Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
2001 Peyton Avenue . Burbank , CA 91504
$500k Price reduction. For sale 20 Unit Non-Rent Controlled Apartment Building in Burbank , California. For more information on this listing please contact the listing agents, Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc. •310-666-2246 (agent) •arminsoleimani@gmail.com (agent) Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc.
Posted: 07/04/2023 7:06 am
| On HOMEiZ: 309 days |
Updated: 3 weeks ago
| Views: 564
| Saved to favorites: 1
Location Map
Property Type
Price reduced
Property Price
$5475000
$
N/A
0.44
Acres
$593
9232
2.5%
5.00%
$0
$273750
14.40
1.25%
$68438
Property Location & Description
$500k Price reduction. For sale 20 Unit Non-Rent Controlled Apartment Building in Burbank , California. For more information on this listing please contact the listing agents, Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc. •310-666-2246 (agent) •arminsoleimani@gmail.com (agent) Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc.
Non Rent Control
This is an excellent opportunity to invest in a rare non-rent controlled 20-unit building in the prime Burbank area, priced at only $299k per door for renovated units. The property boasts an incredible current cap rate of 5% and a GRM of 14.4 with upside potential to reach a 6.1% cap rate and a 12.4 GRM on proforma. 12 fully renovated vacancies with permits offering substantial value-add opportunities 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. All vacancies 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 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.
20
$273750
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
Studio + 1 bath
20
2.
3.
4.
5.
2468-016-004
x
40%
Wood & Stucco
1
1960
Good
Rare Non-Rent Controlled 20-unit building in prime Burbank available for just 299k/door
Incredible Current Cap Rate of 5% and 14.4 GRM with upside to 6.1% Cap Rate and 12.4 GRM on Proforma
12 fully renovated vacancies for immediate upside and lease-up
Easy to rent unit mix of all large studio 1 bath units with full-sized kitchens
Large 19,166 SF Lot with ample parking spaces
Potential to add multiple ADUs for future upside
Property Information
Sewer
Sewer System (Public)
Parking
Off-street
Assigned Parking
No Data
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Core
More information
https://offmarketexperts.com/
Listing Presented by
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