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2005 Grismer Avenue

Burbank, CA 91504

$5,500,000 $23,188/Mo

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Overview

Bed

Bath

11,334

Sqft

11,442

Sqft(Lot)

Description

We are 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 config red, 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 build ing 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% occupied as of the May 2026 rent roll.Residents benefit f om 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 config ration 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 5% 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.

Property Details

Property Type : Residential Income

Price : $5,500,000

AD Id : 86505856

MLS Id : 26852909

Beds : 28

Lot Size : 11,442 Sqft

Living Area Size : 11,334

Year Built : 1987

County : Los Angeles

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Features

Bedroom Information

Total Bedrooms: 28

Bathroom Information

Total Baths: 28 Full Baths: 0 Half Baths: 0
Interior Features

Interior Features: Ceiling Fan(s) Property Appliances: Dishwasher,Microwave
Cooling Features

Central Air Air Conditioning

Heating Source

Central Has Heating

Building Information

Year Built: 1987 Building Area Total: 11,334

Lot Details

Lot Dimensions Source: Vendor Enhanced Lot Size Acres: 0.2627
Lot Size Source: Assessor Lot Size Square Feet: 11442

Listing Price Information

Original List Price: 5,500,000 Listing Contract Date: 2026-06-16
Lease Information

Listing Agreement: Seller Reserved

Tax Information

Parcel Number: 2468015084

Garage and Parking

Garage Description: Covered

Homeowners Association

Other Property Info

Source Listing Status: Active Source Neighborhood: 610 - Burbank Postal Code Plus 4: 3632 Directions: At the intersection of Grismer Ave and Peyton Ave. Zoning: BUR4* Source Property Type: Residential Income Area: 610 - Burbank
Building and Construction

Property Age: 39 Year Built Source: Assessor Total Square Feet Living: 11334 Levels or Stories: Two Building Total Stories: 2

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Nearby Home Value

Address	Estimate	Bed	Bath	Sq. Ft	Lot Size
1019 Delaware Road, Burbank, CA, 91504	$1,695,000	4	1	2,284	2,284 SqFt
611 Delaware Road, Burbank, CA, 91504	$1,749,000	4	2	2,768	2,768 SqFt
521 Bethany Road, Burbank, CA, 91504	$1,499,994	3	2	1,511	1,511 SqFt
824 Stanford Road, Burbank, CA, 91504	$1,995,000	4	2	2,666	2,666 SqFt
1831 Richard Street, Burbank, CA, 91504	$1,499,000	3	2	1,993	1,993 SqFt
924 Irving Drive, Burbank, CA, 91504	$1,759,999	4	3	2,190	2,190 SqFt
1113 N Glenoaks, Burbank, CA, 91504	$2,500,000	--	--	3,894	3,894 SqFt
801 Stephen Road, Burbank, CA, 91504	$1,599,000	4	3	2,147	2,147 SqFt
420 Tufts, Burbank, CA, 91504	$1,469,000	2	2	1,763	1,763 SqFt
2615 Woodstock Lane, Burbank, CA, 91504	$1,999,000	4	3	2,645	2,645 SqFt

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