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$5,995,000
Est. payment /mo
20 Baths
9,232 SqFt
UPDATED:
12/05/2024 04:37 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 9,232 sqft
Price per Sqft $649
MLS Listing ID 24436685
HOA Y/N No
Year Built 1960
Lot Size 0.440 Acres
Property Description
This is an excellent opportunity to invest in a rare non-rent-controlled 20-unit building (95% occupied) in the prime Burbank area, priced at only $299k per door for renovated units. The property boasts an incredible current 5.25% Cap Rate and 13.2 GRM with upside potential to reach a 5.7% cap rate and 12.4 GRM on proforma. 16 fully renovated units with permits and 1 partially remodeled units offer promising long-term value for any forward-thinking investor. Additionally, the large lot size of approximately 19,166 SF provides ample parking spaces, and there is potential for future upside by adding multiple ADUs (Accessory Dwelling Units).Non-LA-City rent-controlled asset allowing significant 8.9% annual rent increases (5%+CPI) for future upside. 16 units have been completely renovated with permits (1 vacant) and boast a high-end aesthetic with new cabinets, flooring, modern lighting, new bathrooms, stainless steel appliances, as well as major exterior capital improvements. Amenities include a renovated courtyard with seating areas and a fire pit, on-site laundry facilities, and parking for convenience. Prime Burbank location is just minutes away from media giants such as Warner Bros Studios, Walt Disney studios, and Burbank Town Center Shopping Mall.
Location
State CA
County Los Angeles
Area 610 - Burbank
Zoning BUR4*
Interior
Heating Wall Furnace
Flooring Laminate
Fireplace No
Appliance Refrigerator
Exterior
Parking Features Assigned, Uncovered
Total Parking Spaces 20
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2468016004
Special Listing Condition Standard
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Listed by Armin Soleimani • Global Platinum Properties, Inc.
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HomeSmart Realty West
Broker | License ID: DRE#1905908
Broker License ID: DRE#1905908