514 N Shelton Street, Burbank, CA 91506
Property
Sold January 2024
Listing Agent: Tyler Leeson (DRE #01451551) · Listing Office: Marcus & Millichap RE Invest · Contact: 714-713-9086 · Bought with: Elvin Apelian · Equity Union · MLS #OC23181573 · Source: CRMLS
About this property
514 North Shelton Street is an 8-unit multifamily investment opportunity located in Burbank, CA. 514 North Shelton Street offers a desirable mix consisting exclusively of spacious two-bedroom townhome units, each offering two-and-one-half bathrooms. The property features an attractive amenity package including an on-site laundry facility, private balconies (select units), and a gated subterranean parking garage. Additionally, units feature vinyl and tile flooring, central air conditioning, and stainless steel appliances. Burbank’s continued strong rental metrics, including a 2022 vacancy rate of just 3.5 percent and year-over-year rent growth of 9.8 percent, provide a new owner with the opportunity to take advantage of the substantial demand for rental units in the area. With current rents below market rates, 514 North Shelton Street represents an attractive opportunity for a new owner. 514 North Shelton Street benefits from its excellent Burbank location, situated moments from a plethora of retail, dining, and entertainment options at Burbank Town Center. Furthermore, residents enjoy the property’s close proximity to an abundance of major retailers along Victory Boulevard and Victory Place. Additionally, 514 North Shelton Street is proximate to an abundance of film studios as well as to Interstate 5, connecting residents to local and regional employment hubs throughout Los Angeles County. In summary, 514 North Shelton Street’s fantastic location offers residents a wide variety of activities, employment, transportation, and retail amenities, all of which will attract a diverse renter pool. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at 514 North Shelton Street.
Listing description from the January 2024 sale, as reported to CRMLS.
Sale history