Description

2001-2005 Grismer Avenue is a 14-unit apartment building in North Burbank with a uniform mix of two-bedroom, two-bath residences. Completed in 1987, it provides 11,334 rentable square feet on an 11,325-square-foot BUR4 lot. The current rent roll shows 12 leased units, or 86% occupancy, under OPEL Management Service. Contracted on-site laundry contributes approximately $2,948 annually.

Occupied units average $2,198 per month against the offering's $2,650 market estimate. At the projected full market rents, annual scheduled income would reach $445,200, an increase of $65,109 over the current scheduled roll. These figures are underwriting estimates, subject to leasing, expenses and applicable tenant protections. The property is in the independent City of Burbank, and the offering identifies California AB 1482 rather than Los Angeles city RSO as the applicable rent regulation. Buyers should verify current requirements. Retail on North Glenoaks Boulevard and the Burbank employment base are nearby.