1987 Built | All 2+2 Units in Prime Burbank 515 E Elmwood Ave 24 Unit Apartment Building $9,100,000 ($379,167/Unit) 5.72% Cap Rate Burbank, CA 91501

Marcus & Millichap is pleased to announce the opportunity to purchase 515 E Elmwood Avenue, a 24-unit multifamily property in Burbank, CA. Constructed in 1987, the property consists entirely of two bedroom/two bathroom units. Situated north of Glenoaks Boulevard in the foothills of the Verdugo Mountains, the property allows tenants convenient access to Downtown Burbank and the Burbank Town Center shopping mall.
Due to the fact that the property is subject only to Burbank’s local rent ordinance, a new owner may be able to recapture the rent upside and keep pace with improving rent growth via higher allowable rent increases, when compared with other assets subject to Los Angeles rent control.
An investor can enjoy additional income via the landlord-owned laundry facilities as well as pet rent collected from tenants.
Dubbed the “Media Capital of the World,” the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Disney Studios, Walt Disney Imagineering, Warner Bros. Studios, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation.