Property Detail

Description

First time on the market in nearly 25 years. Verdugo Apartments is a 13-unit multifamily property located in a prime Burbank location north of Glenoaks Blvd. The property features ten 1-bedroom/1-bathroom units and three 2-bedroom/2-bathroom units totaling 9,106 square feet on an 8,548 square foot lot. Built in 1966, the property offers tuck-under parking and on-site laundry facilities. Long-term ownership has maintained the property with exceptional care, including a new roof installed in 2022 and upgraded windows throughout. These significant improvements enhance the property's overall condition and reduce near-term capital improvement needs. Current rental income is approximately $26,670 per month, with rents below prevailing market levels, providing potential for future income growth through natural tenant turnover without requiring an extensive renovation program. Burbank is widely recognized as the "Media Capital of the World" and is home to major entertainment companies including Disney Studios, DreamWorks Animation, Warner Bros. Studios, Universal Studios, and Nickelodeon Studios nearby. The property is conveniently located near Burbank Town Center, Downtown Burbank, shopping, dining, entertainment, and major employment centers.