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40% VACANT (2 of 5 Units) / OWNER USER OPPORTUNITY - As the exclusive listing agent, we are 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 includes a 5-unit charming bungalow multifamily building built in 1923 with a footprint of approximately 2,778 SF, sitting on an elevated corner lot with a vacant detached owner-user unit and city views.The Burlington offers an investor a significant value-add opportunity with approximately 35% (+/-) 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 a 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 hotspots. 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.
Property Type(s):
Residential Income
| Last Updated | 11/13/2024 | Year Built | 1923 |
|---|---|---|---|
| Community | Silver Lake - Echo Park | Garage Spaces | 3.0 |
| County | Los Angeles |
Price History
| Prior to Nov 6, '24 | $1,150,000 |
|---|---|
| Nov 6, '24 - Nov 13, '24 | $1,149,000 |
| Nov 13, '24 - Today | $1,150,000 |
Additional Details
| AREA | Silver Lake - Echo Park |
|---|---|
| GARAGE | Yes |
| LOT | 5172 sq ft |
| LOT DESCRIPTION | Landscaped |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
| WATER | Public |
| ZONING | LAC2 |
Location
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Listed with Keller Williams Realty Calabasas
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