Property Description

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!