$5,475,000   ♡   Burbank, CA 91504 0 bed 20 bath 9,232 SqFt ($593/SqFt) 0.44 acre lot. Built 1960 Listed 2024-03-06 | Ⓧ USDA Ineligible due to price & location near Burbank |
Huge 500k Price Reduction!
This is an excellent opportunity to invest in a rare non-rent controlled 20-unit building (85% occupied) in the prime Burbank area, priced at $273k per door for renovated units. The property boasts an incredible current 6% Cap Rate and 12.1 GRM with upside potential to reach a 6.5% cap rate and 11.3 GRM on proforma. 16 fully renovated units with permits and 2 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 as well as potential for future upside by adding multiple ADUs (Accessory Dwelling Units).
Non-LA-City rent-controlled asset allowing significant 8.8% annual rnt increases (5%+CPI) for future upside. 16 units have been completely renovated with permits (3 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 minutes away from media giants such as Warner Bros Studios, Walt Disney Studios and Burbank Town C enter Shopping Mall.
Presented by Armin Soleimani at
Global Platinum Properties, Inc.
Property MLS #24-365833 from TheMLSCLAW
Full Bathrooms: 20
Heating Features: Wall
Lot Size Source: Owner
Lot Size Square Feet: 19166
Parking Total: 20
Calculated Total Monthly Association Fees: 0
Number of Units: 20
Unit Features: 1 BathsTotal: 1, 1 SquareFeet: 1995, 2 BathsTotal: 1, 2 SquareFeet: 1995, 3 BathsTotal: 1, 3 SquareFeet: 1995, 4 BathsTotal: 1, 4 SquareFeet: 1995, 6 BathsTotal: 1, 6 SquareFeet: 1995, 7 BathsTotal: 1, 7 SquareFeet: 1995
County: Los Angeles
Cap Rate: 6
Directions: From Glenoaks Blvd., turn south onto Grisimer Ave., then turn West (Right) onto Peyton Ave. The subject property will be on the right (mid-block).
Source Property Type: Residential Income
Area: Burbank
Source Neighborhood: Burbank
Parcel Number: 2468-016-004
Postal Code Plus 4: 3541
Zoning: BUR4
Source System Name: C2C
$5,475,000
TheMLSCLAW
Listed 2024-03-06
$5,595,000
TheMLSCLAW
Listing removed 2024-03-02
$0
TheMLSCLAW
Listed 2024-01-09
$5,595,000
TheMLSCLAW
Listing removed 2024-01-05
$0
TheMLSCLAW
Listed 2023-11-17
$5,495,000
TheMLSCLAW
Listing removed 2023-11-17
$0
TheMLSCLAW
Listing removed 2023-11-17
$0
TheMLSCLAW
Relisted 2023-11-15
$5,495,000
TheMLSCLAW
Listing removed 2023-10-13
$0
TheMLSCLAW
Listed 2023-10-12
$5,495,000
TheMLSCLAW
Listed 2023-09-14
$5,495,000
TheMLSCLAW
Listing removed 2023-09-12
$0
TheMLSCLAW
Listing removed 2023-08-15
$0
TheMLSCLAW
Listed 2023-08-11
$5,750,000
TheMLSCLAW
Price Changed 2023-07-26
$5,750,000
TheMLSCLAW
Listed 2023-06-22
$5,995,000
TheMLSCLAW
Year Built: 1960
Levels: Two Level
Living Area Source: Vendor Enhanced
Property Age: 64
Levels or Stories: 2
Building Total Stories: 2
House Style: Art Deco
Year Built Source: Vendor Enhanced
Architectural Style: Art Deco
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.