About 1515 N Hollywood
Rare 100% VACANT Burbank fourplex offering immediate value-add and lease-up potential. Located in Burbank and not subject to City of Los Angeles RSO. 1515 N Hollywood Way presents a rare opportunity to acquire a fully vacant 4-unit apartment building in the highly desirable Burbank market. Built in 1948, the property totals approximately 2,908 square feet on a 5,380 square foot lot and is comprised of (2) 2Bed+1Bath unit and (2) 1Bed+1Bath units. With all units delivered vacant, a new owner has the immediate ability to lease at market rents, select their own tenants, renovate further, or reposition the asset without existing tenant complications. The property has been improved with new paint and offers strong pro forma income potential, with projected scheduled gross income of $280,800 annually based on market rent assumptions of $3,750/month for the 2Bed+1Bath units and $2,650/month for each 1Bed+1Bath unit. At the list price of $1,495,000, the property is priced at $373,750 per unit and approximately $514.10 per building square foot, with a projected 7.85% cap rate and 9.73 GRM. A major value-add component is the ability to potentially add up to 4 ADUs, creating a significant upside path for a buyer to explore. With the property fully vacant and existing garage/parking improvements already on site, the asset gives investors a clean opportunity to stabilize the current four units while also evaluating additional rental income through ADU development. Buyer to verify all ADU feasibility, zoning, permits, CUP requirements, and development standards with the City of Burbank.
