140 N Pass AVE new Save Request In-Person Tour Request Virtual Tour
Burbank,CA 91505
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,077 sqft
Price per Sqft $588
MLS Listing ID 25555629
Bedrooms 6
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1941
Lot Size 5,688 Sqft
Property Description
Exceptional Investment Opportunity in the Heart of Burbank. This well-maintained 5-unit property features a desirable front owner's unit and a two-story rear building with four additional rental units. Amenities include five garage parking spaces, one uncovered parking spot, and an on-site laundry room, ideal for both tenant convenience and additional income potential. Perfectly located near Warner Bros. and NBC Studios and just 15 minutes from Universal Studios. The front unit is a prime candidate for Airbnb or short-term rentals, offering significantly higher revenue compared to traditional annual leasing. The property underwent extensive renovations in 2022 and 2023, including a new roof on units and garages and new dual-pane windows in most units (except one). The current leases remain in place through August 31, 2025, the owner unit's rent based on AirBNB income, at which time rents can be adjusted by California's rent control guidelines. Bonus income potential: The new owner can increase revenue through separate charges for garage parking and storage. With rent increases taking effect, coupled with low building expenses and minimal maintenance, this property has the potential to achieve a cap rate exceeding 5.5%.
Location
State CA
County Los Angeles
Area 610 - Burbank
Zoning BUR4*
Interior
Interior Features Crown Molding
Heating Natural Gas
Flooring Laminate
Fireplaces Type Bath,Kitchen,Living Room
Fireplace Yes
Appliance Disposal,Gas Range,Refrigerator
Laundry Common Area,Stacked
Exterior
Parking Features Door-Multi,Door-Single,Garage,One Space,On Street
Garage Spaces 5.0
Garage Description 5.0
Pool None
View Y/N Yes
View City Lights
Roof Type Composition,Shingle
Accessibility None
Porch None
Total Parking Spaces 6
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Entry Level Two
Sewer Sewer Tap Paid
Water Public
Level or Stories Two
New Construction No
Construction Status Updated/Remodeled
Others
Senior Community No
Tax ID 2485007012
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Special Listing Condition Standard