140 Pass Avenue, Burbank, CA 91505
  • MLS#: 25555629 ( )
  • Street Address: 140 Pass Avenue
  • Viewed: 1
  • Price: $2,399,900
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1941
  • Bldg sqft: 0
  • Days On Market: 6
  • Additional Information
  • County: LOS ANGELES
  • City: Burbank
  • Zipcode: 91505
  • Provided by: Keller Williams Glendale
  • Contact: Somboon Somboon
  • California Regional MLS IDX
  • DMCA Notice
  • Description
    Exceptional Investment Opportunity in the Heart of Burbank. This well maintained 5 unit property features a desirable front owner's unit and a two story rear building with four additional rental units. Amenities include five garage parking spaces, one uncovered parking spot, and an on site laundry room, ideal for both tenant convenience and additional income potential. Perfectly located near Warner Bros. and NBC Studios and just 15 minutes from Universal Studios. The front unit is a prime candidate for Airbnb or short term rentals, offering significantly higher revenue compared to traditional annual leasing. The property underwent extensive renovations in 2022 and 2023, including a new roof on units and garages and new dual pane windows in most units (except one). The current leases remain in place through August 31, 2025, the owner unit's rent based on AirBNB income, at which time rents can be adjusted by California's rent control guidelines. Bonus income potential: The new owner can increase revenue through separate charges for garage parking and storage. With rent increases taking effect, coupled with low building expenses and minimal maintenance, this property has the potential to achieve a cap rate exceeding 5.5%.
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Features
Accessibility Features
  1. None
Appliances
  1. Disposal
  2. Refrigerator
  3. Gas Range
Building Area Total
  1. 4077.00
Carport Spaces
  1. 0.00
Construction Materials
  1. Stucco
Country
  1. US
Electric Expense
  1. 1800.00
Entry Location
  1. Ground Level w/steps
Fireplace Features
  1. Bath
  2. Kitchen
  3. Living Room
Flooring
  1. Laminate
Garage Spaces
  1. 5.00
Gardner Expense
  1. 1200.00
Heating
  1. Natural Gas
Insurance Expense
  1. 9000.00
Interior Features
  1. Crown Molding
Laundry Features
  1. Stackable
  2. Community
Levels
  1. Two
Lot Features
  1. Rectangular Lot
Netoperatingincome
  1. 115135.00
Newtaxesexpense
  1. 30000.00
Otherexpense
  1. 400.00
Parcel Number
  1. 2485007012
Parking Features
  1. Garage - Single Door
  2. Garage - Two Door
  3. Parking Space
  4. Street
Pool Features
  1. None
Postalcodeplus4
  1. 4243
Property Condition
  1. Updated/Remodeled
Roof
  1. Composition
  2. Shingle
Security Features
  1. Carbon Monoxide Detector(s)
  2. Smoke Detector(s)
Sewer
  1. Sewer Paid
Sourcesystemkey
  1. 25555629:CLAW
Spa Features
  1. None
Tenant Pays
  1. Electricity
  2. Cable TV
  3. Gas
  4. Trash Collection
  5. Water
Totalexpenses
  1. 42580.00
Uncovered Spaces
  1. 1.00
View
  1. City Lights
Water Source
  1. Public
Year Built
  1. 1941
Zoning
  1. BUR4*