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$ 7,255,000
Est. payment /mo
New
303 E Alameda Avenue Burbank, CA 91502
17,572 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 17,572 sqft
Price per Sqft $412
MLS Listing ID CL26991739
HOA Y/N No
Year Built 1963
Lot Size 0.317 Acres
Acres 0.3174
Property Sub-Type Other
Property Description
Situated near Glenoaks Boulevard and less than one mile from Downtown Burbank, the property lies in one of the densest and most prime rental pockets of Burbank. Due to the fact that the property is subject only to Burbank's local rent ordinance, a new owner may be able to recapture the rent upside and keep pace with improving rent growth via higher allowable rent increases, when compared with other assets subject to Los Angeles rent control. The property has been heavily upgraded and well-maintained, with a new roof installed in 2023. Seismic retrofit reinforcements and gas shutoff valves were installed in 2024, along with a new main water heater. Closed-circuit security cameras and new landscaping have also been added to the property in recent years. The property's unit mix features mostly two-bedroom apartments, helping to attract both families and business professionals seeking additional remote working space. The well-amenitized building includes central air/heat for all units, along with stainless steel appliances, stone countertops, and balconies in most apartments. An investor can benefit not only from the top rents these upgraded apartments command, but also from several supplemental income streams, including RUBS, renter's insurance, and on-site laundry revenue. With a Walk Score of 91 and having earned the label "Walker's Paradise," the property offers tenants convenient access to the nation's largest IKEA store just one block away, as well as the Burbank Town Center Shopping Mall and numerous shops and restaurants along Glenoaks Boulevard and nearby Downtown Burbank. Dubbed the "Media Capital of the World," the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Disney Studios, Walt Disney Imagineering, Warner Bros. Studios, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation.
Location
State CA
County Los Angeles
Zoning BUC2*
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 2453039025
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap