Offering

Offering Overview

The LAAA Team of Marcus & Millichap is pleased to present 2001-2005 Grismer Avenue, a 14-unit, two-story apartment community built in 1987 on a quiet residential street in North Burbank, with 11,334 SF of building area on an 11,325 SF lot. Every unit is a two-bedroom, two-bath plan, and the property is governed by California AB 1482 rather than the City of Los Angeles RSO. In-place rents average $2,198 against a $2,650 market rent, with renter demand anchored by the Burbank Media District and the studios.

1. 01

   Not Subject to LA City Rent Control. Burbank follows AB 1482, so annual increases of up to 5% plus CPI are allowed and rents reset to market at vacancy.

2. 02

   Ten Units Due for a Rent Increase. Ten of the 14 units are past their 12-month anniversary and eligible for an increase now.

3. 03

   Significant Rent Upside. At the $2,650 market rent, gross scheduled rent reaches $445,200, or $65,109 a year above the current roll.

4. 04

   Seven Units Furthest Below Market. Units 101 through 105, 203 and 206 rent at or below $2,100, about $48,900 a year below market combined.

5. 05

   Recent New Roof. The roof was replaced within the past five years.

6. 06

   Proven Vacancy Reset. Unit 204 turned in 2025 and re-leased at $2,500 a month.

7. 07

   Laundry Income in Place. All Valley Washer Service provides on-site laundry generating about $2,948 a year.

8. 08

   Strong Burbank Fundamentals. Close to the studios and the Media District, with above-average household incomes and a supply-constrained rental market.