602 E Tujunga Ave, Burbank, CA 91501

Property Description

Pristine landmark pride of ownership 8 unit apartment building above Glenoaks blvd in one of the City's best locations. This building includes Three large condo sized 2 bedroom 2 bath units with master suites, private patios, huge closets and nice kitchens with built ins. Five oversized 1 bedroom 1 bath units with large closets, eating areas, nice kitchens and extra storage. Two 1 bedroom units also have private patios. This building is not sandwiched between other buildings making each unit light and bright with some having views across town. This building offers 13 off street parking spaces which includes 8 covered spots. Also included is Huge storage room plus an oversized laundry room with 2 sets of Owner owned coin operated washers and dryers. This building has updated copper plumbing, a new exterior sewer line running to the alley, modern electrical and a history of very few problems or maintenance issues. This location is outstanding with public transportation steps away, the train stop just down the street and all of the fun of Downtown Burbank within easy walking distance. Nice long term tenants and only 1 lease, everyone else is month to month. Should the new owner choose to increase rents to Pro Forma or beyond they will receive a gross of over 170K a year and a CAP rate of more than 4.625%. The current First Trust Deed of about $455,000.00 is assumable, fully amortised and will be paid off in full in just 12 years at 6%