Active
13060 Burbank Boulevard
Sherman Oaks CA, 91401
$6,300,000
$411.90 per sqft
Active
15,295 sqft
Condo
Built in 1958
Listed by Cynthia Burts with Burts & Associates 310-308-8003
Burts and Associates presents 13060 Burbank Blvd, Sherman Oaks a 19-unit value-add property with a 40%+ upside in rents in the highly desirable Sherman Oaks area of the San Fernando Valley. The building is located within walking distance of the Los Angeles Valley College. This value-added opportunity provides investors to acquire an excellently located, well-maintained, and easy-to-manage apartment building. The building has been consistently upgraded with recent major improvements that include trim exterior repainting and steel railings repainting (2023), new copper plumbing throughout (completed in 2019), new roof (completed in 2018), parking soft story retrofit completed, dual pane windows upgrade. Twelve of the units have been recently remodeled and upgraded with quartz counters, flooring, and wood cabinets. The property is well amenitized with a gated pool, secured entry and parking, and on-site laundry facilities.
With 3 ADU units allowed by the City of Los Angeles to be built, the increase in rental income combined with the added value of the price per unit and square foot overall value benefit a new owner. The building was constructed in 1958 and is a 19-unit +-15,295 square foot building on a +-15,825 square foot [Q]RD1.5-1 zoned lot. There is an excellent unit mix of one studio unit, fifteen one-bedroom/one-bathroom units, one two-bedroom/one-bathroom units, and two two-bedroom/two-bathroom units.
The property will be delivered with minimal deferred maintenance but will provide the new owner with significant upside potential. When the long-term tenant's turnover, the new owner will enjoy a large increase in rental income and be able to renovate the units to increase the value of those units.
Located across the street is the new Academic Complex 1 project scheduled for 2025 completion, which is currently being designed and consists of a new 80,000 SF building, new vehicular parking with passenger pick-up/drop-off area, underground stormwater tanks, and approximately 165,000 SF of site development. The building will contain space for curriculums such as Business, Computer Science, Information Systems, Math, Psychology, Sociology, Ethnic Studies, and Emergency Services. Additionally, the scope will include connections to LAVC's Central Plant, site & building utilities, new and existing City utility connections, disconnections, and relocations, new ADA paths of travel, and improvements to the Burbank Blvd. and Ethel St. rights-of-way.
SR23227435
MLSⓇ ID
December 17, 2023
Listed
March 28, 2024
Updated
Map
13060 Burbank Boulevard
Sherman Oaks CA, 91401
Interior Features
Total Stories
2
Laundry Description
Common Area, Inside, Laundry Room
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.36 Acres
Lot Features
Landscaped, Near Public Transit, Rectangular Lot, Sprinkler System, Trees
Sewer
Public Sewer
Other Property Details
Area Name
SO - Sherman Oaks
Days on Market
65
Garage
Yes
Garage Spaces
19
Parking Total
38
View
No
County
Los Angeles
Water Source
Public
Pool
Yes
Pool Features
Fenced, Filtered, In Ground, Private
Zoning
LARD1.5
Buyer Agency Compensation
2.5%
Listing Contact: 310-308-8003
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/28/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 3/28/2024 at 3:35 PM UTC