143 N Beachwood Drive, Burbank, CA 91506
Property
Sold November 2023
Listing Agent: Julio Ruiz (DRE #01911261) · Listing Office: Global Platinum Properties, Inc. · Contact: 818-524-0706 · Bought with: Alex Galuz · Keller Williams Realty Calabasas · MLS #23311169 · Source: CRMLS
About this property
Huge 350k Price Reduction! Rare non-rent controlled fully renovated 12-unit building (100% occupied) in the Prime Burbank area. The property boasts an incredible current cap rate of 5.5% and 13.1 GRM. Priced at only 362k/door for bungalow-style units that have been mostly fully renovated from top to bottom. The property features a diverse unit mix consisting of 2 (2bed/1bath), 4 (1bed/1bath), and 6 (studio/1bath) units. All units are individually metered for gas and electricity, ensuring maximum efficiency in operation costs. Large 14,200 SF lot with preliminary plans to add 4 ADUs (2 Attached & 2 Detached) to further improve the numbers to only 271k/door. Non-LA-City rent-controlled asset allowing significant 8.8% annual rent increases (5%+CPI) for future upside. Almost all units have been completely renovated and boast a high-end aesthetic with new cabinets, flooring, modern lighting, new bathrooms, stainless steel appliances, as well as major exterior capital improvements. Amenities include on-site laundry facilities as well as 6 vacant garages with the potential to be converted to 2 attached ADUs. Prime Burbank location just minutes away from media giants such as Warner Bros Studios, Walt Disney Studios, and Burbank Town Center Shopping Mall.
Listing description from the November 2023 sale, as reported to CRMLS.
Sale history