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Listed by Filip Niculete of Marcus & Millichap

Listing Sold by Marcus & Millichap
We are proud to present an exceptional investment opportunity at 157 W Ash Ave. Located in the heart of Burbank, California, this meticulously renovated 5-unit multifamily property stands as a testament to modern residential design and functionality. Built in 1988, the property underwent a comprehensive overhaul in 2023, ensuring it meets the high standards of contemporary living. Diversified in its offerings, the property features two 1-bedroom, 1-bathroom units, two 2-bedroom, 1-bathroom units, and an expansive 2-bedroom, 1.5- bathroom townhouse. All units unveil an open floor plan graced with laminate flooring, ceiling fan/light fixtures, and recessed lighting. The kitchens are masterclasses in modern design with sleek countertops, pristine white cabinets, and a suite of stainless-steel appliances that ensure optimal functionality. The bathrooms are prudently designed to offer ample storage space and feature illuminated vanity mirrors. Bedrooms are spacious and integrated with walk-in closets, facilitating a streamlined living environment.Financially, this property holds significant appeal, especially with the inclusion of an assumable loan from Chase Bank. This loan has a pending balance of roughly $960,000, bearing an interest rate of 3.96%. Considering the property's CAP rate at 4.91%, prospective buyers can anticipate robust cash flow from the outset. Burbank itself does not enforce any specific rent control measures, however the property is subject to California's AB 1482 regulations which allow for annual rent increase ranging from 5% to 10% depending on CPI.Externally, the property underscores security with an automatic gated entrance and meticulous maintenance. The availability of ample onsite parking for both residents and guests is a notable feature. Tenants benefit from a communal laundry room and a serene outdoor space outfitted with a seating area. The residence's placement on a peaceful cul-de-sac street enhances its appeal, ensuring residents enjoy a tranquil living environment.Located merely a 2-minute drive from downtown Burbank, this property offers a harmonious blend of suburban peace with urban accessibility. Its strategic positioning facilitates easy access to the freeway, allowing for effortless commutes to various parts of Los Angeles. Notably, the famed Burbank studios are within proximity, adding a touch of Hollywood allure. This central Burbank location ensures residents are never far from an array of amenities, shopping, dining, and entertainment options, making it an attractive proposition for potential tenants.

Property Details of 157 W Ash Avenue

Property Details

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Based on information submitted to CRMLS as of June 13, 2024 1:45 AM EDT . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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