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2907 W Riverside Dr
Burbank, CA 91505
Prime Burbank Media District Location · Multifamily Property For Sale
·
4 Units
Investment Highlights
- Prime Burbank Media District Location - Adjacent to Johnny Carson Park and moments from Warner Bros. Studios, supporting consistent tenant demand.
- Four Rear Garages with ADU Potential - Four detached single-car garages with rear alley access provide an ideal configuration for 1–2 ADUs.
- Efficient Operating Profile - Separately metered gas and electricity and individual water heaters minimize owner utility exposure.
- Approximately 17 Percent Rental Upside - In-place rents trail full market levels, offering clear income growth through natural turnover.
- Major Capital Improvements Completed - Recent upgrades include new roof (2021), rebuilt exterior staircase (2023), full window replacement (2011).
- Ideal 1031 Exchange Asset - Highly desirable four-unit configuration for private investors and 1031 buyers, offering favorable financing.
Executive Summary
The LAAA Team of Marcus & Millichap is pleased to present 2907 W Riverside Drive, a four-unit multifamily investment offering approximately 17% rental upside, rear-alley ADU potential, and completed capital improvements in Burbank's highly sought-after Media District.
Constructed in 1942, the property totals approximately 3,023 rentable square feet on a 6,595 square foot lot. The unit mix includes three one-bedroom, one-bath units and one two-bedroom, one-and-a-half-bath unit. All units are separately metered for gas and electricity with individual water heaters, minimizing owner utility exposure. Four detached single-car garages along the rear alley provide covered parking and create ideal configuration for potential ADU development under Burbank's ADU ordinance.
In-place rents are approximately 17% below market, creating clear upside through natural turnover and light interior renovations. Current rents reflect long-term tenancy rather than functional obsolescence. A new owner can capture meaningful income growth through standard upgrades including flooring, cabinetry, countertops, appliances, and fixtures. Key capital items have been addressed including a new roof and comprehensive plumbing upgrades, materially reducing near-term capital exposure.
Situated directly adjacent to Johnny Carson Park and immediately south of Warner Bros. Studios, the property benefits from consistent tenant demand driven by entertainment industry employment while operating under Burbank's tenant protection framework, which is generally more flexible than Los Angeles City rent stabilization. The location places residents within distance of major entertainment employers including Warner Bros., Disney, Nickelodeon, Cartoon Network, and DreamWorks Animation, while maintaining a quiet residential character enhanced by park frontage. Residents enjoy proximity to Magnolia Park, Downtown Burbank dining including Porto's Bakery, Burbank Town Center, and convenient 134 Freeway access to Studio City, Glendale, and Hollywood.
Constructed in 1942, the property totals approximately 3,023 rentable square feet on a 6,595 square foot lot. The unit mix includes three one-bedroom, one-bath units and one two-bedroom, one-and-a-half-bath unit. All units are separately metered for gas and electricity with individual water heaters, minimizing owner utility exposure. Four detached single-car garages along the rear alley provide covered parking and create ideal configuration for potential ADU development under Burbank's ADU ordinance.
In-place rents are approximately 17% below market, creating clear upside through natural turnover and light interior renovations. Current rents reflect long-term tenancy rather than functional obsolescence. A new owner can capture meaningful income growth through standard upgrades including flooring, cabinetry, countertops, appliances, and fixtures. Key capital items have been addressed including a new roof and comprehensive plumbing upgrades, materially reducing near-term capital exposure.
Situated directly adjacent to Johnny Carson Park and immediately south of Warner Bros. Studios, the property benefits from consistent tenant demand driven by entertainment industry employment while operating under Burbank's tenant protection framework, which is generally more flexible than Los Angeles City rent stabilization. The location places residents within distance of major entertainment employers including Warner Bros., Disney, Nickelodeon, Cartoon Network, and DreamWorks Animation, while maintaining a quiet residential character enhanced by park frontage. Residents enjoy proximity to Magnolia Park, Downtown Burbank dining including Porto's Bakery, Burbank Town Center, and convenient 134 Freeway access to Studio City, Glendale, and Hollywood.
Property Facts
| Price Per Unit | $406,250 | Property Subtype | Apartment |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.32% | Lot Size | 0.15 AC |
| Gross Rent Multiplier | 15.96 | Building Size | 3,023 SF |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1942 |
| Zoning | BUR4 - Residential | ||
| Price Per Unit | $406,250 |
| Sale Type | Investment |
| Cap Rate | 4.32% |
| Gross Rent Multiplier | 15.96 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 3,023 SF |
| No. Stories | 2 |
| Year Built | 1942 |
| Zoning | BUR4 - Residential |
Amenities
Unit Amenities
- Kitchen
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | 690 - 700 |
Property Taxes
| Parcel Number | 2485-025-015 | Improvements Assessment | $331,500 |
| Land Assessment | $1,122,000 | Total Assessment | $1,453,500 |
Property Taxes
Parcel Number
2485-025-015
Land Assessment
$1,122,000
Improvements Assessment
$331,500
Total Assessment
$1,453,500
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