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Blu on Burns 4221 Burns Ave 28 Unit Apartment Building $6,700,000 ($239,286/Unit) 5.52% Cap Rate Los Angeles, CA 90029
INVESTMENT HIGHLIGHTS
- A COMPELLING TURN-KEY WITH UPSIDE -Offers investors a proven interior renovation scope to emulate and capture 14%+ in remaining rental income upside.
- HIGH IMPACT IMPROVEMENTS - Notable capital improvements include resealing 153 windows, upgrading landscaping including sprinkler a and drip system.
- A TRUE LIVE, WORK, PLAY LOCATION - Property offers residents a true live, work, play environment just steps from Virgil Village and Sunset Junction
- COMMON AREA CAPEX NEEDS ALREADY ADDRESSED
- NEAR SUNSET JUNCTION IN SILVER LAKE - Silver Lake is a high demand rental market. 90% of the population are renters and 44% are between the ages of 20
- STRONG RECENT LEASING - The Property recently achieved $1,799 on a renovated studio and $2,449 on a renovated 1-bedroom.
EXECUTIVE SUMMARY
Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Blu on Burns (the “Property”), a 28-unit multifamily community located in the Silver Lake submarket of Los Angeles.
Originally constructed in 1928, the property has been substantially renovated with over $1M in total upgrades spent by a prior owner and $401K of additional capital improvements under the current ownership group. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
24 of the 28 unit interiors (86%) have been extensively renovated, including new cabinetry, new appliances, upgraded flooring, quartz countertops, tile backsplash, new dual-pane windows, modern LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 4 units (14%) and capture 14%+ upside in rental income.
OFFERED CONCURRENTLY WITH CLOVER ON CARLTON (24 UNITS IN HOLLYWOOD). OPPORTUNITY TO PURCHASE INDIVIDUALLY OR TOGETHER.
Originally constructed in 1928, the property has been substantially renovated with over $1M in total upgrades spent by a prior owner and $401K of additional capital improvements under the current ownership group. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
24 of the 28 unit interiors (86%) have been extensively renovated, including new cabinetry, new appliances, upgraded flooring, quartz countertops, tile backsplash, new dual-pane windows, modern LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 4 units (14%) and capture 14%+ upside in rental income.
OFFERED CONCURRENTLY WITH CLOVER ON CARLTON (24 UNITS IN HOLLYWOOD). OPPORTUNITY TO PURCHASE INDIVIDUALLY OR TOGETHER.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $6,700,000 | Building Class | B |
| Price Per Unit | $239,286 | Lot Size | 0.44 AC |
| Sale Type | Investment | Building Size | 15,184 SF |
| Cap Rate | 5.52% | No. Stories | 2 |
| No. Units | 28 | Year Built | 1928 |
| Property Type | Multifamily | Parking Ratio | 1.32/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RD1.5-1XL | ||
| Price | $6,700,000 |
| Price Per Unit | $239,286 |
| Sale Type | Investment |
| Cap Rate | 5.52% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.44 AC |
| Building Size | 15,184 SF |
| No. Stories | 2 |
| Year Built | 1928 |
| Parking Ratio | 1.32/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RD1.5-1XL |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Disposal
- Washer/Dryer
- Hardwood Floors
- Refrigerator
- Double Pane Windows
- Quartz Countertops
SITE AMENITIES
- 24 Hour Access
- Gated
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | 318 |
| 1+1 | 24 | - | 505 |
1 1
Walk Score®
Walker's Paradise (92)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 5539-007-021 | Improvements Assessment | $4,015,865 |
| Land Assessment | $4,462,074 | Total Assessment | $8,477,939 |
PROPERTY TAXES
Parcel Number
5539-007-021
Land Assessment
$4,462,074
Improvements Assessment
$4,015,865
Total Assessment
$8,477,939
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Blu on Burns | 4221 Burns Ave
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