burlington Ave is located in Westlake, Los Angeles. This property is currently available for sale and was listed by CRMLS on Mar 29, 2024. The MLS # for this home is MLS# AR24061926.