11616 Burbank Boulevard
North Hollywood, CA, 91601 $ 11,000,000
Bedrooms48 Baths42.0 Sq 30,817 Monthly Estimate*
$ 76,838
Listed by Marcus & Millichap
for $11,000,000 with 48 bedrooms and 42 full baths. This 30,817 square foot home was built in 2018 on a lot size of 0.4176.
We are proud to present "The Burbank", a 21-unit condominium property located at 11616 Burbank Blvd in North Hollywood, CA. This listing is part of a 3 property portfolio with 57 total condos, all in the South Valley, and all built by the seller in 2018.Built in 2018 to condo specifications, this property is 100% free of all rent control. The 30,817 sqft building sits on a 0.42 acre lot, and it boasts an excellent unit mix (15) 2 Bed / 2 Bath condos and (6) 3 Bed / 2 Bath condos. All of these modern condos are very large, with the average 2-Bed at 1,387sf and the average 3-Bed at 1,575sf. Of the 21 condos, 19 are market-rate and 2 are low-income restricted (both low-income restricted condos are 2 Bed).The property has gated parking on the ground floor with three levels of residential above. Each of the three residential floors has 7 condos with a stacked design. The condos are fully equipped with a high-end gourmet kitchen, stainless steel appliances and kitchen islands. Also included in each unit is a washer and dryer, balcony and exceptionally large space cabinetry and closets. The building is equipped with 8kwp solar panels and 9 EV chargers.Currently, this condo building is being operated as apartment rentals, and the building is 100% occupied with all tenants paying rent. The 21 condos bring in a combined $65,000 of rent per month, or $782,000 per year. A recent rent survey suggests full market-rent potential at $77,500 per month, or $930,000 per year, presenting an investor with approximately 19% upside potential. The property is individually metered for gas and electric and sub-metered for water. The tenants are responsible for their own water bill which they pay to the landlord through a utility billback system. These condos offer an excellent exit strategy to sell them off individually. A survey of recently sold condos in the South Valley show that newer construction 2 and 3 bedroom condos are selling for an average of $655 per sqft. With the building currently priced at just $357 per sqft (below today's replacement cost), there's immense profit potential for an investor who's willing to put in the time to sell these condos individually. Importantly, selling these individually would allow the buyer to avoid expensive ULA transfer taxes on the exit. The Burbank is a short distance to the heart of NOHO Arts District where there's a number of restaurants, shopping, cafes, gastropubs, and nightlife. The property has easy access to the 170/101 freeways, allowing for easy commuting to anywhere throughout Los Angeles and beyond. Its proximity to Burbank, Studio City, and Hollywood positions it as an ideal home for those seeking access to the best the area has to offer.
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FeaturesGeneralHeating Central
Cooling CentralAir
Appliances Dryer Washer
Zoning LAR3
Year Built 2018
Levels ThreeOrMore
Gross Income 781901.0
County Los Angeles
Net Operating Income 528167.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N Y
Special Listing Conditions Standard
Status Active
Directions Burbank & Colfax
City North Hollywood
View Y/N N
Senior Community Y/N N
Total Units 21
MLS Area NHO - North Hollywood
Lot Size Square Feet 18189.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Burbank
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 10
Standard Status Active
Cap Rate 4.8
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ExteriorParking Features Covered Garage
Total Parking 39.0
Lot Size Area 18189.0
Number of Buildings 1
Spa N
Building Area Total 30817.0
Lot Size Acres 0.4176
Lot Size Units SquareFeet
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 4
Basement (Y/N) N
Air Conditioning Y/N Y
Heating Y/N Y
Fireplace Y/N N
Full Baths 0
Half Baths 0
1/4 Baths 0
3/4 Baths 0
Street Suffix Boulevard
Total Bedrooms 48
Electric On Property Y/N N
Total Baths 42
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $76,838
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in North Hollywood, CA
Average List Price $2,952,979
Percent of Sale Price 73%
About North Hollywood, CA 158,455 Population
0% Since 2002
$ 0 Median Income
0 Median Age
35% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
3/30/2024 | $11,000,000 | | Listed Price |