11490 Burbank Blvd North Hollywood, CA

The property is a 6,431 square foot, three-story, multi-tenant office building situated on 2,500 square feet of land. The building is currently divided into executive office suites ranging from 41 to 285 square feet. In addition to office space, the property includes separate storage units and mailboxes available for lease, providing a diversified income stream. There is strong demand for the mailboxes from businesses needing a physical address. Most of the leases are short-term or month-to-month, allowing for an owner-user to potentially occupy a significant portion of the building with the flexibility to 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-wiring the property with 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. A proactive 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.