NOT LISTED FOR SALE

420 S Burlington Ave Los Angeles, CA 90057

Westlake Neighborhood
24 Beds
3 Baths
6,878 Sq Ft
9,090 Sq Ft Lot

Last Sold May 10, 2016

Last sale price $1,650,000 $240 Per Sq Ft

60 Days on Market

About This Home

As of May 2016

9,080 square foot LAR4 lot in Westlake Recovery Redevelopment Area.

Vacant 24-unit studio/hotel building with an active hotel license allowing for short term occupancy / legal rooming house. There are 14 off-street parking spaces (very rare in this neighborhood).

New windows (upstairs), some ceilings and flooring has been replaced, and some of the building has been painted, however, the building still needs work.

Great opportunity to create a legal rooming house, or start over and build possible twenty-two+ new units on this valuable LAR4 lot.

Income projected at $500/mo/unit with 40% expenses. Buyer to confirm everything including Zoning, licensure, use and rent projections.

Last Agent to Sell the Property

Daniel Corcoran

Corcoran Group of California Inc. License #00451125 Listed on: 02/12/2016

Corcoran Group of California Inc.

Last Buyer's Agent

Dan Corcoren

CAPRE License #00451125

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1908

Lot Details

  • 9,090 Sq Ft Lot
  • Two or More Common Walls
  • No Landscaping
  • Rectangular Lot
  • Tear Down

Parking

  • 14 Parking Spaces

Home Design

  • Property Attached
  • Frame Construction

Interior Spaces

  • 6,878 Sq Ft Home
  • 2-Story Property

Location

  • Property is near public transit
  • Urban Location

Listing and Financial Details

  • Tax Lot 4
  • Assessor Parcel Number 5153003005

Community Details

Overview

  • 24 Units

Building Details

  • 1 Separate Electric Meter
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Electric Expense $12,000
  • Insurance Expense $2,500
  • Professional Management Expense $1,000
  • Trash Expense $200
  • Water Sewer Expense $3,000
  • New Taxes Expense $21,000
  • Gross Income $12,000
  • Net Operating Income $86,400

Property Details

Home Type

Multi-Family

Year Built

Built in 1908

Lot Details

0

Listing Details

  • CapRate: 5.14
  • Other Phone Description: (909)337-6111
  • Professional Management Expense: 1000.00
  • Property Attached: Yes
  • Water Sewer Expenses: 3000.00
  • Property Type: Residential Income
  • Parcel Number: 5153003005
  • Year Built: 1908
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Entry Location: Ground Level With Steps
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 239.90

Exterior Features

  • Pool Private: No
  • Construction Materials: Frame

Garage/Parking

  • Total Parking Spaces: 14.00

Utilities

  • Utilities: Sewer Available
  • Trash Expense: 200.00
  • Water Source: Public

Condo/Co-op/Association

  • Community Features: Urban

Lot Info

  • Lot Features: Rectangular Lot, No Landscaping, Tear Down, Near Public Transit
  • Lot Size Sq Ft: 9090.00
  • Price Per Lot Square Foot: 181.52
  • Lot Size Acres: 0.2090

Multi Family

  • Electric Expense: 12000.00
  • Gross Income: 12000.00
  • Gross Multiplier: 11.66
  • Gross Scheduled Income: 144000.00
  • Insurance Expense: 2500.00
  • Lot Size Area: 9090.0000 Square Feet
  • Net Operating Income: 86400.00
  • Number Of Separate Electric Meters: 1
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 24
  • Operating Expense: 57600.00
  • Operating Expense Percent: 40.00
  • Rent Control: No

Tax Info

  • New Taxes Expense: 21000.00
  • Tax Lot: 4
  • Tax Tract Number: Hill

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/10/2016 05/10/16 Sold $1,650,000 -1.8% $240 / Sq Ft
02/12/2016 02/12/16 Pending -- -- --
12/14/2015 12/14/15 For Sale $1,680,000 -- $244 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2016

    Daniel Corcoran

    Corcoran Group of California Inc.

    (310) 435-9106

    2 in this area

    24 Total Sales

    Daniel Corcoran
    Section Image

  • D

    Buyer's Agent in 2016

    Dan Corcoren

    CAPRE

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: EV15262153

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Los Angeles 90017 Westlake

420 S Burlington Ave, Los Angeles, CA

This home is located at 420 S Burlington Ave, Los Angeles, CA 90057 since 12 February 2016. This property was built in 1908. 420 S Burlington Ave is a home located in Los Angeles County with nearby schools including Union Avenue Elementary, John H. Liechty Middle School, and Belmont High School.

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

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