2001-2005 Grismer Ave
Burbank | 14 Units
Marketing description
The LAAA Team of Marcus & Millichap is pleased to present 2001-2005 Grismer Avenue, a 14-unit apartment community in North Burbank. Built in 1987 with a uniform two-bedroom/two-bathroom unit mix, the property offers investors a Burbank multifamily asset outside City of Los Angeles RSO, with the OM framing rent regulation under California AB 1482.
•Burbank Multifamily Location: A North Burbank setting near neighborhood retail, transit connections, and the city's entertainment-employment base.
•Uniform Unit Mix: All 14 units are two-bedroom/two-bathroom apartments, giving the buyer a clean and consistent rent-roll profile.
•Embedded Rent Upside: The OM shows in-place average rent of $2,203 per unit against an OM market average of $2,750 per unit.
•AB 1482 Operating Framework: The OM states the property is outside City of Los Angeles rent control and governed by California AB 1482.
•Laundry Income in Place: The OM notes an existing laundry contract with All Valley Washer Service and approximately $2,948 of annual laundry income.
•Pro Forma Yield Growth: At the OM market rent schedule, pro forma NOI increases from $242,428 to $328,062, with a pro forma cap rate of 5.96%.
Investment highlights
- 14-unit, 1987-built North Burbank apartment community offered at $5,500,000
- Uniform 2-bedroom / 2-bathroom unit mix across all 14 units
- OM-stated current NOI of $242,428 and pro forma NOI of $328,062
- In-place average rent of $2,203 per unit versus OM market rent of $2,750 per unit
- Burbank is independent from Los Angeles and the OM states the property is governed by AB 1482, not City of Los Angeles RSO
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