Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase the Citra Apartment Homes, a 34-unit multifamily community located at 700 S 6th Street in Burbank, CA. With a prime corner lot location north of Glenoaks Boulevard, the property offers residents a home in the picturesque foothills of the Verdugo Mountains with Downtown Burbank and the Burbank Town Center shopping mall just blocks away. Buildings of this size and in this location are rarely available for sale, with fewer than one such property transacting per year over the past two decades (Source: CoStar COMPS). 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. At the same time, deferred maintenance costs are dramatically reduced as the property has been thoroughly upgraded and well maintained in recent years. Seismic retrofit repairs were completed in January 2026, while a new roof was added, new windows were installed, and plumbing was replaced in 2018/2019. Tenants are easily attracted to the building’s impressive amenities package, which includes central air/heat, recessed lighting, vaulted ceilings, quartz countertops, stainless steel appliances, and new vinyl windows. 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. In addition to the Burbank Town Center Shopping Mall, several other retail and dining destinations are conveniently accessible to tenants, including the Empire Center, Costco, Ikea, and the Americana at Brand lifestyle center.