2001 Grismer Ave, Burbank, CA 91504

General Information

Standard status Active

Size 11,334 SF

Lot size 0.26 Acres

Property subtype Multifamily

Zoning BUR4

Occupancy 97%

Additional Details

Cap Rate 4.41%

Multifamily Units 14

Amenities

Not subject to LA city rent control. Burbank is an independent city, and this property is governed by California AB 1482, not the City of Los Angeles RSO. Under AB 1482, annual increases of up to five

Significant rent upside across all 14 units. The average in-place rent of $2,203/month sits approximately $556 below the current market for comparable two-bedroom product in North Burbank. At full mar

Proven vacancy reset. Unit 204 turned in 2025 and re-leased at $2,500/month, confirming that vacancy produces a meaningful reset toward market under the current regulatory framework. The gap between t

Six units with the most immediate upside. Units 101, 103, 105, 202, 203, and 205 are at or below $2,100/month and represent the deepest below-market positions. Collectively they account for over $43,000 in annual gross upside at market rents, concentrated in units that will cycle sooner based on move-in tenure

Uniform unit mix simplifies operations. All 14 units are two-bedroom/two-bath. There are no efficiency or one-bedroom units creating variance in leasing strategy or tenant profile. A single rent comp applies across the entire building, and unit turns are operationally consistent.

Laundry income in place. All Valley Washer Service provides on-site shared laundry generating approximately $2,948 annually with no utility obligation attached to the income.

Burbank's multifamily fundamentals are strong. Burbank benefits from proximity to the entertainment industry employment base, above-average household incomes relative to the broader San Fernando Valley, and a supply-constrained rental market. Two-bedroom renter demand is consistent, and properties in the 91504 zip code rarely sit vacant long. The combination of below-market rents and a favorable regulatory environment relative to LA city makes this a straightforward rental upside story for an in

Pro forma NOI at market rents: $328,062 (5.96% cap). At the suggested list price of $5,500,000, the current in-place NOI reflects a 4.41% cap rate. As leases roll and rents reset toward the $2,750-$2,800 range, the economics of the asset at this basis improve substantially without any capital expenditure requirement.