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536 E Cypress Ave
For Sale $5,298,000 ($352.92 per Sq Ft)
$5,298,000 ($352.92 per Sq Ft)
- 13 Units
- 15,012 Sq Ft
- 9,890 Sq Ft
- Unknown Cap Rate
Description
First time on the market in over 27 years, a premier investment opportunity for 13 units in prime Burbank. Constructed in 1986, this well built and well-maintained apartment property is located within one block of N. Glenoaks Blvd. Thirteen 2 Bedroom + 2 bath units were designed with more square footage and larger room sizes than typical apartments of that era. Over the last four years, 4 units have been fully updated including new cabinets, Quartz countertops, vinyl plank flooring and updated bathrooms. Other features such as a secure intercom entry, central heat and AC in all units, gated parking (26 SIDE BY SIDE SPACES), pitched comp shingle roofs, individual water heaters and parking access elevator make this an excellent rental property investment. In 2019 the windows and sliding doors were replaced, in 2020 building exterior was fully repainted and in 2024 the balconies were inspected in accordance with SB721. There is an on-site laundry room with machines owned by sellers, and the building is separated metered for gas and electricity. Located in a highly desirable Burbank neighborhood, this property is within walking distance of the vibrant downtown Burbank and Town Center, providing residents with easy access to shopping, diverse dining options, and dynamic entertainment venues. The property's proximity to major employers, such as Walt Disney Studios, Warner Brothers Studios, and DreamWorks Animation, further contributes to the appeal of its location. With limited property sales in this area, don't miss this chance to acquire a top-quality building in a prime location that will serve as a generational investment. Property is subject to AB1482 Rent Control. PLEASE DO NOT DISTURB TENANTS. INSPECTION UPON ACCEPTED OFFER.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $5,298,000 |
| Property Type | Multi-Family |
| Usable Sqft | 15,012 |
| Number of Stories | 3 stories |
| Parking Spots | 0 spots |
| Year Built | 1986 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 2455038011 |
| MLS # | 24440913 |
| Property ID | 292441159 |
| Lot Sqft | 9,890 |
| Zoning | BUR4* |
| Total Units | 13 |
| Days on Market | 63 |
| Original List Price | $5,298,000 |
| Date Updated | October 01, 2024 |
| Date Created | September 23, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 2 | 2.00 | $2,095 | $32,435 |
| Gross Income (Yr) | $ 318,761 |
| Operating Expenses | $ 109,875 |
| Net Income (Yr) | $ 208,887 |
| Cap Rate | 4.05% |
Listing Provided By
Alexander Metaxas an agent of . Lic #01784652
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