A residential building known as The Burbank has been listed for sale for $11 million. The building consists of 21 condominium residential units located at 11616 Burbank Blvd in North Hollywood. According to Marcus & Millichap, which has the listing, the property spans a total of 30,817 square feet on just under half an acre of land. The listing price per unit is approximately $524,000 while the price translates to around $357 per square foot.
Marcus & Millichap’s LAAA Team consisting of Senior Vice President Glen Scher and Senior Managing Director Filip Niculete is leading the marketing efforts for the property. Public property records show that the current owner is an entity that shares an address with LPBM, an apartment management company based in Sherman Oaks.
The Burbank was originally developed by the seller in 2018 as part of a three-property portfolio across the South Valley. The residential building has a unit mix comprising 15 two-bedroom/ two-bathroom condos and six three-bedroom/two-bathroom condos. Each modern residence offers living space with an average size of 1,387 square feet for the two-bedroom units and 1,575 square feet for the three-bedroom units. Among the total of 21 condos, 19 are market-rate, while two are designated as low-income restricted, both being two-bedroom units.
The property design features gated parking on the ground floor, with three levels of residential space above. Each residential floor accommodates seven condos in a stacked configuration. The units have various features such as high-end kitchens, stainless steel appliances, kitchen islands, in-unit washer and dryer and balconies. Additionally, the building is equipped with solar panels and nine electric vehicle chargers.
According to the marketing flier, the residential asset has a 100 percent exemption from all rent control regulations and has a current cap rate of 4.8 percent, while the net operating income is just over $528,000 per year.
The Burbank building is currently operated as apartment rentals with full occupancy. The property generates a total rental income of $65,000 per month or $782,000 per year. However, Marcus & Millichap show a recent rent survey suggested that at full market rent the estimated income could rise to $77,500 per month or $930,000 per year, presenting a 19 percent upside potential for investors. The condominiums also offer potential for individual unit sale. The marketing materials show that the recent sales data for comparable condos in the South Valley area indicate an average selling price of $655 per square foot for newer construction two and three bedroom units, allowing for profit potential from the current $357 per square foot listed price.
The residential property is positioned within walking distance to the vibrant NOHO Arts District, offering residents access to an array of dining, shopping, cafes, gastropubs, and nightlife options. The Burbank is also in close proximity to major freeways such as the California State Route 170/ US Highway 101 ensures seamless commuting throughout the greater Los Angeles area and beyond.
The North Hollywood neighborhood of Los Angeles has recently seen renewed interest in multifamily developments. The Registry recently reported on a 100-unit multifamily project planned by Al Leibovic of Yaya Case LLC. The property would replace a car repair shop located at 5554 Case Ave. and would include the construction of a modern six-story apartment complex. The development will offer amenities including a second-floor patio, a roof deck, and a gym, alongside 87 parking spaces. Additionally, it will feature 10 units designated for extremely low-income households.
