2001-2005 Grismer Ave

Highlights:

• 14-unit, 1987-built North Burbank apartment community offered at $5,500,000
• Uniform 2-bedroom / 2-bathroom unit mix across all 14 units
• OM-stated current NOI of $242,428 and pro forma NOI of $328,062
• In-place average rent of $2,203 per unit versus OM market rent of $2,750 per unit
• Burbank is independent from Los Angeles and the OM states the property is governed by AB 1482, not City of Los Angeles RSO

Description:

The LAAA Team of Marcus & Millichap is pleased to present 2001-2005 Grismer Avenue, a 14-unit apartment community in North Burbank. Built in 1987 with a uniform two-bedroom/two-bathroom unit mix, the property offers investors a Burbank multifamily asset outside City of Los Angeles RSO, with the OM framing rent regulation under California AB 1482.

•Burbank Multifamily Location: A North Burbank setting near neighborhood retail, transit connections, and the city's entertainment-employment base.

•Uniform Unit Mix: All 14 units are two-bedroom/two-bathroom apartments, giving the buyer a clean and consistent rent-roll profile.

•Embedded Rent Upside: The OM shows in-place average rent of $2,203 per unit against an OM market average of $2,750 per unit.

•AB 1482 Operating Framework: The OM states the property is outside City of Los Angeles rent control and governed by California AB 1482.

•Laundry Income in Place: The OM notes an existing laundry contract with All Valley Washer Service and approximately $2,948 of annual laundry income.

•Pro Forma Yield Growth: At the OM market rent schedule, pro forma NOI increases from $242,428 to $328,062, with a pro forma cap rate of 5.96%.