366 Alameda AveBurbank, CA 91506

Property Details for 366 Alameda Ave

Year built

1953

Construction

WOOD

Lot size

0.21 AC

Property size (Sq ft)

5,720 SF

Zone code

BUR4*

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5625-020-005

APU

5625020005

Description

This exceptional 12-unit apartment building presents a compelling investment opportunity in Burbank, CA. Located at 366 W Alameda Ave, 91506, this property boasts 11,440 square feet of rentable space situated on a sizable 18,480 square foot lot. The two-story building, constructed in 1953, comprises two structures and features a mix of eight 2-bedroom/1-bathroom units and four 1-bedroom/1-bathroom units, averaging over 950 square feet each. The property's current NOI is $143,941, yielding a 3.69% cap rate, with a pro-forma NOI of $261,447 and a pro-forma cap rate of 6.70%. The asking price is $3,900,000, or $325,000 per unit. Benefiting from its location in Burbank's desirable media district, close to major studios, freeways (5 and 134), and the Burbank Metro Link, this property offers significant upside potential through rent increases. The building features a pitched roof, mostly copper plumbing, and newer windows. Units have been upgraded with new flooring as they become vacant. Note that Burbank is subject to AB1482 rent control. The property is zoned BUR4 and consists of two separate assessor parcel numbers (APN 5625-020-005). This is a rare opportunity to acquire a well-maintained multifamily property in a prime location with substantial potential for future growth.

• CAP approach

  CAP return

  Valuation

  6%

  $2,311,764

  6.5%

  $2,133,936

  7%

  $1,981,512

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,685,958

  Geo Method

  $1,685,958

• Alternative Use

  Use

  Valuation

  Residential

  $2,133,936

  Hospitality

  $1,954,674

  Educational

  $1,626,266

  Medical

  $1,682,196

  Retail

  $2,529,747

Location Insight

City

Burbank

County

Los Angeles

State

California

Latitude

34.1648

Longitude

-118.31

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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