Multifamily Property with Detached
For Sale
$2,500,000
124 N Naomi, Burbank, CA 91505
Residential improvements include a junior ADU, detached garages, and an office/studio with a terrace.
Property Size4,500 SF
Lot Size0.30 Acres
Price / SF$555.56
Days on Market115
Property Features for 124 N Naomi
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.30 Acres
Property subtype
Investment
Additional Details
Highway Access
Yes
Amenities
modern terrace
Building Details
Building Size
4,500 SF
Year Built
1941
Buildings
4
Stories
1
Units
3
Listing Agency:
Prominence Real Estate
Listed By:
Gilmer Pozo · License #01423037
Source:
Elliman
Added: May 8
Changed: Aug 29
Last Checked: Apr 29 at 1:44PM
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 Prominence Real Estate
Investment Insights
Based on property information with market context.
Set on a 13,143 sq. ft. lot, this multifamily property includes a 3-bedroom, 2-bathroom main house, a single junior ADU with a kitchen and bathroom, and several detached improvements. The property also features a 2-car garage, a two-story RV garage, and an office/studio with a kitchenette, bathroom, and modern terrace. The RV garage is described as fully equipped.
Suggested applications in the property information include indoor vehicle storage, a home business, recording or rehearsal space, creative studio use, and rental income. The site is positioned near Burbank Studios, Warner Bros., Universal Studios, retailers, hospitals, schools, and freeways. The property information also identifies possible SB9 subdivision consideration for a separate parcel with additional units, subject to buyer verification of zoning, easements, code requirements, and other regulations.
Suggested applications in the property information include indoor vehicle storage, a home business, recording or rehearsal space, creative studio use, and rental income. The site is positioned near Burbank Studios, Warner Bros., Universal Studios, retailers, hospitals, schools, and freeways. The property information also identifies possible SB9 subdivision consideration for a separate parcel with additional units, subject to buyer verification of zoning, easements, code requirements, and other regulations.
Key Highlights
- 13,143 sq. ft. lot near Burbank Studios, Warner Bros., and Universal Studios
- Main house offers ~1,569 sq. ft. with 3 bedrooms and 2 Bathrooms
- Single junior ADU includes ~432 sq. ft., a kitchen, and 1 bathroom
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
$96,390
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
3.86%
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%
$1,927,800
$1.9M
Cap Rate 7%
$1,377,000
$1.4M
Cap Rate 9%
$1,071,000
$1.1M
Market Conditions
NOI Build-Up for 4,500 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
$151.2K $33.60/SF
− Vacancy
−$22.7K −$5.04/SF
EGI
$128.5K $28.56/SF
− OpEx
−$32.1K −$7.14/SF
NOI
$96.4K $21.42/SF
Area
Burbank, CA
Vacancy
15.00%
Lease Rate
$33.60 /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%
$1,927,800
Cap Rate 7%
$1,377,000
Cap Rate 9%
$1,071,000
Alternative Uses
Best Use
Apartment 5plus
$79.56M
$69.61M – $92.82M
NOI $5,568,993 @ 7.0% cap · market cap 222.76%
Second Best
Office B
$1.38M
$1.20M – $1.61M
NOI $96,390 @ 7.0% cap · market cap 3.86%
Theoretical Best
Multifamily LT 5
$91.17M
$79.77M – $106.36M
NOI $6,381,711 @ 7.0% cap · market cap 255.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 91505, CA
32,371
Population
14,258
Households
2.3
Avg Household Size
40
Median Age
47%
College-Educated
94%
High-School Grad
5.4 sq mi
ZIP Area
5,995
Density / Sq Mi
$106,364
Median Household Income
$60,859
Median Earnings
$2,284
Median Rent
$992,300
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?
Multifamily property - Residential improvements include a junior ADU, detached garages, and an office/studio with a terrace.
Where is this multifamily property located?
The property is located at 124 N Naomi Burbank, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 13,143 sq. ft. lot near Burbank Studios, Warner Bros., and Universal Studios; Main house offers ~1,569 sq. ft. with 3 bedrooms and 2 Bathrooms; Single junior ADU includes ~432 sq. ft., a kitchen, and 1 bathroom
