NOT LISTED FOR SALE

259 N Burlington Ave Los Angeles, CA 90026

Westlake Neighborhood
8 Beds
8 Baths
4,316 Sq Ft
0.28 Acres

Last Sold January 11, 2022

Last sale price $1,775,000 $411 Per Sq Ft

4 Days on Market

About This Home

As of January 2022

Value-Add and Development Opportunity!!!
12,000 square foot lot ready to be split zoned RD 1.5. The 7 unit apartment
building is located on half of the lot allowing for development on the
remainder 6,000 sq ft of land.
Located in Historic Filipinotown, 259 N Burlington Ave is a value-add 7 unit
apartment building with over 50% upside in rent potential. This 12,000 Sq.Ft.
corner lot, zoned RD1.5 would allow for buyer to develop another 4-6 units on
the vacant lot. To the new buyer's benefit, 259 N Burlington Ave is also located
in a Tier 1 TOC zone, which would allow a 50% density bonus to the amount of
units you can build. This is a unique investment or development opportunity
with significant growth potential.
The subject property has a unit mix of (6) 1-Bed/1-Bath & (1) 2-Bed/2-Bath
offered at only $242k/unit. There is still over 50% upside in monthly rental
income. Once stabilized, 259 N Burlington Ave would operated at an 8.32%
CAP and 8.98 GRM on just the value-add portion.
259 N Burlington Ave is located just minutes away from billion dollar
developments, including L.A. Live and the Red Line Station, as well as new
multi-family developments all nearby.
Don't miss the chance to entitle and build while still producing income on this
value-add opportunity!

Last Agent to Sell the Property

Cameron Samimi

Lyon Stahl Investment Real Estate, Inc. License #02035763 Listed on: 10/30/2021

Lyon Stahl Investment Real Estate, Inc.

Last Buyer's Agent

Cameron Samimi

Lyon Stahl Investment Real Estate, Inc. License #02035763 Listed on: 10/30/2021

Lyon Stahl Investment Real Estate, Inc.

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1960

Lot Details

  • 0.28 Acre Lot
  • Two or More Common Walls

Home Design

  • 4,316 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 8 Bathrooms

Additional Features

  • Rain Gutters
  • Urban Location

Listing and Financial Details

  • Legal Lot and Block 40 / 2
  • Tax Tract Number 1234
  • Assessor Parcel Number 5159006021
  • $1,162 per year additional tax assessments

Community Details

Overview

  • 7 Units

Recreation

  • Park
  • Hiking Trails
  • Bike Trail

Building Details

  • Rent Control
  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • 1 Separate Water Meter
  • Operating Expense $41,107
  • Gross Income $93,216
  • Net Operating Income $49,313

Property Details

Home Type

Multi-Family

Year Built

Built in 1960

Lot Details

0

Listing Details

  • CapRate: 2.90
  • Property Attached: Yes
  • Zoning: LARD1.5
  • Property Type: Residential Income
  • Parcel Number: 5159006021
  • Year Built: 1960
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 2+ Common Walls
  • Price Per Square Foot: 411.26

Exterior Features

  • Pool Private: No

Utilities

  • Laundry: No
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Biking, Curbs, Hiking, Gutters, Park, Urban

Lot Info

  • Additional Parcels: No
  • Lot Features: Lot 10000-19999 Sqft
  • Lot Size Sq Ft: 12000.00
  • Lot Size Acres: 0.2755

Multi Family

  • Gross Income: 93216.00
  • Gross Multiplier: 18.24
  • Gross Scheduled Income: 93216.00
  • Lot Size Area: 12000.0000 Square Feet
  • Net Operating Income: 49313.00
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 7
  • Operating Expense: 41107.00
  • Rent Control: Yes
  • Total Expenses: 41107.00

Tax Info

  • Tax Block: 2
  • Tax Census Tract: 2084.02
  • Tax Lot: 40
  • Tax Tract Number: 1234
  • TaxOtherAnnualAssessmentAmount: 1162.00

Range of Values:

Collateral Analytics

Collateral Analytics Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.

Not Available

Collateral Analytics does not have data for the current month. Please view the chart for historical values.

ICE

ICE Mortgage Technology ICE Mortgage Technology’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.

Not Available

ICE Mortgage Technology does not have data for the current month. Please view the chart for historical values.

First American

First American First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.

Not Available

First American does not have data for the current month. Please view the chart for historical values.

Quantarium

Quantarium Quantarium’s valuation service, repeatedly proven the industry’s most accurate and comprehensive, is supercharged with a self-learning and auto-tuning AI engine that continually becomes smarter and more accurate as it processes daily inputs from the industry’s leading RE data lake.

Not Available

Quantarium does not have data for the current month. Please view the chart for historical values.

Average Value
Not Available
List Price
Sold Price
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area

Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
01/11/2022 01/11/22 Sold $1,775,000 +4.4% $411 / Sq Ft
11/04/2021 11/04/21 Pending -- -- --
10/30/2021 10/30/21 For Sale $1,700,000 -- $394 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Cameron Samimi

    Seller's Agent in 2022

    Cameron Samimi

    Lyon Stahl Investment Real Estate, Inc.

    (310) 259-7556

    2 in this area

    197 Total Sales

    Cameron Samimi
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB21226183

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Los Angeles 90026 Westlake

259 N Burlington Ave, Los Angeles, CA

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) 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. 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

Nearby Homes