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$ 5,500,000
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11,334 SqFt
$ 5,500,000
Est. payment | /mo
11,334 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 11,334 sqft
Price per Sqft $485
MLS Listing ID CL26852909
HOA Y/N No
Year Built 1987
Lot Size 0.263 Acres
Acres 0.2627
Property Sub-Type Other
Property Description
We are pleased to present the investment opportunity at 2001-2005 Grismer Avenue in Burbank, California. This 14-unit apartment community is situated in the established North Burbank residential corridor, one of the most consistently performing multifamily submarkets in the San Fernando Valley. The offering represents an opportunity to acquire a uniformly config red, below-market asset in a city that operates independently from the City of Los Angeles, with a meaningfully different regulatory environment and a strong long-term rental demand profile driven by proximity to the Burbank Media District, the studios, and the broader employment base that anchors the area.The subject property is a two-story, 14-unit apartment building constructed in 1987 and situated on an 11,440 SF lot. The building totals 11,334 square feet of rentable area and is zoned BUR4. The unit mix is entirely composed of two-bedroom/two-bathroom units, providing operational consistency and a single-profile leasing strategy across the entire asset. The property is currently managed by OPEL Management Service and is 100% occupied as of the May 2026 rent roll.Residents benefit f om on-site laundry service provided through a contract with All Valley Washer Service, generating approximately $2,948 annually in supplemental income. The building's uniform layout and standard two-bedroom config ration appeal to the core renter demographic in this corridor: working professionals, dual-income households, and long-term tenants drawn to Burbank's livability, school quality, and commuter access. The asset is individually addressed as both 2001 and 2005 Grismer Avenue and sits on a quiet residential street within walking distance of retail and services along N Glenoaks Blvd.2001-2005 Grismer Avenue is positioned within the 91504-zip code, one of Burbank's most active multifamily leasing zones. Burbank is an independent city with its own municipal services and zoning authority, sitting just outside the City of Los Angeles and governed by California AB 1482 rather than the LA city RSO. That distinction matters at the operating level: annual increases of up to 5% plus local CPI are permitted, and rents reset fully to market at every vacancy. The current in-place rent average of $2,203 per unit sits approximately $556 below the market rate for comparable two-bedroom product in the immediate area, with all 14 units presenting measurable upside. At full market occupancy, annual gross scheduled rent reaches $
Location
State CA
County Los Angeles
Zoning BUR4*
Interior
Heating Other
Cooling Central Air
Fireplace No
Building
New Construction No
Others
Tax ID 2468015084
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Listed by Filip Niculete • Marcus & Millichap
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