694 S Burlington Ave 32 Unit Apartment Building $3,900,000 ($121,875/Unit) 7.44% Cap Rate Los Angeles, CA 90057

694 S Burlington Ave is a 32-unit mixed-use building located in the Pico Union neighborhood of Los Angeles. This massive 30,319 SF asset is offered at only $121,875/unit and approximately $129/SF, creating a rare opportunity to acquire significant scale at an attractive basis near Downtown LA. The property is currently operating at a strong 7.44% CAP and 7.25 GRM, with over $290,000 in current NOI and more than 56% rental upside remaining.
The property is comprised of 26 apartment units and 6 commercial spaces, consisting of (13) 1Bed+1Bath units, (13) Studio+1Bath units, and multiple ground-floor retail/commercial tenants. Current scheduled income is approximately $533,762 annually, with market scheduled income projected at approximately $839,606 annually once stabilized. At market rents, the property projects to a 14.79% CAP and 4.65 GRM, offering an investor a clear path to substantial future income growth.
694 S Burlington Ave is individually metered for gas and electric, helping reduce utility exposure and improve operating efficiency. Currently, two studio units are being delivered vacant, allowing a buyer to immediately renovate, lease at market rents, and capture upside right away. The building also benefits from diversified income through both residential and retail tenancy, reducing reliance on one income source.
The property is conveniently located in Pico Union, just minutes from Downtown Los Angeles, Koreatown, Westlake, and the 10 and 110 freeways. With strong surrounding renter demand, nearby employment centers, public transit, shops, restaurants, and everyday amenities, 694 S Burlington Ave offers investors a rare combination of scale, cash flow, location, and major long-term upside.