Multifamily
515 E Elmwood Ave
515 E Elmwood Ave, Burbank, CA 91501
Listing Price: $9,100,000
Investment Overview
Marcus & Millichap is pleased to announce the opportunity to purchase 515 E Elmwood Avenue, a 24-unit multifamily property in Burbank, CA. Constructed in 1987, the property consists entirely of two bedroom/two bathroom units. Situated north of Glenoaks Boulevard in the foothills of the Verdugo Mountains, the property allows tenants convenient access to Downtown Burbank and the Burbank Town Center shopping mall.
Due to the fact that the property is subject only to Burbank’s local rent ordinance, 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.
An investor can enjoy additional income via the landlord-owned laundry facilities as well as pet rent collected from tenants.
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.
515 E Elmwood Ave
Investment Highlights
- All Two Bedroom/Two Bathroom Units Constructed in 1987 in Prime Burbank Foothills Location, North of Glenoaks Boulevard
- Attractive 5.72% CAP Rate with Rent Upside
- Not Subject to Los Angeles Rent Control -- Burbank's Proposed Rent Legislation Allows for Higher Rent Increases and is More Favorable to Owners When Compared to LA City
- Full Copper Plumbing and Central Air/Heat for All Units
- Large Semi-Subterranean Parking Garage with Two Spaces per Unit
- Marketed for Sale for First Time in Over 33 Years
- Marketed for Sale for First Time in Over 33 Years
- Convenient Access to Several Major Studio Employers – Walt Disney Imagineering, Disney Studios, Warner Bros. Studios, Universal Studios, Dreamworks Animation, and Nickelodeon Studios
Exclusively Listed By
Financing By
Listing Price: $9,100,000
Investment Highlights
- All Two Bedroom/Two Bathroom Units Constructed in 1987 in Prime Burbank Foothills Location, North of Glenoaks Boulevard
- Attractive 5.72% CAP Rate with Rent Upside
- Not Subject to Los Angeles Rent Control -- Burbank's Proposed Rent Legislation Allows for Higher Rent Increases and is More Favorable to Owners When Compared to LA City
- Full Copper Plumbing and Central Air/Heat for All Units
- Large Semi-Subterranean Parking Garage with Two Spaces per Unit
- Marketed for Sale for First Time in Over 33 Years
- Marketed for Sale for First Time in Over 33 Years
- Convenient Access to Several Major Studio Employers – Walt Disney Imagineering, Disney Studios, Warner Bros. Studios, Universal Studios, Dreamworks Animation, and Nickelodeon Studios
Investment Overview
Marcus & Millichap is pleased to announce the opportunity to purchase 515 E Elmwood Avenue, a 24-unit multifamily property in Burbank, CA. Constructed in 1987, the property consists entirely of two bedroom/two bathroom units. Situated north of Glenoaks Boulevard in the foothills of the Verdugo Mountains, the property allows tenants convenient access to Downtown Burbank and the Burbank Town Center shopping mall. Due to the fact that the property is subject only to Burbank’s local rent ordinance, 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. An investor can enjoy additional income via the landlord-owned laundry facilities as well as pet rent collected from tenants. 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
Financing By
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