2005 Grismer Avenue,Burbank, CA 91504
Burbank, CA 91504
Description
We are pleased to present the investment opportunity at 2001-2005 Grismer Avenue in Burbank, California. This 14-unit apartment community is situated in the established North Burbank residential corridor, one of the most consistently performing multifamily submarkets in the San Fernando Valley. The offering represents an opportunity to acquire a uniformly configured, below-market asset in a city that operates independently from the City of Los Angeles, with a meaningfully different regulatory environment and a strong long-term rental demand profile driven by proximity to the Burbank Media District, the studios, and the broader employment base that anchors the area. The subject property is a two-story, 14-unit apartment building constructed in 1987 and situated on an 11,325 SF lot. The building totals 11,334 square feet of rentable area and is zoned BUR4. The unit mix is entirely composed of two-bedroom/two-bathroom units, providing operational consistency and a single-profile leasing strategy across the entire asset. Residents benefit from on-site laundry service provided through a contract with All V alley Washer Service, generating approximately $2,948 annually in supplemental income. The building's uniform layout and standard two-bedroom configuration appeal to the core renter demographic in this corridor: working professionals, dual-income households, and long-term tenants drawn to Burbank's livability, school quality, and commuter access. The asset is individually addressed as both 2001 and 2005 Grismer Avenue and sits on a quiet residential street within walking distance of retail and services along N Glenoaks Blvd. 2001-2005 Grismer Avenue is positioned within the 91504-zip code, one of Burbank's most active multifamily leasing zones. Burbank is an independent city with its own municipal services and zoning authority, sitting just outside the City of Los Angeles and governed by California AB 1482 rather than the LA city RSO. The current in-place rent average of $2,203 per unit sits approximately $556 below the market rate for comparable two bedroom product in the immediate area, with all 14 units presenting measurable upside. At full market occupancy, annual gross scheduled rent reaches $462,000, representing $93,473 in additional gross income over the current roll. Burbank's location within easy commuting distance of the entertainment industry, healthcare, and professional service employment centers throughout Los Angeles County supports durable renter demand and limited lease-up risk for an incoming owner.
Details
| MLS # | 26852909 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1987 |
| Days On Site | 70 |
| Listing Provided By | Marcus & Millichap | Filip Niculete |
Features
| Bed(s) | 28 |
|---|---|
| Bath(s) | 28 |
| SQ Feet | 11,334 |
| Story(s) | 2 |
| Units | 14 |
| Building(s) | 1 |
| Zoning | BUR4* |
| Acreage | 0.26 |
Interior
| Cooling | Central Air |
|---|---|
| Heating | Central |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Interior Features | Ceiling Fans |
| Appliances | Dishwasher, Microwave |
Parking
| Parking Features | Covered |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Burbank |
| Zip Code | 91504 |
| Area | 610 Burbank |
| Listing VS Median (in 91504) | |
Price: $5,350,000 low | high Med: $725,000 sqft: 11,334 low | high Med: 1,478 $ / sqft: $472 low | high Med: $491 On site: 70 low | high Med: 86 | |
Market Activity 91504
Request a showing
Request a showing
Contact
Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Burbank |
| Zip Code | 91504 |
| Area | 610 Burbank |
| Listing VS Median (in 91504) | |
Price: $5,350,000 low | high Med: $725,000 sqft: 11,334 low | high Med: 1,478 $ / sqft: $472 low | high Med: $491 On site: 70 low | high Med: 86 | |