SOLD UPDATE: Property was listed on the market for just 3 Days and we were able to procure 11 Offers!! The Seller accepted an All Cash, Non-Contingent Offer with less than a two week escrow period! The property sold for more than $150,000 over list price at 20.2 GRM and Dana Coronado & Robyn Bolden represented both the Seller and Buyer.
The Coronado Real Estate Group is pleased to present for sale 1701 West Alameda, a non-rent control multifamily property located in the Rancho District of Burbank. The asset consists of 5 units of 3,586 SF and is situated on a large 13,956 SF lot. The building features 1940 construction and is located on a beautiful corner lot close to the Alameda Avenue and Reese Place signalized intersection. Zoning is BUR4*. This fully occupied property consists of a unit mix of two 2 Bedroom + 1 Bathroom apartments and three 1 Bedroom + 1 Bathroom apartments. Each unit has its own walk-up entrance and the lush foliage gives this building great character. There is also a nice shared courtyard. Per the seller, there is a new roof and new sewer line. Currently the gross annual income is $64,398 and all of the tenants are on month-to-month leases. There is significant rental upside. The prime Burbank location and corner lot on Alameda Avenue make this property irreplaceable. Burbank, known as a media capital is a highly desirable rental market and is half of a mile from the Walt Disney Studios and in close proximity to Warner Brothers and NBC. Residents enjoy top ranked schools, easy access to the 5 and 134 freeway, and close proximity to the Burbank Metro link.