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MULTIFAMILY NEWS
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Burbank Apartment Comp Trades at $282k/Unit

11/18/14

A 30-unit multifamily property in Burbank sold for $8.45 mil, or $281.7k/unit. The property is located at 1735 Peyton Ave, north of Empire Ave between I-5 and Glenoaks Blvd.

The property was constructed in 1988. It features a prime location close to Burbank’s Media District and Downtown as well as the Golden State (5) Freeway, high-end finishes in some units, and patios or balconies. It has unit mix of two one-bedroom/one-bath units, 26 two-bedroom/two-bath units and two three-bedroom/two-bath units.

Warren Berzack, a Lee & Associates Principal, represented the buyer and seller of the property. Lee Principals George Yessaie, CCIM, and Stephen Geiger also represented the seller. The buyer and seller are private investors who were in an upleg and downleg respectively of a 1031 Exchange.

“This property has significant rental upside,” said Berzack, “and condominium conversion potential as well, giving an investor the opportunity to achieve an even greater return on investment by selling off the individual units down the road.”

Prices for condominium units in the Peyton Avenue zip code have been steadily increasing since 2011 and are most recently averaging $315 per square foot.





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