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Nicole Hazelton-Meacham

[email protected] +1(619) 206-1892

$1,550,000

Est. payment - /mo

6 Beds

4 Baths

5,382 Sqft Lot

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB26136610

Bedrooms 6

Lot Size 5,382 Sqft

Property Sub-Type Res Income 2-4 Units

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 Disne

Location

State CA

County Los Angeles

Zoning Assessor

Direction From the 134 Freeway, exit Hollywood Way and head north. Continue north past Magnolia Blvd. Property is located on Hollywood Way

Interior

Fireplace No

Exterior

View Y/N No

Building

Story 2

Level or Stories 2

Others

Senior Community No

Tax ID 2436025004

Acceptable Financing Cash, Conventional, FHA

Listing Terms Cash, Conventional, FHA

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Listed by Cameron Samimi, DRE#02035763 Lyon Stahl Investment Real Estate, Inc.

Nearby School & Business

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Nicole Hazelton-Meacham

+1(619) 206-1892

Broker Associate | License ID: 01819363

Broker Associate License ID: 01819363

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1515 N Hollywood Burbank, CA 91505

Nicole Hazelton-Meacham

Key Details

Location

Interior

Exterior

Building

Others

Nearby School & Business

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