11616 Burbank Boulevard

11616 Burbank Boulevard

11616 Burbank Blvd
North Hollywood, CA 91601

$11,000,000
Price
48
Beds
42
Baths
30,817 Sq. Ft.
$357 / Sq. Ft.
30,817
Sq. Ft.
$357
per Sq. Ft.
a front view of a building
a view of a building with street view
a view of a balcony with furniture
a kitchen with granite countertop a refrigerator oven a sink a stove and cabinets
a bathroom with a granite countertop sink a toilet and shower
a bedroom with bed and a couch
a bedroom with a bed and a couch
a view of garage

Description

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...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.
  1. Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01240999 • Marcus & Millichap
  2. Listed by Glen Scher • DRE #01962976 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 11616 Burbank Boulevard

Zoning
LAR3
Parcel Number
2350001097
Total Units
21.0
Living Area
30817
Source Living Area
Vendor Enhanced
Area
North Hollywood (NHO)
Vacancy Rate
3%
Lot Size Area
18189

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976
Add your commute
LISTING UPDATED: 04/08/2024 12:58 PM

Property Details for 11616 Burbank Boulevard

StatusActive
MLS #24-374421
Days on Market33
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built2019
Lot Size0.42 AC / 18,189 SF
CountyLos Angeles County

Building

11616 Burbank Blvd

3 StoriesBuilt in 2019

Location

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976
Add your commute

Building Information for 11616 Burbank Boulevard

Stories3Residences-Year Built2019Building Size-Lot Size0.42 AC / 18,189 SF

Payment Calculator

$60,136 per month

30 year fixed, 7.25% Interest

Principal and Interest

$60,032

Property Taxes

$104

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 11616 Burbank Boulevard

Community / Development
Community / Development
  • Number Of Units: 21
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 4
  • Number Of Buildings: 1
  • Type Of Units: Market
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $783,687
  • Net Operating Income: $528,167.00
  • Gross Income: $781,901
  • Cap Rate: 4.80%
  • Gross Rent Multiplier: $14.07
  • Total Annual Expense: 255520
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.4176
  • Lot Size Square Feet: 18189
Parking Details
Parking Details
  • Parking Garage: Covered Parking, Garage, Electric Vehicle Charging Station(s)
  • Total Parking: 39
  • Parking Features: Covered, Garage
Interior Features
Interior Features
  • Levels: Three Or More
  • Cooling: Central Air
  • Cooling Type: Central
  • Heating: Central
  • Heating Type: Central
  • Equipment: Other, Washer, Dryer
  • Laundry: Washer Included, Dryer Included
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 03-29-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,880.00
  • Unit Actual Rent: $43,201.00
  • Unit Projected Rent: $53,104.00
  • Like Units: 15
Unit 2 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,659.00
  • Unit Actual Rent: $21,954.00
  • Unit Projected Rent: $24,400.00
  • Like Units: 6
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $4,835,736.00
  • Assessed Improvement Percent: 71.42
  • Assessed Land Value: $1,935,314.00
  • Assessed Land Percent: 28.58
  • Assessed Total Value: $6,771,050.00

Property History for 11616 Burbank Boulevard

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 11616 Burbank Boulevard

Taxable ValueLand$40,955Additions$24,267Total$65,222
Tax Record2017$1,249 ($104 / month)
Home Facts
Beds3Above Grade Finished SqFt1,829 SqFtStories1Lot Size12,501 SqFtStyleSingle Family ResidenceYear Built1905Year Renovated1927ZoningLAR3CountyLos AngelesAPN2350001019

Schools near 11616 Burbank Boulevard

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Lankershim Elementary School
Public - K to 5
Walter Reed Middle School
Public - 6 to 8
North Hollywood Senior High School
Public - 9 to 12
Amelia Earhart Continuation School
Public - 9 to 12
Rating
School
Distance
Lankershim Elementary School
PublicK to 5

Walter Reed Middle School
Public6 to 8

North Hollywood Senior High School
Public9 to 12

Amelia Earhart Continuation School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 11616 Burbank Boulevard, North Hollywood, CA 91601

11616 Burbank Boulevard is a multi-family home for sale in North Hollywood, CA 91601. This property was listed for sale on March 29, 2024 by Marcus & Millichap, it's currently listed at $11,000,000. This listing's school district is Los Angeles Unified School District. Nearby schools include Lankershim Elementary School, Walter Reed Middle School and North Hollywood Senior High School. 11616 Burbank Boulevard is a 48-bed, 42-bath, 30,817 sqft multi-family home built in 2019.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.