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Burts and Associates presents 13060 Burbank Blvd, Sherman Oaks a 19-unit value-add property with a 40%+ upside in rents in the highly desirable Sherman Oaks area of the San Fernando Valley. The building is located within walking distance of the Los Angeles Valley College. This value-added opportunity provides investors to acquire an excellently located, well-maintained, and easy-to-manage apartment building. The building has been consistently upgraded with recent major improvements that include trim exterior repainting and steel railings repainting (2023), new copper plumbing throughout (completed in 2019), new roof (completed in 2018), parking soft story retrofit completed, dual pane windows upgrade. Twelve of the units have been recently remodeled and upgraded with quartz counters, flooring, and wood cabinets. The property is well amenitized with a gated pool, secured entry and parking, and on-site laundry facilities.<br />
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With 3 ADU units allowed by the City of Los Angeles to be built, the increase in rental income combined with the added value of the price per unit and square foot overall value benefit a new owner. The building was constructed in 1958 and is a 19-unit ±15,295 square foot building on a ±15,825 square foot [Q]RD1.5-1 zoned lot. There is an excellent unit mix of one studio unit, fifteen one-bedroom/one-bathroom units, one two-bedroom/one-bathroom units, and two two-bedroom/two-bathroom units. <br />
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The property will be delivered with minimal deferred maintenance but will provide the new owner with significant upside potential. When the long-term tenant’s turnover, the new owner will enjoy a large increase in rental income and be able to renovate the units to increase the value of those units. <br />
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Located across the street is the new Academic Complex 1 project scheduled for 2025 completion, which is currently being designed and consists of a new 80,000 SF building, new vehicular parking with passenger pick-up/drop-off area, underground stormwater tanks, and approximately 165,000 SF of site development. The building will contain space for curriculums such as Business, Computer Science, Information Systems, Math, Psychology, Sociology, Ethnic Studies, and Emergency Services. Additionally, the scope will include connections to LAVC’s Central Plant, site & building utilities, new and existing City utility connections, disconnections, and relocations, new ADA paths of travel, and improvements to the Burbank Blvd. and Ethel St. rights-of-way. |
