Description
Huge 250k Price Reduction! Rare 12 Unit building with 8 vacancies in the Prime Burbank area priced at only 374k/door for bungalow style units. Incredible Current Cap Rate of 4.75% and 14.7 GRM after renovations with upside to 5.2% Cap Rate and 13.7 GRM on Proforma. All vacant units are under renovation so the buyer can complete to own taste and finishes and get top market rents. (All the rough construction and heavy lifting have been done). Diverse Unit Mix consisting of 2 (2bed/1bath), 4 (1bed/1bath), 6 (studio/1bath). All units are individually metered for Gas & Electricity. Preliminary plans to add 4 ADUs (2 Attached & 2 Detached) to further improve the numbers to only 280k/door. Non-Rent Controlled Asset allowing 10% annual increases. Prime Burbank location minutes away from media giants such as Warner Bros Studios, Walt Disney Studios, and Burbank Town Center Shopping Mall.
Location
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"All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information is deemed reliable but not guaranteed.
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed."
Updated: 28th March, 2023 7:37 AM (UTC)
IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information is deemed reliable but not guaranteed.
The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed."
Updated: 28th March, 2023 7:37 AM (UTC)
Listing Agent: Julio Ruiz
Listing Office: Global Platinum Properties, Inc.
