$10500000 Price Analysis   ♡   North Hollywood, CA 91601 48 bed 42 bath 30817 SqFt ($340/SqFt) 0.42 acre lot. Built 2018 Listed 2024-03-29, Taxes $80924 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
We are proud to present The Burbank
A 21-unit condominium property located at 11616 Burbank Blvd in North Hollywood, CA. This listing is part of a 3 property portfolio with 57 total condos, all in the South Valley and all built by the seller in 2018.Built in 2018 to condo specifications, this property is 100% free of all rent control. The 30, 817 sqft building sits on a 0.42 acre lot and it boasts an excellent unit mix (15) 2 Bed / 2 Bath condos and (6) 3 Bed / 2 Bath condos. All of these modern condos are large, with the average 2-Bed at 1, 387sf and the average 3-Bed at 1, 575sf. Of the 21 condos, 19 are market-rate and 2 are low-income restricted (both low-income restricted condos are 2 Bed).The property has gated parking on the ground floor with three levels of residential above. Each of the three residential floors has 7 condos with a stacked design. The condos are fully equipped with a high-end gourmet kitchen, stainless steel appliances and kitchen islands. Also included in each unit is a washer and dryer, balcony and exceptionally large space cabinetry and closets. The building is equipped with 8kwp solar panels and 9 EV chargers.Currently, this condo building is being operted as apartment rentals and the building is 100% occupied with all tenants paying rent.
The 21 condos bring in a combined $65, 000 of rent per month or $782, 000 per year. A recent rent survey suggests full market-rent potential at $77, 500 per month or $930, 000 per year, presenting an investor with approximately 19% upside potential. The property is individually metered for gas and electric and sub-metered for water. The tenants are responsible for their own water bill which they pay to the landlord through a utility billback system. These condos offer an excellent exit strategy to sell them off individually. A survey of recently sold condos in the South Valley show that newer construction 2 and 3 bedroom condos are selling for an average of $655 per sqft. With the building currently priced at $357 per sqft (below today's replacement cost), there's immense profit potential for an investor who's willing to put in the time to sell these condos individually. Importantly, selling these individually would allow the buyer to avoid expensive ULA transfer taxes on the exit. The Burbank is a short distance to the heart of NOHO Arts District where there's a number of restaurants, shopping, cafes, gastropubs and nightlife. The property has easy access to the 170/101 freeways, allowing for easy commuting to anywhere throughout Los Angeles and beyond. Its proximity to Burbank, Studio City and Hollywood positions it as an ideal home for those seeking access to the best the area has to offer.
Presented by Filip Niculete at
Marcus & Millichap.
Property MLS #24-374421 from TheMLSCLAW
Full Bathrooms: 42
Heating Features: Central
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 18189
Parking Total: 39
Calculated Total Monthly Association Fees: 0
Number of Units: 21
Unit Features: 1 BedsTotal: 2, 1 BathsTotal: 2, 1 SquareFeet: 53104, 2 BedsTotal: 3, 2 BathsTotal: 2, 2 SquareFeet: 24400
County: Los Angeles
Cap Rate: 5.06
Directions: Burbank & Colfax
Source Property Type: Residential Income
Area: North Hollywood
Source Neighborhood: North Hollywood
Parcel Number: 2350-001-097
Postal Code Plus 4: 2361
Zoning: LAR3
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $4740918 + $1897367 $6638285 | $80924 |
| 2021 | $4647959 + $1860164 $6508123 | $79449 |
| 2020 | $4600300 + $1841091 $6441391 | $79990 |
| 2019 | $3000000 + $1804992 $4804992 | $15012 |
| 2018 | $unknown + $1769700 $1769700 | $21567 |
$10500000
TheMLSCLAW
Listed 2024-03-29
$11000000
TheMLSCLAW
Sold 2017-06-26
$1735000
Public Record
Sold 1984-02-01
$100000
Public Record
Year Built: 2018
Levels: Three Or More Levels
Living Area Source: Vendor Enhanced
Property Age: 6
Levels or Stories: 4
Building Total Stories: 4
Year Built Source: Vendor Enhanced
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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.