Description
Amazing opportunity to acquire 455-457 W Elm Avenue, a 12-unit multifamily investment property located in Burbank’s desirable Rancho Adjacent submarket. A Distinctive 12-Unit Multifamily Investment in the Heart of Burbank The property consists of approximately 9,528 square feet across two well-maintained, Tudor-style residential buildings. The courtyard-style configuration, mature landscaping, brick detailing, and distinctive architectural character contribute to an inviting residential environment and strong curb appeal. The property generates approximately $312,300 in annual gross income. Based on stabilized expenses of $117,749, the offering produces an estimated stabilized net operating income of $194,551. At the $4,500,000 asking price, the property is offered at a 4.32% capitalization rate, $375,000 per unit, and approximately $472.29 per square foot. Current residential rents average approximately $2,123 per unit per month, excluding garage income, compared with a reported submarket median of approximately $2,350 for comparable two-bedroom, one-bathroom units. This difference may provide an opportunity for future rental growth through natural turnover, subject to applicable rent regulations, market conditions, unit condition, and buyer verification. Please do not disturb the tenants or walk on property.
Details
| MLS # | SR26169083 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1953 |
| Days On Site | 24 |
| Listing Provided By | Century 21 Masters | Scott Pinkerton |
Features
| SQ Feet | 9,528 |
|---|---|
| Garage | 6 |
| Story(s) | 2 |
| Units | 12 |
| Building(s) | 1 |
| Acreage | 0.33 |
Interior
| Cooling | Wall Window Units |
|---|---|
| Cooling Yes / No | Yes |
Exterior
| Lot Features | Zero To One Unit Acre |
|---|
Parking
| Garage Yes / No | Yes |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Curbs, Storm Drains, Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Burbank |
| Zip Code | 91506 |
| Area | 610 Burbank |
| Listing VS Median (in 91506) | |
Price: $4,500,000 low | high Med: $2,375,000 sqft: 9,528 low | high Med: 2,843 $ / sqft: $472 low | high Med: $840 On site: 24 low | high Med: 15 | |
Market Activity 91506
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Burbank |
| Zip Code | 91506 |
| Area | 610 Burbank |
| Listing VS Median (in 91506) | |
Price: $4,500,000 low | high Med: $2,375,000 sqft: 9,528 low | high Med: 2,843 $ / sqft: $472 low | high Med: $840 On site: 24 low | high Med: 15 | |
