Burbank

Commercial Real Estate

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF $6 MILLION MULTIFAMILY PROPERTY IN BURBANK, CA


No Comments

Burbank – 2001 Grismer Avenue, a 14-unit apartment building in Burbank, has sold for $6,000,000.

2001 Grismer Avenue is located on the corner of Grismer and Peyton Avenues, less than one tenth of a mile west of S. Glenoaks Boulevard. The property is comprised of ± 11,334 square feet of improvements on ± 10,895 square feet of land. All fourteen apartment units are made up of two bedrooms and two baths. The property sold for $428,571 per unit at 3.88% cap rate, and 18.27 GRM of 18.27. There were no vacancies at the time of sale.

“The proximity to several major area employers, such as Disney Studios and Warner Brothers, makes this a highly desirable rental market,” said T.C. Macker.

WESTMAC Commercial Brokerage Company represented both seller and buyer. T.C. Macker, CCIM and Jennifer Moscoso represented the seller. T.C. Macker, CCIM and J. Patrick Sheekey represented the buyer.

IMG_7481

Commercial Real Estate

New Listing for Sale – 2001 Grismer Ave in Burbank, CA


No Comments

WESTMAC Commercial Brokerage Company is pleased to present 2001 Grismer Avenue for sale, a 14-unit multi-family asset located in the premiere, family-friendly City of Burbank, CA.

2001 Grismer Avenue is a two-story apartment building comprised of approximately 11,334 square feet situated on approximately 10,895 square feet of land. There is a subterranean parking garage with two dedicated parking spaces per unit
(28 total). The property is zoned R4.

There are a total of 14-units in the building. The building is fully occupied with the exception of one unit, which is currently being rehabbed. The current rents range from $1,750 – $2,090 per month with scheduled increases.

The property is located in Burbank, which is a highly desirable rental market and is known as “the media capital of the world”. It is home to Disney Studios, Warner Brothers, and a number of other large area employers. The city has over 80 restaurants, 30 theaters ,and 200 stores; its residents enjoy top ranked schools, easy access to the 5 and 134 freeways, and close proximity to Bob Hope Airport, Burbank Empire Center, Downtown Burbank, and Burbank Metro Link.

2001 Grismer Avenue provides buyers with stable cash flow and a strong long-term hold opportunity in a prime Burbank location.

You can download the property brochure here: 2001 Grismer Ave – OM

IMG_7484.jpg