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    115 1st St Burbank, CA 91502-1856
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    Property profile & analytics

    115 1st St, Burbank, CA 91502-1856

    View on Map
    • Office buildings
    • 88,993 SF
    • 1.10 lot acres
    Off-Market
    Property ID
    US09-6263696
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $17,460,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Harper & Associates / Department Store

    Property Details for 115 1st St

    Year built
    1990
    Construction
    TILT-UP CONCRETE
    Lot size
    1.10 lot acres
    Zone code
    BUM2*
    Property type
    Office buildings
    APN
    2453-011-037
    APU
    2453011037

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 21, 2022 — Del Rey Properties LLC — Deed · related $15M · Genworth Life Insurance Company
    — — Del Rey Properties LLC — Deed Of Trust · related $7M · Aviva Life & Annuity Co

    Description

    This exceptional Class A medical office building, located at 115 N 1st St, Burbank, CA 91502 (cross streets: Orange Grove Ave), presents a unique investment opportunity. The single-tenant, 86,000 square foot building, constructed in 1990, boasts three stories and offers a prime location in Downtown Burbank. Enjoy excellent freeway visibility and proximity to numerous restaurants and shops, all within walking distance. The property features a desirable mix of private offices and open floor plans, perfect for a variety of medical practices. Ample parking is provided with 366 spaces, a generous ratio of 3 spaces per 1,000 square feet, offered free of charge. The parking is gated and subterranean, ensuring security and convenience. Additional parking is available both within the building and in adjacent city lots. The building also includes private patios and outdoor areas, enhancing the overall appeal and functionality of the space. The property's APN is 2453-011-037, and it's situated in Los Angeles County. This is an ideal headquarters opportunity in a thriving submarket. Elevators are available for convenient access to all three floors.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $20,515,000
      Market price range: $5.57M - $47.9M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Burbank
    County
    Los Angeles
    State
    California
    Longitude
    -118.311
    Latitude
    34.1798
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $257,390
    $4,996,390
    $16,881,048
    $21,877,438
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      45,080 SF

      100 Tujunga Ave

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      View Details
    • Value Estimation
      $7,800,000
      36,606 SF

      150 Olive Ave

      OFFICE BUILDING
      150 Olive Ave, Burbank, CA 91502-1846
      View Details
    • Value Estimation
      $1,460,000
      4,650 SF

      201 1st St

      PROFESSIONAL BUILDING
      201 1st St, Burbank, CA 91502-1803
      View Details
    • Value Estimation
      $2,310,000
      9,510 SF

      227 Lk St

      OFFICE BUILDING
      227 Lk St, Burbank, CA 91502-2111
      View Details
    • Value Estimation by Request
      0.22 Acres

      123 Burbank Blvd

      PROFESSIONAL BUILDING
      123 Burbank Blvd, Burbank, CA 91502
      View Details
    • Value Estimation
      $14,815,000
      66,311 SF

      300 Magnolia Blvd

      OFFICE BUILDING (MULTI-STORY)
      300 Magnolia Blvd, Burbank, CA 91502-1145
      View Details

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    • $3 SF/Yr
      20,007 SF

      Renovated Burbank Office Campus

      338,000 SF office space with collaborative outdoor space.
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      Renovated Burbank Office Campus

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      Burbank Office Space Available

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      Burbank Office Space For Lease

      Office space available for lease in Burbank, California.
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      View Details
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    Burbank, CA 91502-1856
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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