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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 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 8.9% 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 just minutes away from media giants such as Warner Bros Studios, Walt Disney Studios, and Burbank Town Center Shopping Mall.

Highlights

Rare non-rent controlled 20-unit building (95% occupied) in the prime Burbank area, priced at only $299k per door for renovated units.
Incredible Current Cap Rate of 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 2 partially remodeled units offer promising long-term value for any forward-thinking investor.
Easy to Rent Unit Mix of All Studios that are Individually metered for Electricity
Large 19,166 SF Lot with lots of parking spaces
Potential to add multiple ADUs for future upside

Location

Investing in apartments in Burbank is a wise decision due to the city's thriving economy and its status as home to several major media companies, including Warner Bros. and Walt Disney Studios. With an abundance of job opportunities coupled with Burbank's proximity to Los Angeles, residents enjoy both urban conveniences and suburban charm. In addition, the area boasts a resilient real estate market that continues to appreciate steadily over time, making it an attractive location for long-term investments. Furthermore, the city offers excellent schools and recreational facilities for families seeking a comfortable living environment within close proximity of major retail centers such as The Americana at Brand and Glendale Galleria. Overall, investing in Burbank apartments provides an outstanding opportunity for individuals looking for a safe investment with strong potential returns while offering quality lifestyles for tenants.