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Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
$1,495,000
Est. payment /mo
2,908 SqFt
Price Dropped by $30K
1515 North Hollywood Burbank, CA 91505
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Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 2,908 sqft
Price per Sqft $514
MLS Listing ID SB-26136610
Year Built 1948
Lot Size 5,382 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
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 $280,800 annually based on market rent assumptions of $3,750/month for the 2Bed+1Bath units and $2,650/month for each 1Bed+1Bath unit. At the list price of $1,495,000, the property is priced at $373,750 per unit and approximately $514.10 per building square foot, with a projected 7.85% cap rate and 9.73 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 $280,800 annually based on market rent assumptions of $3,750/month for the 2Bed+1Bath units and $2,650/month for each 1Bed+1Bath unit. At the list price of $1,495,000, the property is priced at $373,750 per unit and approximately $514.10 per building square foot, with a projected 7.85% cap rate and 9.73 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
Laundry None
Exterior
Garage Spaces 4.0
Pool None
Community Features Sidewalks, Urban
Building
Lot Description 2-5 Units/Acre
Sewer Public Sewer
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