Multifamily
2001-2005 Grismer Avenue
2001 Grismer Ave, Burbank, CA 91504
Listing Price: $5,500,000
Investment Overview
Marcus & Millichap is pleased to present the investment opportunity at 2001-2005 Grismer Avenue in Burbank, California. This 14-unit apartment community is situated in the established North Burbank residential corridor, one of the most consistently performing multifamily submarkets in the San Fernando Valley. The offering represents an opportunity to acquire a uniformly configured, below-market asset in a city that operates independently from the City of Los Angeles, with a meaningfully different regulatory environment and a strong long-term rental demand profile driven by proximity to the Burbank Media District, the studios, and the broader employment base that anchors the area.
The subject property is a two-story, 14-unit apartment building constructed in 1987 and situated on an 11,440 SF lot. The building totals 11,334 square feet of rentable area and is zoned BUR4. The unit mix is entirely composed of two-bedroom/two-bathroom units, providing operational consistency and a single-profile leasing strategy across the entire asset. The property is currently managed by OPEL Management Service and is 100 percent occupied as of the May 2026 rent roll.
Residents benefit from on-site laundry service provided through a contract with All Valley Washer Service, generating approximately $2,948 annually in supplemental income. The building's uniform layout and standard two-bedroom configuration appeal to the core renter demographic in this corridor: working professionals, dual-income households, and long-term tenants drawn to Burbank's livability, school quality, and commuter access. The asset is individually addressed as both 2001 and 2005 Grismer Avenue and sits on a quiet residential street within walking distance of retail and services along N Glenoaks Blvd.
2001-2005 Grismer Avenue is positioned within the 91504-zip code, one of Burbank's most active multifamily leasing zones. Burbank is an independent city with its own municipal services and zoning authority, sitting just outside the City of Los Angeles and governed by California AB 1482 rather than the LA city RSO. That distinction matters at the operating level: annual increases of up to five percent plus local CPI are permitted, and rents reset fully to market at every vacancy. The current in-place rent average of $2,203 per unit sits approximately $556 below the market rate for comparable two-bedroom product in the immediate area, with all 14 units presenting measurable upside. At full market occupancy, annual gross scheduled rent reaches $462,000, representing $93,473 in additional gross income over the current roll. Burbank's location within easy commuting distance of the entertainment industry, healthcare, and professional service employment centers throughout Los Angeles County supports durable renter demand and limited lease-up risk for an incoming owner.
2001-2005 Grismer Avenue
Investment Highlights
- Not subject to LA city rent control. Burbank is an independent city, and this property is governed by California AB 1482, not the City of Los Angeles RSO. Under AB 1482, annual increases of up to five
- Significant rent upside across all 14 units. The average in-place rent of $2,203/month sits approximately $556 below the current market for comparable two-bedroom product in North Burbank. At full mar
- Proven vacancy reset. Unit 204 turned in 2025 and re-leased at $2,500/month, confirming that vacancy produces a meaningful reset toward market under the current regulatory framework. The gap between t
- Six units with the most immediate upside. Units 101, 103, 105, 202, 203, and 205 are at or below $2,100/month and represent the deepest below-market positions. Collectively they account for over $43,000 in annual gross upside at market rents, concentrated in units that will cycle sooner based on move-in tenure
- Uniform unit mix simplifies operations. All 14 units are two-bedroom/two-bath. There are no efficiency or one-bedroom units creating variance in leasing strategy or tenant profile. A single rent comp applies across the entire building, and unit turns are operationally consistent.
- Laundry income in place. All Valley Washer Service provides on-site shared laundry generating approximately $2,948 annually with no utility obligation attached to the income.
- Burbank's multifamily fundamentals are strong. Burbank benefits from proximity to the entertainment industry employment base, above-average household incomes relative to the broader San Fernando Valley, and a supply-constrained rental market. Two-bedroom renter demand is consistent, and properties in the 91504 zip code rarely sit vacant long. The combination of below-market rents and a favorable regulatory environment relative to LA city makes this a straightforward rental upside story for an in
- Pro forma NOI at market rents: $328,062 (5.96% cap). At the suggested list price of $5,500,000, the current in-place NOI reflects a 4.41% cap rate. As leases roll and rents reset toward the $2,750-$2,800 range, the economics of the asset at this basis improve substantially without any capital expenditure requirement.
Exclusively Listed By
Financing By
Listing Price: $5,500,000
Investment Highlights
- Not subject to LA city rent control. Burbank is an independent city, and this property is governed by California AB 1482, not the City of Los Angeles RSO. Under AB 1482, annual increases of up to five
- Significant rent upside across all 14 units. The average in-place rent of $2,203/month sits approximately $556 below the current market for comparable two-bedroom product in North Burbank. At full mar
- Proven vacancy reset. Unit 204 turned in 2025 and re-leased at $2,500/month, confirming that vacancy produces a meaningful reset toward market under the current regulatory framework. The gap between t
- Six units with the most immediate upside. Units 101, 103, 105, 202, 203, and 205 are at or below $2,100/month and represent the deepest below-market positions. Collectively they account for over $43,000 in annual gross upside at market rents, concentrated in units that will cycle sooner based on move-in tenure
- Uniform unit mix simplifies operations. All 14 units are two-bedroom/two-bath. There are no efficiency or one-bedroom units creating variance in leasing strategy or tenant profile. A single rent comp applies across the entire building, and unit turns are operationally consistent.
- Laundry income in place. All Valley Washer Service provides on-site shared laundry generating approximately $2,948 annually with no utility obligation attached to the income.
- Burbank's multifamily fundamentals are strong. Burbank benefits from proximity to the entertainment industry employment base, above-average household incomes relative to the broader San Fernando Valley, and a supply-constrained rental market. Two-bedroom renter demand is consistent, and properties in the 91504 zip code rarely sit vacant long. The combination of below-market rents and a favorable regulatory environment relative to LA city makes this a straightforward rental upside story for an in
- Pro forma NOI at market rents: $328,062 (5.96% cap). At the suggested list price of $5,500,000, the current in-place NOI reflects a 4.41% cap rate. As leases roll and rents reset toward the $2,750-$2,800 range, the economics of the asset at this basis improve substantially without any capital expenditure requirement.
Investment Overview
Marcus & Millichap is pleased to present the investment opportunity at 2001-2005 Grismer Avenue in Burbank, California. This 14-unit apartment community is situated in the established North Burbank residential corridor, one of the most consistently performing multifamily submarkets in the San Fernando Valley. The offering represents an opportunity to acquire a uniformly configured, below-market asset in a city that operates independently from the City of Los Angeles, with a meaningfully different regulatory environment and a strong long-term rental demand profile driven by proximity to the Burbank Media District, the studios, and the broader employment base that anchors the area. The subject property is a two-story, 14-unit apartment building constructed in 1987 and situated on an 11,440 SF lot. The building totals 11,334 square feet of rentable area and is zoned BUR4. The unit mix is entirely composed of two-bedroom/two-bathroom units, providing operational consistency and a single-profile leasing strategy across the entire asset. The property is currently managed by OPEL Management Service and is 100 percent occupied as of the May 2026 rent roll. Residents benefit from on-site laundry service provided through a contract with All Valley Washer Service, generating approximately $2,948 annually in supplemental income. The building's uniform layout and standard two-bedroom configuration appeal to the core renter demographic in this corridor: working professionals, dual-income households, and long-term tenants drawn to Burbank's livability, school quality, and commuter access. The asset is individually addressed as both 2001 and 2005 Grismer Avenue and sits on a quiet residential street within walking distance of retail and services along N Glenoaks Blvd. 2001-2005 Grismer Avenue is positioned within the 91504-zip code, one of Burbank's most active multifamily leasing zones. Burbank is an independent city with its own municipal services and zoning authority, sitting just outside the City of Los Angeles and governed by California AB 1482 rather than the LA city RSO. That distinction matters at the operating level: annual increases of up to five percent plus local CPI are permitted, and rents reset fully to market at every vacancy. The current in-place rent average of $2,203 per unit sits approximately $556 below the market rate for comparable two-bedroom product in the immediate area, with all 14 units presenting measurable upside. At full market occupancy, annual gross scheduled rent reaches $462,000, representing $93,473 in additional gross income over the current roll. Burbank's location within easy commuting distance of the entertainment industry, healthcare, and professional service employment centers throughout Los Angeles County supports durable renter demand and limited lease-up risk for an incoming owner.
Exclusively Listed By
Financing By
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