Multifamily
1799 N Hollywood Way
1799 N Hollywood Way, Burbank, CA 91505
Listing Price: $3,895,000
Investment Overview
Marcus & Millichap is pleased to announce the opportunity to purchase 1799 N Hollywood Way, a 13-unit multifamily property in Burbank, CA. Situated near the popular Magnolia Park neighborhood, the property occupies a corner lot within a quiet area surrounded by mostly single family residences.
Due to the fact that the property subject only to AB 1482, a new owner may be able to recapture the rent upside and keep pace with improving rent growth via higher allowable rent increases, when compared with other assets subject to Los Angeles rent control. The current owners have completed all seismic retrofit repairs (Buyer to verify), saving a new investor from an otherwise costly maintenance expense. The property also offers investors a strong supplemental revenue stream via its landlord-owned laundry facilities.
Dubbed the “Media Capital of the World,” the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Disney Studios, Walt Disney Imagineering, Warner Bros. Studios, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation.
1799 N Hollywood Way
Investment Highlights
- Outstanding 5.42% CAP Rate with Upside in Attractive Burbank Location
- Not Subject to Los Angeles Rent Control -- Higher Allowable Annual Rent Increases Under AB1482
- All Seismic Retrofit Repairs Completed (Buyer to Verify)
- Exquisitely Maintained Courtyard-Style Apartments with New Exterior Paint, Mostly Copper Plumbing
- Primarily Surrounded by Single Family Residences - Adjacent to Thriving Magnolia Park Neighborhood
- Fully Parked On Site with Ample Additional Street Parking
- Marketed for Sale for First Time in Almost 30 Years
- Corner Lot with Excellent Visibility Fronting Two Major Streets
Exclusively Listed By
Listing Price: $3,895,000
Investment Highlights
- Outstanding 5.42% CAP Rate with Upside in Attractive Burbank Location
- Not Subject to Los Angeles Rent Control -- Higher Allowable Annual Rent Increases Under AB1482
- All Seismic Retrofit Repairs Completed (Buyer to Verify)
- Exquisitely Maintained Courtyard-Style Apartments with New Exterior Paint, Mostly Copper Plumbing
- Primarily Surrounded by Single Family Residences - Adjacent to Thriving Magnolia Park Neighborhood
- Fully Parked On Site with Ample Additional Street Parking
- Marketed for Sale for First Time in Almost 30 Years
- Corner Lot with Excellent Visibility Fronting Two Major Streets
Investment Overview
Marcus & Millichap is pleased to announce the opportunity to purchase 1799 N Hollywood Way, a 13-unit multifamily property in Burbank, CA. Situated near the popular Magnolia Park neighborhood, the property occupies a corner lot within a quiet area surrounded by mostly single family residences. Due to the fact that the property subject only to AB 1482, a new owner may be able to recapture the rent upside and keep pace with improving rent growth via higher allowable rent increases, when compared with other assets subject to Los Angeles rent control. The current owners have completed all seismic retrofit repairs (Buyer to verify), saving a new investor from an otherwise costly maintenance expense. The property also offers investors a strong supplemental revenue stream via its landlord-owned laundry facilities. Dubbed the “Media Capital of the World,” the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Disney Studios, Walt Disney Imagineering, Warner Bros. Studios, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation.
Exclusively Listed By
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