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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.
Property Type(s):
Residential Income
| Last Updated | 9/6/2024 | Year Built | 1960 |
|---|---|---|---|
| Community | Burbank | County | Los Angeles |
Additional Details
| APPLIANCES | Refrigerator |
|---|---|
| AREA | Burbank |
| GARAGE | Assigned, Uncovered |
| HEAT | Wall Furnace |
| LOT | 0.44 acre(s) |
| PARKING | Assigned,Uncovered |
| STORIES | 2 |
| ZONING | BUR4* |
Location
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Listed with Global Platinum Properties, Inc.
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