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1219 South Lake Street

Burbank, CA 91502
  • $1,550,000
  • STATUS: Pending
  • ON SITE: 106 Days
  • ID#: CV21183502
Pending
$1,550,000
  • 0
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1932
County:

School Ratings & Info

Listing Agent: Douglas Mccauley of Marcus & Millichap and David Covarrubias of Marcus & Millichap


Description

We are proud to exclusively present the opportunity to acquire 1219 & 1221 S. Lake Street, a 5-unit multifamily investment property located in Burbank, California. Same ownership for 30 years and there is over 36% rental upside. Built in 1932, the property sits on 0.14 acre and has a building size of approximately 3,304 square feet. The building is comprised of two buildings that consist of (1) studio/one-bathroom unit, (1) one-bedroom/one-bathroom unit, (1) one-bedroom/two-bathroom townhouse style unit, (1) two-bedroom/two-bathroom unit and (1) three-bedroom/one-bathroom unit. There is an on-site laundry facility, one unit has a private enclosed backyard and one unit has a two-car garage. All units are individually metered for gas and electricity. The apartment is ideally situated near Downtown Burbank and with easy access to the 5 Golden State and the 134 Ventura Freeway. The property is in close proximity to several major employers including IKEA, Home Depot, and Ralphs, as well as recreational parks such as the Los Angeles Zoo, Bird Sanctuary, and the Griffith Observatory. The property provides a convenient living opportunity that is less than two miles from the Burbank Metro Link for easy commute to Central Los Angeles or the soon-to-be-international Hollywood Burbank Airport. The City of Burbank is a highly desirable rental market and is known as the media capital of the world. It is home to Disney Studios, Warner Brothers, and the Burbank Studios. With a walk score of 70, the property is in one of the best school districts in Los Angeles County and minutes drive from New York Film Academy and Woodbury University.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-04T00:27:26.463. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
www.themarellygroup.com/homes/120635315
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1219 South Lake Street Burbank, CA 91502

  • Price: $1,550,000
  • Status: Pending
  • On Site: 106 Days
  • ID#: CV21183502
0
Beds
0
Baths
0
½ Baths
0.14
Acres
1932
Built
Neighborhood:
610 - Burbank
County:
Los Angeles
Area:
610 - Burbank
Property Description
We are proud to exclusively present the opportunity to acquire 1219 & 1221 S. Lake Street, a 5-unit multifamily investment property located in Burbank, California. Same ownership for 30 years and there is over 36% rental upside. Built in 1932, the property sits on 0.14 acre and has a building size of approximately 3,304 square feet. The building is comprised of two buildings that consist of (1) studio/one-bathroom unit, (1) one-bedroom/one-bathroom unit, (1) one-bedroom/two-bathroom townhouse style unit, (1) two-bedroom/two-bathroom unit and (1) three-bedroom/one-bathroom unit. There is an on-site laundry facility, one unit has a private enclosed backyard and one unit has a two-car garage. All units are individually metered for gas and electricity. The apartment is ideally situated near Downtown Burbank and with easy access to the 5 Golden State and the 134 Ventura Freeway. The property is in close proximity to several major employers including IKEA, Home Depot, and Ralphs, as well as recreational parks such as the Los Angeles Zoo, Bird Sanctuary, and the Griffith Observatory. The property provides a convenient living opportunity that is less than two miles from the Burbank Metro Link for easy commute to Central Los Angeles or the soon-to-be-international Hollywood Burbank Airport. The City of Burbank is a highly desirable rental market and is known as the media capital of the world. It is home to Disney Studios, Warner Brothers, and the Burbank Studios. With a walk score of 70, the property is in one of the best school districts in Los Angeles County and minutes drive from New York Film Academy and Woodbury University.
Exterior Features

Lot Features Front YardRectangular Lot Number Of Separate Electric Meters 6 Parking Total 2 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 3.7 Common Interest None Community Features Valley Electric Expense 1080 Fuel Expense 1080 Garage YN Yes Gross Income 86232 Gross Scheduled Income 85632 Insurance Expense 2402 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Maintenance Expense 3500 Net Operating Income 57290 New Construction YN No New Taxes Expense 17200 Number Of Separate Gas Meters 6 Number Of Separate Water Meters 1 Number Of Units Leased 5 Operating Expense 28086 Pest Control Expense 1142 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 85632 Trash Expense 1080 Vacancy Allowance 856 Water Sewer Expense 1080 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-04T00:27:26.463. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
 
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The Marelly Group | Sentry Residential
5256 South Mission Rd, Suite 1006
Bonsall CA, 92003
Listing Agent: Douglas Mccauley of Marcus & Millichap and David Covarrubias of Marcus & Millichap