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    Luxury Multifamily Investment Opportunity Title is generated by Realmo AI

    740 Burnside Ave, Los Angeles, CA 90036

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    Upscale 132-unit apartment building in Miracle Mile submarket.

    Type:Multifamily
    Property size:
    136,488 SF
    Lot size:
    1.20 Acres
    Price / SF:
    $446/SF
    Added:
    Apr 3, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 3 at 5:15 am

    Property Features for 740 Burnside Ave

    General Information

    Standard status
    Active
    Size
    136,488 SF
    Lot size
    1.20 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Jeff Louks

    Listing agent Jeff Louks License #CA: 00908473

    Listing office Encino Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Encino Office

    HighLights

    • High occupancy rate (95%+) indicating strong demand.
    • Located in the desirable Miracle Mile with a high Walk Score (94) and affluent demographics.
    • Extensive recent upgrades transforming the property into a modern luxury asset.
    • Versatile mix of one, two, and three‑bedroom units totaling 132 units.
    • Subject to California State Rent Control (AB 1482) allowing for predictable yearly growth.
    • Modern amenities including a revamped fitness center with Peloton bikes and a heated pool and spa.

    Overview

    The Palm Court Apartments presents a multifamily investment opportunity in Los Angeles’ Miracle Mile submarket. Constructed in 1988, this Class A property features 132 units, including 48 one-bedroom/one-bath units, 72 two-bedroom/two-bath units, and 12 three-bedroom/two-bath units. The property spans approximately 136,488 square feet on a 1.2-acre site. Recent upgrades have transformed the property into a modern luxury asset. The property is subject to California State Rent Control under AB 1482 (Tenant Protection Act), which caps annual increases at 5% plus CPI (up to 10%). Recent enhancements include a revamped fitness center with Peloton bikes, a heated pool and spa, and unit interiors boasting quartz countertops and stainless steel appliances. The Palm Court Apartments is situated in a neighborhood with a Walk Score of 94, affluent demographics (median income $110,000+), low submarket vacancy (under 4%), and proximity to employment centers like Century City and Hollywood. The property commands premium rents and has a 95%+ occupancy rate.
    Location Intelligence

    Current Use by Public Records

    Palm Court Apartments Apartment Building AlohaABA (Bike/Boat/Book/etc) Store NLA Design Build Interior Design JoyaLight, LLC Corporate Office

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.34973
    Latitude
    34.06112

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    FAQs

    What type of property is this?
    Apartment building - Upscale 132-unit apartment building in Miracle Mile submarket.
    Where is this apartment building located?
    The property is located at 740 Burnside Ave Los Angeles, CA.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: High occupancy rate (95%+) indicating strong demand.; Located in the desirable Miracle Mile with a high Walk Score (94) and affluent demographics.; Extensive recent upgrades transforming the property into a modern luxury asset.
    (818) 212-2780
    We can help!
    Listing Contact
    Jeff Louks
    Real Estate License ID: CA: 00908473
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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