Description
Huge 200k Price Reduction! Rare non-rent controlled fully renovated 12-unit building (1 vacant) in the Prime Burbank area. The property boasts an incredible current cap rate of 5.25% and 13.5 GRM. Priced at only 375k/door for bungalow-style units that feel like stand-alone houses and have been mostly fully renovated with permits from top to bottom. The property features a diverse unit mix consisting of 2 (2 beds/1 bath), 4 (1 bed/1 bath), and 6 (studio/1 bath) units. All units are individually metered for gas and electricity, ensuring maximum efficiency in operation costs. Large 14,200 SF lot with preliminary plans to add 4 ADUs (2 Attached & 2 Detached) to further improve the numbers to only 280k/door. Non-LA-City rent-controlled asset allowing significant 8.8% annual rent increases (5%+CPI) for future upside. Almost all units have been completely renovated with permits 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 on-site laundry facilities as well as 6 vacant garages with the potential to be converted to 2 attached ADUs. Prime Burbank location is just minutes away from media giants such as Warner Bros Studios, Walt Disney Studios, and Burbank Town Center Shopping Mall.
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8BEDS
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0.33ACRES
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0BATHS
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01/2 BATHS
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6,854SQFT
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$656$/SQFT
School Ratings & Info
Description
Huge 200k Price Reduction! Rare non-rent controlled fully renovated 12-unit building (1 vacant) in the Prime Burbank area. The property boasts an incredible current cap rate of 5.25% and 13.5 GRM. Priced at only 375k/door for bungalow-style units that feel like stand-alone houses and have been mostly fully renovated with permits from top to bottom. The property features a diverse unit mix consisting of 2 (2 beds/1 bath), 4 (1 bed/1 bath), and 6 (studio/1 bath) units. All units are individually metered for gas and electricity, ensuring maximum efficiency in operation costs. Large 14,200 SF lot with preliminary plans to add 4 ADUs (2 Attached & 2 Detached) to further improve the numbers to only 280k/door. Non-LA-City rent-controlled asset allowing significant 8.8% annual rent increases (5%+CPI) for future upside. Almost all units have been completely renovated with permits 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 on-site laundry facilities as well as 6 vacant garages with the potential to be converted to 2 attached ADUs. Prime Burbank location is just minutes away from media giants such as Warner Bros Studios, Walt Disney Studios, and Burbank Town Center Shopping Mall.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-09-22T14:36:11.87. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Zia Group | eXp Realty. Licensed in the State of California, USA.