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140 N Pass Ave 5 Unit Apartment Building $2,399,900 ($479,980/Unit) 4.49% Cap Rate Burbank, CA 91505
INVESTMENT HIGHLIGHTS
- Seller will carry the 1st loan with acceptable down payment.
- Renovated most of inside the units in year 2022-2024
- Prime area for Airbnb, walking distance to Warner Bro, Walt Disney Studio and NBC Studio.
EXECUTIVE SUMMARY
Seller will carry 1st loan with acceptable down payment: Exceptional Investment Opportunity in the Heart of Burbank
This well-maintained 5-unit property features a desirable front owner’s unit and a two-story rear building with four additional rental units. Amenities include 5 garage parking spaces, one uncovered parking spot, and an on-site laundry room—ideal for both tenant convenience and an additional income potential.
Perfectly located near Warner Bros. and NBC Studios and just 15 minutes from Universal Studios, the front unit is a prime candidate for Airbnb or short-term rental, offering significantly higher revenue compared to traditional annual leasing.
The property underwent extensive renovations in 2022–2023, including a new roof on all units and garages and new dual-pane windows in most units (except for one). Current leases remain in place through August 31, 2025, at which time rents can be adjusted following California’s rent control guidelines.
The new owner can increase additional revenue through separate charges for garage parking and storage, which were previously included in the base rent.
With rent increases taking effect, coupled with low building expenses and minimal maintenance needs, this property has the potential to achieve a cap rate exceeding 5.35%.
This well-maintained 5-unit property features a desirable front owner’s unit and a two-story rear building with four additional rental units. Amenities include 5 garage parking spaces, one uncovered parking spot, and an on-site laundry room—ideal for both tenant convenience and an additional income potential.
Perfectly located near Warner Bros. and NBC Studios and just 15 minutes from Universal Studios, the front unit is a prime candidate for Airbnb or short-term rental, offering significantly higher revenue compared to traditional annual leasing.
The property underwent extensive renovations in 2022–2023, including a new roof on all units and garages and new dual-pane windows in most units (except for one). Current leases remain in place through August 31, 2025, at which time rents can be adjusted following California’s rent control guidelines.
The new owner can increase additional revenue through separate charges for garage parking and storage, which were previously included in the base rent.
With rent increases taking effect, coupled with low building expenses and minimal maintenance needs, this property has the potential to achieve a cap rate exceeding 5.35%.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Washer/Dryer
- Crown Molding
- Kitchen
- Refrigerator
- Double Pane Windows
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $2,513 | 750 |
| 2+1 | 1 | $3,024 | 1,076 |
1 1
Walk Score®
Very Walkable (84)
PROPERTY TAXES
| Parcel Number | 2485-007-012 | Total Assessment | $2,064,464 |
| Land Assessment | $803,500 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,260,964 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
2485-007-012
Land Assessment
$803,500
Improvements Assessment
$1,260,964
Total Assessment
$2,064,464
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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140 N Pass Ave
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