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11616 Burbank Boulevard

North Hollywood, CA 91601

$11,000,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $356 / sqft

2018

calendar_month Built

Property Description

We are proud to present "The Burbank", a 21-unit condominium property located at 11616 Burbank Blvd in North Hollywood, CA. This listing is part of a 3 property portfolio with 57 total condos, all in the South Valley, and all built by the seller in 2018.Built in 2018 to condo specifications, this property is 100% free of all rent control. The 30,817 sqft building sits on a 0.42 acre lot, and it boasts an excellent unit mix (15) 2 Bed / 2 Bath condos and (6) 3 Bed / 2 Bath condos. All of these modern condos are very large, with the average 2-Bed at 1,387sf and the average 3-Bed at 1,575sf. Of the 21 condos, 19 are market-rate and 2 are low-income restricted (both low-income restricted condos are 2 Bed).The property has gated parking on the ground floor with three levels of residential above. Each of the three residential floors has 7 condos with a stacked design. The condos are fully equipped with a high-end gourmet kitchen, stainless steel appliances and kitchen islands. Also included in each unit is a washer and dryer, balcony and exceptionally large space cabinetry and closets. The building is equipped with 8kwp solar panels and 9 EV chargers.Currently, this condo building is being operated as apartment rentals, and the building is 100% occupied with all tenants paying rent. The 21 condos bring in a combined $65,000 of rent per month, or $782,000 per year. A recent rent survey suggests full market-rent potential at $77,500 per month, or $930,000 per year, presenting an investor with approximately 19% upside potential. The property is individually metered for gas and electric and sub-metered for water. The tenants are responsible for their own water bill which they pay to the landlord through a utility billback system. These condos offer an excellent exit strategy to sell them off individually. A survey of recently sold condos in the South Valley show that newer construction 2 and 3 bedroom condos are selling for an average of $655 per sqft. With the building currently priced at just $357 per sqft (below today's replacement cost), there's immense profit potential for an investor who's willing to put in the time to sell these condos individually. Importantly, selling these individually would allow the buyer to avoid expensive ULA transfer taxes on the exit. The Burbank is a short distance to the heart of NOHO Arts District where there's a number of restaurants, shopping, cafes, gastropubs, and nightlife. The property has easy access to the 170/101 freeways, allowing for easy commuting to anywhere throughout Los Angeles and beyond. Its proximity to Burbank, Studio City, and Hollywood positions it as an ideal home for those seeking access to the best the area has to offer.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A
Interior Information
Cooling Type Central Air

Listing Information

Address 11616 Burbank Boulevard
City North Hollywood
State CA
Zip 91601
County Los Angeles
Listing Agent Filip Niculete DRE#01905352
Co-Listing Agent Glen Scher DRE#01962976
Courtesy Of Marcus & Millichap
MLS 24374421
List Price $11,000,000
Status Active
Type Residential Income
Structure Size N/A
Lot Size 18,189
Year Built 2018
DOM 11

Exterior Information

Maps

home_work Nearby Properties

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$2,400,000

king_bed N/A
shower N/A
straighten N/A
straighten 14,321
11655 Burbank Boulevard,

North Hollywood, CA 91601
Image

$3,695/month

king_bed 2
shower 1
straighten 1,000
straighten 3,305
5618 Lemp Avenue,

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king_bed 3
shower 3
straighten 2,367
straighten 6,617
5725 Lemp Avenue,

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Image

$2,500,000

king_bed 4
shower 4
straighten 2,432
straighten 6,752
5715 Troost Avenue,

North Hollywood, CA 91601
Image

$999,000

king_bed 2
shower 1
straighten 1,190
straighten 6,752
5724 Troost Avenue,

North Hollywood, CA 91601

Listing information courtesy of: Filip Niculete, Glen Scher, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of Apr 8th, 2024 at 1:06 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.