11616 Burbank Blvd

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Address: 11616 Burbank Blvd, North Hollywood, CA 91601, USA, Los Angeles, California, US
Created date: March 29, 2024
Date last updated: March 29, 2024
Newer Property Built in 2018
100% Non-Rent Controlled
Great Unit Mix of 1 & 2 Bed Condos
Very Large & Modern Units
19% Upside in Gross Rents
Can Sell Condos Individually
Priced Below Replacement Cost
Solar Panels and EV Chargers

Property Description

The LAAA Team of Marcus & Millichap is 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 located within walking 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.

Key Property Information

Listing Status: Available
Price: $11,000,000
No. of Units: 21
Cap Rate: 4.80%
GRM /GIM: 14.07
Year Built: 2018
Building Size: 30,817 Sq ft
Lot Size: 18,295.00 Sq ft
Opportunity Zone: No
Price per unit: $523,810
Address: 11616 Burbank Blvd, North Hollywood, CA 91601, USA

Additional contacts

Full name Phone number Email address
Glen Scher 818-212-2808 [email protected]
Filip Niculete 818-212-2748 [email protected]

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