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$ 9,100,000
Est. payment /mo
Active
515 E Elmwood Avenue Burbank, CA 91501
23,440 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 23,440 sqft
Price per Sqft $388
MLS Listing ID CL25618945
HOA Y/N No
Year Built 1987
Lot Size 0.420 Acres
Acres 0.42
Property Sub-Type Other
Property Description
Constructed in 1987, the property consists entirely of two bedroom/two bathroom units. Situated north of Glenoaks Boulevard in the foothills of the Verdugo Mountains, the property allows tenants convenient access to Downtown Burbank and the Burbank Town Center shopping mall. Due to the fact that the property is subject only to Burbank's local rent ordinance, a new owner may be able to recapture the rent upside and keep pace with improving rent growth via higher allowable rent increases, when compared with other assets subject to Los Angeles rent control. An investor can enjoy additional income via the landlord-owned laundry facilities as well as pet rent collected from tenants. Dubbed the "Media Capital of the World," the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Disney Studios, Walt Disney Imagineering, Warner Bros. Studios, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation.
Location
State CA
County Los Angeles
Zoning BUR4
Interior
Heating None
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 5621025049
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap