Active

11616 Burbank Boulevard

North Hollywood CA, 91601

$10,500,000


$340.72 per sqft

Active

48 Beds

42 Baths

30,817 sqft

Residential

Built in 2018

Listed by Filip Niculete with Marcus & Millichap 818-212-2700

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.

24374421

MLS ID

March 29, 2024

Listed

June 4, 2024

Updated

Map

11616 Burbank Boulevard
North Hollywood CA, 91601

Interior Features

Total Stories

4


Bedrooms

48


Total Bathrooms

42


Appliances

Dryer, Washer


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.42 Acres

Other Property Details

Area Name

NHO - North Hollywood


Days on Market

66


Garage

Yes


Parking

Covered, Garage


Parking Total

39


View

No


County

Los Angeles


Pool

No


Zoning

LAR3


Buyer Agency Compensation

1.25%

Listing History

Date

Event

Price

6/3/2024

Price Change

$10,500,000

-5%

Listing Contact: 818-212-2700 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 6/4/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 6/4/2024 at 7:06 PM UTC

 

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