Alameda Apartments 1815 W Alameda Ave 20 Unit Apartment Building $7,850,000 ($392,500/Unit) 6.20% Cap Rate Burbank, CA 91506

1815 W. Alameda Ave is offered at a 6.20% cap rate and comprises 20 units in Burbank's Rancho Adjacent neighborhood, near the center of the city between Verdugo and Alameda Avenues. The unit mix includes 16 two-bedroom/two-bathroom units and 4 two-bedroom/one-bathroom units, 11 of which have already been remodeled — giving new ownership a clear value-add roadmap: renovate the remaining nine units to bring them to market rent and capture the property's approximately 15% loss to lease by filling existing vacancies. Additional upside exists in monetizing the property's 40 parking spaces, which currently sit unrented.
Burbank is often called the "Media Capital of the World," anchored by major entertainment employers like Warner Bros., Disney, and Nickelodeon Animation Studio, and this employment base, combined with strong local demand from renters seeking convenience and job access, has historically kept vacancy low and supported steady leasing activity across the city's residential submarkets. With average two-bedroom rents in Burbank running $3,723+, the property's below-market in-place rents leave meaningful room to grow income as units turn and lease up at current market rates.