1501 N Hollywood Way Burbank, CA 91505
6-Unit Apartment in Prime Burbank
SOLD: $1,950,000 CAP RATE: 3.94% GRM: 16.14 PRICE PER SQUARE FOOT: $422
We are pleased to announce the sale of 1501 N Hollywood Way a highly desirable six unit multifamily property located in the heart of Downtown Burbank one of the strongest and most stable rental submarkets in Greater Los Angeles. The property received an all cash non contingent offer and successfully closed in 30 days selling for 100% of the asking price at $1,950,000. This reflects a 3.94% cap rate a 16.14 GRM a $325,000 price per unit and a $422 price per square foot.
The building offers an excellent unit mix consisting of three two bedroom one bathroom units and three one bedroom one bathroom units all separately metered for gas and electricity. The soft story seismic retrofit has already been completed eliminating a major future capital requirement and strengthening the long term stability of the asset.
With approximately 16% upside remaining in market rents the property presents a compelling value add opportunity in a high demand walkable location. The property has a Walk Score of 83 classified as “Very Walkable” with immediate access to restaurants grocery stores retail entertainment and major employment hubs including Disney Warner Bros and Nickelodeon.
This transaction reflects the continued investor demand for well located Burbank multifamily assets. David Saghian represented the seller in the sale.
Investment Highlights
Sold for 100% of the asking price at $1,950,000 with an all cash non contingent 30 day close
Premier Downtown Burbank location with a Walk Score of 83 classified as Very Walkable
Excellent unit mix with three two bedroom one bathroom units and three one bedroom one bathroom units
Soft story retrofit completed eliminating a major future capital requirement
Value add potential with approximately 16% upside in market rents
Separately metered for gas and electricity providing efficient operating expenses
Sale reflects a 3.94% cap rate a 16.14 GRM a $325,000 price per unit and a $422 price per square foot
Seller represented by David Saghian
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com