2001 Peyton Avenue

Description

Huge 500k Price Reduction! This is an excellent opportunity to invest in a rare non-rent controlled 20-unit building (90% occupied) in the prime Burbank area, priced at only $274k per door for renovated units. The property boasts an incredible current 5.5% Cap Rate and 12.9 GRM with upside potential to reach a 6.4% cap rate and 11.3 GRM on proforma. 13 fully renovated units with permits and 3 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 rent increases (5%+CPI) for future upside. 13 units have been completely renovated with permits (2 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.