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… Read More 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 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. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Cameron Samimi 310-259-7556
Listing Snapshot
Days Online
1
Last Updated
Property Type
Apartment
Lot Size
0.12 Acres
Year Built
1948
MLS Number
SB26136610
Additional Details
Building
Built in 1948, 1 building, 2 stories, Entry level: 1, Entry location: Front
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. 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.
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