Description
We are very pleased to exclusively offer for sale 265 N. Burlington Avenue, a 6,000 SF Corner Lot Zoned RD 1.5 with Building Permits Ready to Issue (RTI) for 5 Units in a Prime Echo Park location. Fully Approved Plans Call for 2 Detached Duplexes, Each with two 5 Bedrooms + 5 Bathrooms (two duplex units will average 1,610 SF and two duplex units will average 1,964 SF) and one 2 Bedroom + 2.5 Bath + Den ADU unit. Total Rentable Square Footage of the completed project will be 8,100 square feet. Current ownership has a bid they can transfer to new owner from an experienced contractor who can build the project at a very reasonable cost. Once completed, conservative market rents for the 5 bedroom duplex units range from $5,000-$5,500 and the 2+2.5+Den will easily garner $3,200 for a total monthly income of $24,200 or $314,600 gross annually. Future value for the 5 units once completed and leased estimated at $4,100,000 based on recent sales of similar completed projects in the surrounding area. This historic and diverse neighborhood is home to Dodgers Stadium and Echo Park Lake, which recently re-opened after a $45 million renovation. Dine at some of the best restaurants in all of Los Angeles, including Valerie, El Prado, Ototo Sake Bar, Monty's Good Burger and Guisados Tacos which was included in Conde Nast Traveler's guide to "Best Restaurants in the World". Echo Park is also home to the Chavez Ravine Arboretum, the first and oldest Arboretum in Southern California. 265 N. Burlington Avenue is located just minutes away from Dodger Stadium, Echo Park Lake, USC as well as several billion-dollar developments in Downtown Los Angeles, including L. A. LIVE, Crypto.com and the Red Line Station, as well as several new high-end multi-family developments all nearby. Don't miss the chance to build the new 5 unit to hold long term or sell for a profit in this prime Silver Lake/Echo Park neighborhood! Can be sold together with 259 N. Burlington Avenue, an 8-unit value-add apartment building located directly next door, currently 5 of the 8 units will be delivered vacant.
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School Ratings & Info
Description
We are very pleased to exclusively offer for sale 265 N. Burlington Avenue, a 6,000 SF Corner Lot Zoned RD 1.5 with Building Permits Ready to Issue (RTI) for 5 Units in a Prime Echo Park location. Fully Approved Plans Call for 2 Detached Duplexes, Each with two 5 Bedrooms + 5 Bathrooms (two duplex units will average 1,610 SF and two duplex units will average 1,964 SF) and one 2 Bedroom + 2.5 Bath + Den ADU unit. Total Rentable Square Footage of the completed project will be 8,100 square feet. Current ownership has a bid they can transfer to new owner from an experienced contractor who can build the project at a very reasonable cost. Once completed, conservative market rents for the 5 bedroom duplex units range from $5,000-$5,500 and the 2+2.5+Den will easily garner $3,200 for a total monthly income of $24,200 or $314,600 gross annually. Future value for the 5 units once completed and leased estimated at $4,100,000 based on recent sales of similar completed projects in the surrounding area. This historic and diverse neighborhood is home to Dodgers Stadium and Echo Park Lake, which recently re-opened after a $45 million renovation. Dine at some of the best restaurants in all of Los Angeles, including Valerie, El Prado, Ototo Sake Bar, Monty's Good Burger and Guisados Tacos which was included in Conde Nast Traveler's guide to "Best Restaurants in the World". Echo Park is also home to the Chavez Ravine Arboretum, the first and oldest Arboretum in Southern California. 265 N. Burlington Avenue is located just minutes away from Dodger Stadium, Echo Park Lake, USC as well as several billion-dollar developments in Downtown Los Angeles, including L. A. LIVE, Crypto.com and the Red Line Station, as well as several new high-end multi-family developments all nearby. Don't miss the chance to build the new 5 unit to hold long term or sell for a profit in this prime Silver Lake/Echo Park neighborhood! Can be sold together with 259 N. Burlington Avenue, an 8-unit value-add apartment building located directly next door, currently 5 of the 8 units will be delivered vacant.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2023-09-26T23:43:10.25. 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.