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Palm Court Apartments 740 S Burnside Ave 132 Unit Apartment Building $82,673,297 CAD ($626,313 CAD/Unit) 4.63% Cap Rate Los Angeles, CA 90036
Investment Highlights
- Phenomenal Miracle Mile Location
- Strong Unit Mix Comprised of 48 one-bedroom/one-bath units, 72 two-bedroom/two-bath units, and 12 three-bedroom/two-bath units
- Newly upgraded heated pool and spa; state-of-the-art fitness center; his-and-hers saunas; rooftop sundeck/lounge, on-site laundry, gated parking
- 1988 Construction, Subject to State Rent Control AB1482
- Premium In-Unit Finishes
- Recent Capital Expenditure: New roof installed in 2023 with a 20 year material warranty and 10 year labor warranty. New decking installed in 2026.
Executive Summary
The Palm Court Apartments presents a premier multifamily investment opportunity in Los Angeles’ dynamic Miracle Mile submarket, delivering upscale urban living in a high-barrier-to-entry locale.
Built in 1988, this 132-unit Class A property—featuring a versatile mix of 48 one-bedroom/one-bath units, 72 two-bedroom/two-bath units, and 12 three-bedroom/two-bath units across approximately 136,488 square feet on a 1.2-acre site at 740 S. Burnside Avenue. The subject property has undergone extensive recent upgrades, transforming it into a modern luxury asset that commands premium rents and 95%+ occupancy.
The Palm Court Apartments is subject to California State Rent Control under AB 1482 (Tenant Protection Act), which caps annual increases at 5% plus CPI (up to 10%), fostering tenant stability while allowing for predictable yearly growth through allowable adjustments and proactive leasing. Recent enhancements, including a revamped fitness center with Peloton bikes, heated pool and spa, and unit interiors boasting quartz countertops and stainless steel appliances.
The Palm Court Apartments is ideally situated in a Walk Score 94 neighborhood with affluent demographics (median income $110,000+), low submarket vacancy (under 4%), and proximity to employment centers like Century City and Hollywood.
Built in 1988, this 132-unit Class A property—featuring a versatile mix of 48 one-bedroom/one-bath units, 72 two-bedroom/two-bath units, and 12 three-bedroom/two-bath units across approximately 136,488 square feet on a 1.2-acre site at 740 S. Burnside Avenue. The subject property has undergone extensive recent upgrades, transforming it into a modern luxury asset that commands premium rents and 95%+ occupancy.
The Palm Court Apartments is subject to California State Rent Control under AB 1482 (Tenant Protection Act), which caps annual increases at 5% plus CPI (up to 10%), fostering tenant stability while allowing for predictable yearly growth through allowable adjustments and proactive leasing. Recent enhancements, including a revamped fitness center with Peloton bikes, heated pool and spa, and unit interiors boasting quartz countertops and stainless steel appliances.
The Palm Court Apartments is ideally situated in a Walk Score 94 neighborhood with affluent demographics (median income $110,000+), low submarket vacancy (under 4%), and proximity to employment centers like Century City and Hollywood.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| 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 (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $82,673,297 CAD | Property Subtype | Apartment |
| Price Per Unit | $626,313 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 4.63% | Lot Size | 1.25 AC |
| Gross Rent Multiplier | 12.44 | Building Size | 136,488 SF |
| No. Units | 132 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1988 |
| Zoning | R4, Los Angeles | ||
| Price | $82,673,297 CAD |
| Price Per Unit | $626,313 CAD |
| Sale Type | Investment |
| Cap Rate | 4.63% |
| Gross Rent Multiplier | 12.44 |
| No. Units | 132 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.25 AC |
| Building Size | 136,488 SF |
| No. Stories | 4 |
| Year Built | 1988 |
| Zoning | R4, Los Angeles |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Heating
- Security System
- Ceiling Fans
- Kitchen
- High Speed Internet Access
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Window Coverings
Site Amenities
- Controlled Access
- Fitness Center
- Property Manager on Site
- Sauna
- Spa
- Package Service
- Elevator
- Maintenance on site
- Sundeck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 48 | - | 750 - 800 |
| 2+2 | 72 | - | 968 - 1,145 |
| 3+2 | 12 | - | 1,250 |
Walk Score®
Walker's Paradise (95)
Property Taxes
| Parcel Number | 5089-004-015 | Improvements Assessment | $20,728,754 CAD |
| Land Assessment | $3,189,021 CAD | Total Assessment | $23,917,775 CAD |
Property Taxes
Parcel Number
5089-004-015
Land Assessment
$3,189,021 CAD
Improvements Assessment
$20,728,754 CAD
Total Assessment
$23,917,775 CAD
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Palm Court Apartments | 740 S Burnside Ave
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