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$ 1,550,000
Est. payment /mo
New
1515 N Hollywood Burbank, CA 91505
5,384 Sqft Lot
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26136610
HOA Y/N No
Year Built 1948
Lot Size 5,384 Sqft
Property Sub-Type Apartment
Property Description
1515 N Hollywood Way presents a rare opportunity to acquire a fully vacant 4-unit apartment building in the highly desirable Burbank market. Built in 1948, the property totals approximately 2,908 square feet on a 5,380 square foot lot and is comprised of (2) 2Bed+1Bath unit and (2) 1Bed+1Bath units. With all units delivered vacant, a new owner has the immediate ability to lease at market rents, select their own tenants, renovate further, or reposition the asset without existing tenant complications.
The property has been improved with new paint and offers strong pro forma income potential, with projected scheduled gross income of $141,600 annually based on market rent assumptions of $3,500/month for the 2Bed+1Bath units and $2,400/month for each 1Bed+1Bath unit. At the list price of $1,550,000, the property is priced at $387,500 per unit and approximately $533 per building square foot, with a projected 6.52% cap rate and 10.95. GRM.
A major value-add component is the ability to potentially add up to 4 ADUs, creating a significant upside path for a buyer to explore. With the property fully vacant and existing garage/parking improvements already on site, the asset gives investors a clean opportunity to stabilize the current four units while also evaluating additional rental income through ADU development. Buyer to verify all ADU feasibility, zoning, permits, CUP requirements, and development standards with the City of Burbank.
Located along Hollywood Way in Burbank, the property benefits from proximity to Magnolia Park, the Media District, Warner Bros. Studios, The Walt Disney Company, ABC Television, shopping, dining, and major employment centers. Unlike properties located in the City of Los Angeles, this Burbank asset is not subject to LA RSO. Burbank has its own tenant protections, and AB 1482 may apply, but the property is not under Los Angeles rent control.
The property has been improved with new paint and offers strong pro forma income potential, with projected scheduled gross income of $141,600 annually based on market rent assumptions of $3,500/month for the 2Bed+1Bath units and $2,400/month for each 1Bed+1Bath unit. At the list price of $1,550,000, the property is priced at $387,500 per unit and approximately $533 per building square foot, with a projected 6.52% cap rate and 10.95. GRM.
A major value-add component is the ability to potentially add up to 4 ADUs, creating a significant upside path for a buyer to explore. With the property fully vacant and existing garage/parking improvements already on site, the asset gives investors a clean opportunity to stabilize the current four units while also evaluating additional rental income through ADU development. Buyer to verify all ADU feasibility, zoning, permits, CUP requirements, and development standards with the City of Burbank.
Located along Hollywood Way in Burbank, the property benefits from proximity to Magnolia Park, the Media District, Warner Bros. Studios, The Walt Disney Company, ABC Television, shopping, dining, and major employment centers. Unlike properties located in the City of Los Angeles, this Burbank asset is not subject to LA RSO. Burbank has its own tenant protections, and AB 1482 may apply, but the property is not under Los Angeles rent control.
Location
State CA
County Los Angeles
Area 610 - Burbank
Interior
Fireplace No
Laundry None
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Sidewalks, Urban
Total Parking Spaces 4
Private Pool No
Building
Lot Description 2-5 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 2436025004
Acceptable Financing Cash, Cash to New Loan, Conventional, FHA
Listing Terms Cash, Cash to New Loan, Conventional, FHA
Special Listing Condition Standard
Listed by Cameron Samimi Lyon Stahl Investment Real Estate, Inc. #02035763
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