2915 Burnside AveLos Angeles, CA 90016

Property Details for 2915 Burnside Ave

Lot size

0.21 AC

Property size (Sq ft)

4,108 SF

Zone code

LARD1.5

Property type

Apartment buildings

APN

5043-022-005

APU

5043022005

Description

This 7-unit apartment building in Los Angeles' desirable West Adams neighborhood presents a compelling investment opportunity. The property, situated on a 9,288 square foot lot, comprises five one-bedroom units, one two-bedroom apartment, and one two-bedroom house. Built in 1923 and 1959, the two-story buildings offer a combined 4,108 square feet of net rentable space. The asking price is $1,995,000, representing a price per unit of $285,000 and a price per square foot of $485.64. The current NOI is $112,001, yielding a 5.61% cap rate, while the pro-forma NOI is $211,753, indicating a 10.61% pro-forma cap rate. 71% of the units have recently undergone renovations, including new kitchens, bathrooms, flooring, and appliances. The property is zoned LARD1.5 and benefits from its proximity to Cumulus, a large retail development anchored by Whole Foods, and the burgeoning tech and media presence in the area. The location offers convenient access to employment centers and retail, and there's potential for adding an Accessory Dwelling Unit (ADU), given the "RTI" status of permits. This value-add opportunity, coupled with the area's ongoing gentrification and increasing rental rates, makes this property an attractive investment with significant upside potential. The property's address is 2915 South Burnside Avenue, Los Angeles, CA 90016.

• CAP approach

  CAP return

  Valuation

  6%

  $1,475,912

  6.5%

  $1,362,380

  7%

  $1,265,067

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,210,825

  Geo Method

  $1,210,825

• Alternative Use

  Use

  Valuation

  Residential

  $1,362,380

  Hospitality

  $1,247,933

  Educational

  $1,038,265

  Medical

  $1,073,973

  Retail

  $1,615,079

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0269

Longitude

-118.363

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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