For more information contact: 1110 LELAND WAY 1110 Leland Way Burbank, CA 91504 Price: $1,850,000 Cindy Hill, CCIM Executive Vice President 818.846.1611 [email protected]00885625 Phone: 818-432-1500 ● Fax: 818-432-1501 ● 4061 Laurel Canyon Blvd. ● Studio City, CA 91604 ● www.valleyapartmentsales.com PROPERTY HIGHLIGHTS Pride of Ownership 5 unit building ● Built in 1990, not subject to rent control ● Great mix of (3) 2+1 units and (2) 1+1 units with central HVAC units. All of them have been replaced. ● Tremendous upside in rents. Almost a 6 market Cap rate ● Close to Sprouts Market, Ralphs, Starbucks, In-N-Out Burger, and Burbank AMC theatres ●
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1110 LELAND WAY€¦ · ANALYSIS Analysis Date September 2019 PROPERTY Property Type MultiFamily Property 1110 Leland Way Property Address 1110 Leland Way, Burbank, CA 91504 Year
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Phone: 818-432-1500 ● Fax: 818-432-1501 ● 4061 Laurel Canyon Blvd. ● Studio City, CA 91604 ● www.valleyapartmentsales.com
PROPERTY HIGHLIGHTS
Pride of Ownership 5 unit building●
Built in 1990, not subject to rent control ●
Great mix of (3) 2+1 units and (2) 1+1 units with central HVAC units. All of them havebeen replaced.
●
Tremendous upside in rents. Almost a 6 market Cap rate●
Close to Sprouts Market, Ralphs, Starbucks, InNOut Burger, and Burbank AMCtheatres
●
INVESTMENT DETAILS1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
ANALYSIS
Analysis Date September 2019
PROPERTY
Property Type MultiFamily
Property 1110 Leland Way
Property Address 1110 Leland Way, Burbank, CA 91504
Year Built 1990
PURCHASE INFORMATION
Purchase Price $1,850,000
Units 5
Total Rentable Sq. Ft. 4,413
INCOME & EXPENSE
Gross Operating Income $95,904
Monthly GOI $7,992
Total Annual Expenses ($27,548)
Monthly Expenses ($2,296)
FINANCIAL INFORMATION
All Cash
LOANS
Type Debt Term Amortization Rate Payment LO Costs
EXECUTIVE SUMMARY1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $1,850,000
Effective Gross Income $95,904 $19,181 $129,276 $25,855
OPERATING EXPENSES
Description Actual Per Unit Market Per Unit
Property Tax $20,362 $4,072 $20,362 $4,072
Gas $1,043 $209 $1,043 $209
Water and Power $1,043 $209 $1,043 $209
Maintenance $2,500 $500 $2,500 $500
Misc. $1,500 $300 $1,500 $300
Pest Control $600 $120 $600 $120
Gardener $500 $100 $500 $100
TOTAL EXPENSES ($27,548) ($5,510) ($27,548) ($5,510)
NET OPERATING INCOME $68,356 $13,671 $101,728 $20,346
PRO FORMA SUMMARY1110 Leland WayBurbank, CA 91504
UNIT MIX & MONTHLY SCHEDULED
Type Units Actual Total Market Total
1+1 2 $1,363 $2,725 $1,850 $3,700
2+1 3 $1,769 $5,308 $2,400 $7,200
TOTALS 5 $8,033 $10,900
ANNUALIZED INCOME
Description Actual Market
Gross Potential Rent $96,396 $130,800
Less: Vacancy ($2,892) ($3,924)
+ Misc. Income $2,400 $2,400
Effective Gross Income $95,904 $129,276
Less: Expenses ($27,548) ($27,548)
Net Operating Income $68,356 $101,728
ANNUALIZED EXPENSES
Description Actual Market
Property Tax $20,362 $20,362
Gas $1,043 $1,043
Water and Power $1,043 $1,043
Maintenance $2,500 $2,500
Misc. $1,500 $1,500
Pest Control $600 $600
Gardener $500 $500
TOTAL EXPENSES $27,548 $27,548
EXPENSES PER RSF $6.24 $6.24
EXPENSES PER UNIT $5,510 $5,510
INVESTMENT SUMMARY
PRICE $1,850,000
Year Built 1990
Units 5
Price/Unit $370,000
RSF 4,413
Price/RSF $419.22
Lot Size 8,055 sf
Floors 2
APN 2460018019
Cap Rate 3.69%
Market Cap Rate 5.5%
GRM 18.73
Market GRM: 13.89
PROPERTY DESCRIPTION1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
5 units in Burbank | Built in 1990Upside in rents KW Commercial is proud to represent this 5unit apartment building. The property is not subject to rent control and isalmost a 6 cap with pro forma rents.
The building was constructed in 1990. Its unit mix consists of (3) twobedroom, onebathroom units and (2) onebedroom, onebathroom units. With a lot size of 7,458 square feet, the property has a total of 4,413 rentable square feet.The property has been well maintained by a long term owner. Property has central Hvac, units which have all beenreplaced, secured parking, ownerowned laundry machines, and upstair units have balconies.
The property is located in Burbank, which is a highly desirable rental market and is known as the media capital of theworld. It is home to Disney Studios, Warner Brothers, and NBC.The city has over 80 restaurants, 30 movie screens,and 200stores; its residents enjoy top ranked schools, easy access to the 5 and 134 freeways, and close proximity to the BurbankMetro Link. Burbank is not subject to rent control.
The property is separately metered for gas and electricity
UNIT RENT ROLL1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Unit Description Current Rent Pro Forma Rent Comments
1 2+1 $1,722 $2,400
2 2+1 $1,891 $2,400
3 2+1 $1,695 $2,400 Balcony
4 1+1 $1,352 $1,850
5 1+1 $1,373 $1,850 Balcony
UNIT MIX REPORT1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly
2 1+1 0 $1,363 $2,725 $1,850 $3,700
3 2+1 0 $1,769 $5,308 $2,400 $7,200
5 0 $8,033 $10,900
UNIT MIX UNIT MIX SQUARE FEET
● 1+1
● 2+1
● 1+1
● 2+1
UNIT MIX INCOME UNIT MIX MARKET INCOME
● 1+1
● 2+1
● 1+1
● 2+1
PROPERTY PHOTOS1110 Leland WayBurbank, CA 91504
MAPS AND AERIALS1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
5 Units in Burbank
City of Burbank
www.ValleyApartmentSales.com
Throughout its 100 year history, Burbank has been home to a crea ve, forward‐
thinking community. Its residents enjoy a high quality of life, with close proximity
to recrea onal ac vi es like the Chandler Bike‐way and Stough Canyon Nature
Center; its library, the Buena Vista Branch Library, is newly expanded and state
of the art. The city also boats strong local non‐profit and community service
projects, as it was named one of the na on’s 100 Best Communi es for Young
people. Burbank is known as the media capital of the world, as it is home to
Disney Studios, Warner Bros, Nickelodeon, and NBC.
The city has over 80 restaurants, 30 movie screens, and 200 shops, and its
residents enjoy top ranked schools – making it a highly desirable rental market.
Addi onally, residents have easy access to the 5 and 134 freeways, the
Burbank Metro link, and the Hollywood‐Burbank airport.
SALE COMPARABLES1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Subject 1 2 3 5 6 7 8 9 A B C D
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Avg.
3.581
Cap Rate
Subject 1 2 3 5 6 7 8 9
3.0
6.0
9.0
12.0
15.0
18.0
21.0
24.0
27.0
30.0
Avg.
18.763
Gross Rent Multiplier
SALE COMPARABLES1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Subject 1 2 3 4 5 6 7 8 9 A B C D
$48,000
$96,000
$144,000
$192,000
$240,000
$288,000
$336,000
$384,000
$432,000
$480,000
Avg.
$384,245
Price per Unit
Subject 1 2 3 4 5 6 7 8 9 A B C D
$48
$96
$144
$192
$240
$288
$336
$384
$432
$480
Avg.
$408.06
Price per Sq. Ft.
SALE COMPARABLES1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
S 1110 Leland Way1110 Leland WayBurbank, CA 91504
Sale Price $1,850,000
Units 5
Price/Unit $370,000
Price/SqFt $419.22
Cap Rate 3.69%
Year Built 1990
GRM 18.73
# Units Unit Type
2 1+1
3 2+1
1 623 E Cedar Ave623 E Cedar AveBurbank, CA 91501
Sale Price $4,500,000
Units 11
Price/Unit $409,091
Price/SqFt $393.74
Cap Rate 2.83%
Year Built 1984Sale Date 7/9/2018
GRM 20.7
# Units Unit Type
1 One Bedroom One Bath
10 Two Bedroom Two Bath
2 310 E Elmwood Ave310 E Elmwood AveBurbank, CA 91502
Sale Price $3,650,000
Units 8
Price/Unit $456,250
Price/SqFt $362.68
Cap Rate 4.13%
Year Built 1987Sale Date 10/26/2018
GRM 16.0
# Units Unit Type
8 Two Bedroom Two Bath
SALE COMPARABLES1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
3 2127 N Lincoln St2127 N Lincoln StBurbank, CA 91504
Sale Price $2,224,000
Units 6
Price/Unit $370,667
Price/SqFt $381.87
Cap Rate 3.44%
Year Built 1990Sale Date 8/24/2018
GRM 20.0
# Units Unit Type
2 Two Bedroom Two Bath
2 Three Bedroom Two Bath
2 Other
4 501 E Magnolia Blvd501 E Magnolia BlvdBurbank, CA 91501
Sale Price $4,710,000
Units 12
Price/Unit $392,500
Price/SqFt $380.58
Cap Rate N/A
Year Built 1987Sale Date 2/15/2018
GRM N/A
# Units Unit Type
4 One Bedroom One Bath
8 Two Bedroom One Bath
5 313 E Providencia Ave313 E Providencia AveBurbank, CA 91502
Sale Price $2,925,000
Units 8
Price/Unit $365,625
Price/SqFt $473.68
Cap Rate 3.73%
Year Built 1987Sale Date 5/10/2018
GRM 18.2
# Units Unit Type
6 One Bedroom One Bath
2 Two Bedroom Two Bath
SALE COMPARABLES1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
6 316 E Santa Anita Ave316 E Santa Anita AveBurbank, CA 91502
Sale Price $2,950,000
Units 8
Price/Unit $368,750
Price/SqFt $476.42
Cap Rate 3.8%
Year Built 1986Sale Date 4/13/2018
GRM 18.3
# Units Unit Type
6 One Bedroom One Bath
2 Two Bedroom Two Bath
7 507 E Cedar Ave507 E Cedar AveBurbank, CA 91501
Sale Price $7,150,000
Units 20
Price/Unit $357,500
Price/SqFt $425.19
Cap Rate 3.12%
Year Built 1989Sale Date 7/27/2018
GRM 18.4
# Units Unit Type
6 One Bedroom One Bath
14 Two Bedroom Two Bath
8 635 E Cypress Ave635 E Cypress AveBurbank, CA 91501
Sale Price $4,250,000
Units 9
Price/Unit $472,222
Price/SqFt $447.18
Cap Rate 3.72%
Year Built 1989Sale Date 11/15/2018
GRM 18.4
# Units Unit Type
9 Two Bedroom Two Bath
SALE COMPARABLES1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
9 2430 N Naomi St. 2430 N Naomi St. Burbank, CA 91504
Sale Price $8,335,000
Units 26
Price/Unit $320,577
Price/SqFt $364.74
Cap Rate 2.68%
Year Built 1988Sale Date 3/20/2018
GRM 20.1
# Units Unit Type
10 One Bedroom One Bath
14 Two Bedroom Two Bath
2 Three Bedroom Two Bath
A 530 E Santa Anita Ave530 E Santa Anita AveBurbank, CA 91501
Sale Price $6,800,000
Units 16
Price/Unit $425,000
Price/SqFt $436.12
Cap Rate 3.6%
Year Built 1987Sale Date 1/11/2019
GRM N/A
# Units Unit Type
16 Two Bedroom Two Bath
B 244 W Spazier Ave244 W Spazier AveBurbank, CA 91502
Sale Price $4,704,000
Units 12
Price/Unit $392,000
Price/SqFt $417.47
Cap Rate 3.79%
Year Built 1989Sale Date 2/15/2019
GRM N/A
# Units Unit Type
12 Two Bedroom Two Bath
SALE COMPARABLES1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
C 2329 N Lincoln St. 2329 N Lincoln St. Burbank, CA 91504
Sale Price $1,650,000
Units 6
Price/Unit $275,000
Price/SqFt $346.71
Cap Rate 4.58%
Year Built 1951Sale Date 5/14/2019
GRM N/A
# Units Unit Type
2 One Bedroom One Bath
3 Two Bedroom One Bath
1 Three Bedroom Two Bath
D 544 E Tujunga Ave. 544 E Tujunga Ave. Burbank, CA 91501
Sale Price $3,900,000
Units 10
Price/Unit $390,000
Price/SqFt $398.45
Cap Rate 3.55%
Year Built 1987Sale Date 5/22/2019
GRM N/A
# Units Unit Type
2 One Bedroom One Bath
8 Two Bedroom Two Bath
SALE COMPARABLES1110 Leland WayBurbank, CA 91504
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
S 1110 Leland WayBurbank, CA, 91504$1,850,000
1 623 E Cedar AveBurbank, CA, 91501$4,500,000
2 310 E Elmwood AveBurbank, CA, 91502$3,650,000
3 2127 N Lincoln StBurbank, CA, 91504$2,224,000
4 501 E Magnolia BlvdBurbank, CA, 91501$4,710,000
5 313 E Providencia AveBurbank, CA, 91502$2,925,000
6 316 E Santa Anita AveBurbank, CA, 91502$2,950,000
7 507 E Cedar AveBurbank, CA, 91501$7,150,000
8 635 E Cypress AveBurbank, CA, 91501$4,250,000
9 2430 N Naomi St. Burbank, CA, 91504$8,335,000
A 530 E Santa Anita AveBurbank, CA, 91501$6,800,000