Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
157 West Ash Avenue . Burbank , CA 91502
For sale 5 units multifamily property located at 157 West Ash Avenue in Burbank, CA. This property, built in 1988, is not subject to any local rent control laws. It is only restricted by California's AB-1482, which limits annual rent increases to 5% + CPI. This 4,564 square foot building sits on a 6,274 square foot lot (0.14 acres), and it boasts an excellent unit mix of (2) 1 Bed / 1 Bath units and (3) 2 Bed / 1.5 Bath units. 3 of the 5 units have been fully renovated in the past few years, and the buyer will still be able to achieve an estimated 20% upside in rents without the worry of much deferred maintenance. For more information contact the listing agent, Glen Scher 818-212-2808 Glen.Scher@marcusmillichap.com
Posted: 05/05/2022 5:00 pm
| On HOMEiZ: 733 days |
Updated: 2 years ago
| Views: 394
Location Map
Property Type
Sold
Property Price
$2210000
$2210000
04/29/2022
6,252.00
Sq. Ft.
$484
4564
1.75%
3.58%
$0
$79118
17.81
$0
1.25%
$27625
Property Location & Description
For sale 5 units multifamily property located at 157 West Ash Avenue in Burbank, CA. This property, built in 1988, is not subject to any local rent control laws. It is only restricted by California's AB-1482, which limits annual rent increases to 5% + CPI. This 4,564 square foot building sits on a 6,274 square foot lot (0.14 acres), and it boasts an excellent unit mix of (2) 1 Bed / 1 Bath units and (3) 2 Bed / 1.5 Bath units. 3 of the 5 units have been fully renovated in the past few years, and the buyer will still be able to achieve an estimated 20% upside in rents without the worry of much deferred maintenance. For more information contact the listing agent, Glen Scher 818-212-2808 Glen.Scher@marcusmillichap.com
Non Rent Control
The property offers its tenants 9 parking spots, one for every bedroom, which means the 2 bedroom units get 2 parking spots and the 1 bedroom units get 1 spot. Also, the property has onsite laundry which brings in an estimated $100 per month in additional income. The property is very well maintained with no known significant deferred maintenance issues. Furthermore, this property does not need any seismic retrofitting, saving the buyer a large expense.
The city of Burbank, known as the "Media Capital of the World, " is located in the eastern part of the San Fernando Valley, approximately 12 miles from Downtown Los Angeles. The 5 Freeway runs through the city, which also connects nearby to the 101, 134, 170 and 210 Freeways, providing convenient access to nearly all of Los Angeles. Burbank stretches just below the slopes of Verdugo Hills, and it's mostly a flatland area, bounded by the Hollywood Hills to the south. The City has its own airport, named after comedian Bob Hope, that offers flights to most major US cities. It is home to major entertainment companies such as the Walt Disney Company, The Burbank Studio, Warner Bros Studios, ABC Studios, Marvel Studios, Nickelodeon's, Cartoon Network, iHeartMedia Inc. , and Insomniac Games, making the city a major hub of employment in these industries. Burbank is the second largest office space market in the San Fernando Valley, and much of the space is utilized by the entertainment industry, which has among the highest office lease rates in the region.
5
$442000
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
1+1
2
2.
2+1.5
3
3.
4.
5.
2451-001-013
R4
100%
Wood & Stucco
2
1988
Good
No Local City Rent Control
Good Unit Mix of 1+1s and 2+1.5s
9 Parking Spots for 5 Units
Only Subject to CA's AB-1482
Property Information
Sewer
Parking
Off-street
On-street
Assigned Parking
9
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Core
More information
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