Filip Niculete
Marcus & Millichap
818-212-2700
We are proud to present "The Burbank", a 21-unit condominium property located at 11616 Burbank Blvd in North Hollywood, CA. This listing is part of a 3 property portfolio with 57 total condos, all in the South Valley, and all built by the seller in 2018.Built in 2018 to condo specifications, this property is 100% free of all rent control. The 30,817 sqft building sits on a 0.42 acre lot, and it boasts an excellent unit mix (15) 2 Bed / 2 Bath condos and (6) 3 Bed / 2 Bath condos. All of these modern condos are very large, with the average 2-Bed at 1,387sf and the average 3-Bed at 1,575sf. Of the 21 condos, 19 are market-rate and 2 are low-income restricted (both low-income restricted condos are 2 Bed).The property has gated parking on the ground floor with three levels of residential above. Each of the three residential floors has 7 condos with a stacked design. The condos are fully equipped with a high-end gourmet kitchen, stainless steel appliances and kitchen islands. Also included in each unit is a washer and dryer, balcony and exceptionally large space cabinetry and closets. The building is equipped with 8kwp solar panels and 9 EV chargers.Currently, this condo building is being operated as apartment rentals, and the building is 100% occupied with all tenants paying rent. The 21 condos bring in a combined $65,000 of rent per month, or $782,000 per year. A recent rent survey suggests full market-rent potential at $77,500 per month, or $930,000 per year, presenting an investor with approximately 19% upside potential. The property is individually metered for gas and electric and sub-metered for water. The tenants are responsible for their own water bill which they pay to the landlord through a utility billback system. These condos offer an excellent exit strategy to sell them off individually. A survey of recently sold condos in the South Valley show that newer construction 2 and 3 bedroom condos are selling for an average of $655 per sqft. With the building currently priced at just $357 per sqft (below today's replacement cost), there's immense profit potential for an investor who's willing to put in the time to sell these condos individually. Importantly, selling these individually would allow the buyer to avoid expensive ULA transfer taxes on the exit. The Burbank is a short distance to the heart of NOHO Arts District where there's a number of restaurants, shopping, cafes, gastropubs, and nightlife. The property has easy access to the 170/101 freeways, allowing for easy commuting to anywhere throughout Los Angeles and beyond. Its proximity to Burbank, Studio City, and Hollywood positions it as an ideal home for those seeking access to the best the area has to offer.
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Total Bedrooms : 48
Total Baths: 42
Full Baths: 0
Half Baths: 0
Property Appliances: Dryer,Washer
Central Air
Air Conditioning
Central
Has Heating
Year Built: 2018
Building Area Total: 30,817
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.4176
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 18189
Original List Price: 11,000,000
Listing Contract Date: 2024-03-29
Listing Agreement: Seller Reserved
Parcel Number: 2350001097
Garage Description: Covered,Garage
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: NHO - North Hollywood
Postal Code Plus 4: 2361
Directions: Burbank & Colfax
Zoning: LAR3
Source Property Type: Residential Income
Area: NHO - North Hollywood
Property Age: 6
Year Built Source: Vendor Enhanced
Total Square Feet Living: 30817
Levels or Stories: Three Or More
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
10835 Magnolia Boulevard, North Hollywood, CA,91601 | $3,500,000 | -- | -- | 3,200 | 5510 Sqft |
5620 Cartwright Avenue, North Hollywood, CA,91601 | $1,100,000 | 5 | 4 | 2,408 | 8871 Sqft |
5739 N Canvas Court, North Hollywood, CA,91601 | $999,000 | 3 | 3 | 1,912 | 1114 Sqft |
5611 Fulcher Avenue, North Hollywood, CA,91601 | $4,600,000 | 23 | -- | 12,598 | 14030 Sqft |
4825 Craner Avenue, North Hollywood, CA,91601 | $1,000,000 | 3 | 3 | 1,681 | 933 Sqft |
5617 Denny Avenue, North Hollywood, CA,91601 | $1,349,800 | 5 | 4 | 1,802 | 7430 Sqft |
5535 Elmer Avenue, North Hollywood, CA,91601 | $1,499,000 | 2 | 1 | 1,014 | 7257 Sqft |
5724 Troost Avenue, North Hollywood, CA,91601 | $999,000 | 2 | 1 | 1,190 | 6752 Sqft |
11655 Burbank Boulevard, North Hollywood, CA,91601 | $2,400,000 | -- | -- | 4,196 | 14321 Sqft |
5630 Fair Avenue, North Hollywood, CA,91601 | $8,750,000 | 45 | -- | 28,381 | 16806 Sqft |
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ByOwner last updated this listing 05/27/2024 @ 15:03
MLS: 24374421
LISTED BY: Filip Niculete, Marcus & Millichap
SOURCE: CRMLS
Buyer Agency Compensation: 1.25%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.