Multi-Tenant Office Building For
For Sale
$1,550,000
11490 Burbank Boulevard, North Hollywood, CA 91601
Three-story office building with diversified income streams for sale.
Property Size6,431 SF
Lot Size0.06 Acres
Price / SF$241.02
Days on Market170
Property Features for 11490 Burbank Boulevard
General Information
Standard status
Active
Size
6,431 SF
Lot size
0.06 Acres
Property subtype
Multi-Tenant Office
Building Details
Year Built
1946
Listing Agency:
Stevenson Real Estate Services
(818) 535-9833
Listed By:
Patrick Long · License #CalDRE #01831830
(818) 535-9833
Source:
Stevensonrealestate
Added: Mar 6
Changed: Jul 6
Last Checked: Aug 23 at 4:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Stevenson Real Estate Services
Investment Insights
Based on property information with market context.
The property at 11490 Burbank Boulevard is a 6,431 square foot, three-story, multi-tenant office building situated on a 2,500 square foot lot. The building is currently configured into executive office suites, with sizes ranging from 41 to 285 square feet. In addition to office space, the property includes separate storage units and mailboxes available for lease, creating a diversified income stream. There is strong demand for mailboxes from businesses needing a physical address. Most leases are short-term or month-to-month, offering an owner-user the flexibility to occupy a significant portion of the building and reconfigure the space. A new roof was installed in 2022 with a 20-year warranty. Additional improvements include the replacement of three HVAC units (6 HVAC units total), new garage door openers with timers, and hard-wired video surveillance. The property is located one block west of the intersection of Burbank Boulevard and Lankershim Boulevard, near the North Hollywood Arts District. The advertised cap rate is 7.53% based on the current income and property tax estimate based on 1.2% of the sales price. An investor can lease the remaining vacant units and potentially achieve a 9.64% pro forma cap rate. The mix of smaller-sized executive offices generates higher demand and rent per square foot compared to other office buildings. The property is near the southeast corner of Burbank Boulevard and Camellia Avenue.
Key Highlights
- High Income Potential: Current 7.53% cap rate, pro forma potential to reach 9.64% by leasing vacant units.
- Flexible Usage: Short‑term leases allow for owner‑user occupancy and reconfiguration.
- Diversified Income: Benefit from multiple income streams including executive office suites, storage units, and mailboxes.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$140,577
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,811,540
$2.8M
Cap Rate 7%
$2,008,243
$2.0M
Cap Rate 9%
$1,561,967
$1.6M
Market Conditions
NOI Build-Up for 6,431 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$247.0K $38.40/SF
− Vacancy
−$59.5K −$9.25/SF
EGI
$187.4K $29.15/SF
− OpEx
−$46.9K −$7.29/SF
NOI
$140.6K $21.86/SF
Area
Los Angeles County, CA
Vacancy
24.10%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,811,540
Cap Rate 7%
$2,008,243
Cap Rate 9%
$1,561,967
Alternative Uses
Best Use
Office B
$2.01M
$1.76M – $2.34M
NOI $140,577 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.44M
$3.01M – $4.02M
NOI $241,019 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,359
Businesses Nearby
Explore this area
Business Placement
Demographics for 91601, CA
39,429
Population
20,539
Households
1.9
Avg Household Size
35
Median Age
51%
College-Educated
89%
High-School Grad
2.6 sq mi
ZIP Area
15,165
Density / Sq Mi
$77,540
Median Household Income
$48,907
Median Earnings
$2,115
Median Rent
$961,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story office building with diversified income streams for sale.
Where is this office building located?
The property is located at 11490 Burbank Boulevard North Hollywood, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: High Income Potential: Current 7.53% cap rate, pro forma potential to reach 9.64% by leasing vacant units.; Flexible Usage: Short‑term leases allow for owner‑user occupancy and reconfiguration.; Diversified Income: Benefit from multiple income streams including executive office suites, storage units, and mailboxes.
