Exclusive Listings

11-unit value add built in 1989 in north Burbank

Address:
718 S 5th st
Burbank, CA 91501
Price:
$4,620,000
Status:
In-Contract
Type:
Apartment
# Units:
11
Year Built:
1989
Building Size:
10,998SF
Lot Size:
8,365SF
CAP Rate:
4.08%
GRM:
16.89x
Price/Unit:
$420,000
Price/SqFt:
$420

NO Broker Cooperation commission. Buyer's agent to get their commission from Buyer.

INVESTMENT HIGHLIGHTS

  • Outstanding location in the City of Burbank; Minutes to IKEA Burbank and Downtown Burbank!
  • 1989 construction
  • First time for sale since 2005; Excellent value add opportunity with many MTM tenancy
  • Highest allowable rent increases under CA AB1482 (5% + CPI)
  • High CAP rate and historically low vacancy
  • Easy to maintain property as-is, yet provides upside potential making this as a truly pride-of-ownership apartment
  • Easy access to the 5 FWY, 134 FWY, and Downtown Los Angeles
  • Located in a Very Walkable neighborhood with Walk Score of 78 out of 100
  • Perfect for a long-term hold buyer who plans to hold this as a multi-generational investment property or a 1031 exchange buyer

PROPERTY HIGHLIGHTS

  • Newer building constructed in 1989; newer plumbing, central a/c & heating, etc.
  • Prime location in north Burbank, and within walking distance to Burbank Downtown
  • Combination of 2bedroom and 3bedroom units
  • Excellent curb appeal; Large units with excellent layout
  • Excellent curb appeal with central courtyard
  • Ample parking with 22 parking spaces
  • Gated parking with secured entrance, individually metered for electricity and gas
  • Copper plumbing, double pane windows throughout, newer construction


The Growth Investment Group is proud to exclusively present 718 S 5th St, a value-add 11-unit apartment built in 1989 located in the City of Burbank.  The property offers superb location in north Burbank and within walking distance to Burbank Downtown, IKEA Burbank, many shopping centers, close to schools, parks, local and national retailers, dining and upscale shopping, entertainment, and easy access to freeways (5 FWY and 134 FWY). The property has been in the same ownership since 2005 and most of the tenants are long-time tenants that are on month-to-month lease. This provides significant upside potential to add value by increasing rent and return.

The property is a three-story apartment community with gated parking and secured entrance. It offers an excellent curb appeal. It is situated on a residential street surrounded by other a single-family and condominium communities.  Built in 1989, it offers newer plumbing system, and a superb unit mix of (1) 3 bed + 2.5 bath unit, (1) 3 bed + 2 bath units, (6) 2 bed + 2 bath units, and (1) 2bed + 1.75bath unit, and (2) 2bed + 1bath unit with a total of 22 gated parking spaces. It has a total building size of 10,998 SF and situated on a lot size of ±8,365 SF.

The property is separately metered for electricy and gas, each unit has double pane windows, central A/C and heating, individual water heater, tiled living room, granite kitchen countertops, mirrored closet doors, and much more. Parking is provided by 22 spaces in the middle and back portion of the building. There is a shared laundry area on the side of the building.

 

Marketing Files


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
[email protected]

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
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