366 Alameda Ave Burbank, CA 91506-3331

This exceptional 12-unit apartment building presents a compelling investment opportunity in Burbank, CA. Located at 366 W Alameda Ave, 91506, this property boasts 11,440 square feet of rentable space situated on a sizable 18,480 square foot lot. The two-story building, constructed in 1953, comprises two structures and features a mix of eight 2-bedroom/1-bathroom units and four 1-bedroom/1-bathroom units, averaging over 950 square feet each. The property's current NOI is $143,941, yielding a 3.69% cap rate, with a pro-forma NOI of $261,447 and a pro-forma cap rate of 6.70%. The asking price is $3,900,000, or $325,000 per unit. Benefiting from its location in Burbank's desirable media district, close to major studios, freeways (5 and 134), and the Burbank Metro Link, this property offers significant upside potential through rent increases. The building features a pitched roof, mostly copper plumbing, and newer windows. Units have been upgraded with new flooring as they become vacant. Note that Burbank is subject to AB1482 rent control. The property is zoned BUR4 and consists of two separate assessor parcel numbers (APN 5625-020-005). This is a rare opportunity to acquire a well-maintained multifamily property in a prime location with substantial potential for future growth.