1 month on rocket

259 N Burlington Ave, Los Angeles, CA, 90026

$2,199,000

Home List Price

$10,000*

Closing Credit

0 Baths
Condo
Schools Nearby

Location

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259 N Burlington Ave, Los Angeles$2,199,000

Buyer Closing Credits

$10,000*

1.25% Loan Amount

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Property Highlights

Home TypeCondominium
Year Built1960
HeatingWall Furnace
CoolingWall/Window Unit(s)
FireplaceNone
ViewNone
MLS #AR24061926
Lot Size0.14 Acres
StatusActive

About 259 N Burlington Ave

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.

Property Details

Property Features

Property Information:

  • Year Built: 1960
  • Stories: 2

Listing Office:

  • Office Name: Growth Investment Group Pasade
  • Office Phone: (626) 224-2495
  • Listing Agent: Han Chen

Interior Features

Interior Information:

  • Appliances: Gas Range, Dryer, Washer
  • Flooring Type: Vinyl
  • Fireplace: None

Exterior Features

Exterior Information:

  • Private Pool: No
  • View: None

Lot Features

Lot Information:

  • Lot: Level, Near Public Transit, Rectangular Lot
  • Lot Size: 0.14 Acres

Utilities

Utilities Information:

  • Heating: Wall Furnace
  • Cooling: Wall/Window Unit(s)

School Info

Assigned Schools Information:

  • Belmont Senior High School, Public District Grades 9-12
  • Contreras Learning Center-Los Angeles School of Global St, Public District Grades 9-12
  • Contreras Learning Center-School of Social Justice, Public District Grades 9-12
  • Sal Castro Middle School, Public District Grades 6-8
  • Studio, Public District Grades 6-8
  • Union Avenue Elementary School, Public District Grades KG-5
  • Melrose Avenue Elementary School, Public Magnet Grades KG-6
  • Academy For Enriched Sciences, Public Magnet Grades 1-5

Other

Directions Information:

  • Directions: north of Beverly Blvd

Price Information

Listing Price Info

Price Summary:

  • List Price: $2,199,000

Tax Information:

  • Annual Amount: $2,724
  • Tax Year: 2021
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Housing Market Comparison

See how this home compares to others in Los Angeles, CA.

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Los Angeles, CA

City

Med. Sold Price

$975.9K

Med. Price/SqFt

$628

Avg. Days On Market

34

# of Sold Homes

1403

259 N Burlington Ave vs Los Angeles

31 DAYS ON ROCKET

-3 Days

$2,199,000

+$1.2M More

KEY TAKEAWAY

This property is $1.2M more than the Median Sold Price in Los Angeles, CA.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: CRMLS
  • MLS Number: #AR24061926

Listing Office:

  • Office Name: Growth Investment Group Pasade
  • Office Phone: (626) 224-2495
  • Listing Agent: Han Chen

IDX 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. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 4/29/2024, 9:22:40 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

Tax History

YEARPROP. TAXASSESSMENT
2021$2,724$132,462
2020$2,672$129,621
2019$2,559$127,080
2018$2,481$124,589
2017$2,481$122,147

History based on county public records data.

Payment Calculator

$11K

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$6,659

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Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Elementary School

school-card-donut-3025817
4
/10

  • Union Avenue Elementary School

  • 150 S Burlington Ave

  • 0.38 miles

  • Public District Grades KG-5

school-card-donut-3025818
8
/10

  • Melrose Avenue Elementary School

  • 731 N Detroit St

  • 4.70 miles

  • Public Magnet Grades KG-6

school-card-donut-3025819
9
/10

  • Academy For Enriched Sciences

  • 6170 Lockhurst Dr

  • 23.22 miles

  • Public Magnet Grades 1-5

Middle School

school-card-donut-3025820
4
/10

  • Sal Castro Middle School

  • 1575 W 2nd St

  • 0.46 miles

  • Public District Grades 6-8

school-card-donut-3025821
4
/10

  • Studio

  • 2211 W Avenue 30

  • 3.04 miles

  • Public District Grades 6-8

High School

school-card-donut-3025822
2
/10

  • Belmont Senior High School

  • 1575 W 2nd St

  • 0.46 miles

  • Public District Grades 9-12

school-card-donut-3025823
1
/10

  • Contreras Learning Center-Los Angeles School of Global St

  • 322 Lucas Ave

  • 0.75 miles

  • Public District Grades 9-12

school-card-donut-3025824
2
/10

  • Contreras Learning Center-School of Social Justice

  • 322 Lucas Ave

  • 0.75 miles

  • Public District Grades 9-12

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $41,722. Most Los Angeles, CA residents have annual incomes between $35k-100k. Typical family type is single, no kids. The most common level of education of people living in this area is high school diploma.

All data provided by Home Junction and Claritas

Frequently Asked Questions About 259 N Burlington Ave

What is the listing price of this property?

The listing price of 259 N Burlington Ave property is $2,199,000.

What type of property is this?

The property 259 N Burlington Ave is a condo located in Los Angeles, California, 90026.

Is this property for sale now?

Active Listing: 259 N Burlington Ave is For Sale (Active/New) which means the seller is accepting offers.

What are the assigned schools for this property?

The assigned schools for 259 N Burlington Ave are:
Union Avenue Elementary School: GreatSchools Rating 4/10
Melrose Avenue Elementary School: GreatSchools Rating 8/10
Academy For Enriched Sciences: GreatSchools Rating 9/10
Sal Castro Middle School: GreatSchools Rating 4/10
Studio: GreatSchools Rating 4/10
Belmont Senior High School: GreatSchools Rating 2/10
Contreras Learning Center-Los Angeles School of Global St: GreatSchools Rating 1/10
Contreras Learning Center-School of Social Justice: GreatSchools Rating 2/10

What is the annual property tax for this property?

According to the records, the last property tax for 2021 is $2,724 (source: MLS/based on county public records data).

Which year was this property built?

The year of construction for 259 N Burlington Ave is 1960.

Rocket Homes›California›Los Angeles County›Los Angeles›90026›259 N Burlington Ave

This home is located at 259 N Burlington Ave in Los Angeles, CA and zip code 90026 in the Central LA neighborhood. This home, which was built in 1960, sits on a 0.14 acre lot. It has been listed on Rocket Homes since March 29, 2024 and is currently priced at $2,199,000.

Los Angeles, CA housing market in March 2024 saw over 628 listings sold above listed price, more than 196 sold at listed price and over 579 sold below. Between February 2024 and March 2024, Los Angeles, CA real estate market has seen increase in the number of listings by 10.8%. In March 2024, listings were on the market for 34 days. During the same period, the median list price in this real estate market was $975,970.

From Rocket Homes Real Estate and based on county public records data.

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