Description

We are proud to present "The Burbank", a 21-unit condominium property located at 11616 Burbank Blvd in North Hollywood, CA. Built in 2018 to condo specications, 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 oor with three levels of residential above. Each of the three residential oors have 7 condos with a stacked design. The condos are fully equipped with a high-end gourmet kitchen, stainless steal 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 laying on a beautiful clean boulevard and is equipped with 8kwp solar panels and 9 EV chargers.Currently, this condo buildings is being operated as apartment rentals, and 21 condos are 100% occupied with all tenants paying rent. The 21 condos bring in a combined $66,500 of rent per month, or $798,000 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 17% upside if they choose to continue operating the property as apartments.These condos offer an excellent exit strategy to sell them off individually. A survey of recently sold condos in the South Valley shows that newer construction 2 and 3 bedroom condos are selling for an average of $655 per sqft. With the building currently priced at just $341 per sqft (below today's replacement cost), there's millions of dollars in prot 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 located within short distance to the heart of NOHO Arts District where there's a plentiful amount 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.