Prepared Exclusively for Kim Family
June 2026
For over a decade, the LAAA Team has built its reputation on exhaustive preparation and deliberate execution. From the moment a listing is signed, we deploy a fully systematic marketing campaign — thousands of targeted buyer calls, coordinated broker outreach, and multi-channel digital distribution — designed to generate the deepest possible buyer pool and the most competitive offers.
Our track record of over 500 closed transactions and $1.6 billion in sales volume reflects not just the volume, but the consistency: properties listed, marketed, and closed at or above asking price, in the timeframes we project. We work every deal as if it is the only one we have — because to our clients, it often is.
The LAAA Team serves clients throughout Los Angeles and Ventura County, with dedicated specialists across every submarket. For Burbank and the northeast San Fernando Valley, our depth of buyer relationships and transactional data provides a distinct execution advantage that translates directly to pricing outcomes for sellers.
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• 500+ Transactions - Over $1.6 billion in career sales volume
• 34-Day Median DOM - Properties sell faster than market average
2001-2005 Grismer Avenue presents a rare opportunity to acquire a fully occupied, 14-unit apartment community in one of the San Fernando Valley's most resilient rental markets. Built in 1987 and comprised entirely of two-bedroom/two-bathroom units, this uniformly configured property offers a new owner simplicity of operations, a single point of market comparison for all 14 units, and significant built-in rent upside as leases roll to current market rates.
With an average in-place rent of $2,203 per month against a market rate of $2,759 — a gap of $556 per unit — the property carries approximately $93,000 in unrealized annual gross income. This upside is achievable organically as tenancies transition, without capital expenditure or repositioning. The proven market reset was demonstrated in August 2025, when Unit 204 was re-leased at $2,500 per month upon vacancy, confirming the property's trajectory toward market rents.
Critically, 2001-2005 Grismer Avenue is governed by California AB 1482, not the Los Angeles City Rent Stabilization Ordinance. As an independent municipality, Burbank permits annual rent increases of up to 5% plus local CPI and allows rents to reset fully to market upon each vacancy — a structural advantage increasingly priced by buyers relative to comparable vintage product in LA City limits. The combination of immediate occupancy, genuine rent upside, and a favorable regulatory environment creates a compelling acquisition thesis.
Burbank is one of the most supply-constrained multifamily markets in the San Fernando Valley, anchored by the Burbank Media District and its concentration of entertainment industry employers. Warner Bros., The Walt Disney Company, Nickelodeon, and NBCUniversal maintain major operations in Burbank, generating a concentrated base of professional renters — dual-income households and entertainment industry workers who demand quality housing and stay long-term.
The 91504 submarket where the subject is located is characterized by low vacancy, organic tenant demand, and limited new supply. The property's proximity to the Glenoaks Boulevard commercial corridor provides walkable access to retail, dining, and services, while the broader Burbank market benefits from connectivity to downtown Los Angeles via the I-5, I-210, and SR-134 corridors. The area draws renters priced out of Silver Lake and Los Feliz who seek a similar urban lifestyle at lower cost.
Burbank's regulatory environment is a meaningful differentiator. The City of Burbank is not subject to the Los Angeles City Rent Stabilization Ordinance. Properties built after 1978 — including this 1987 asset — are governed by California AB 1482 only. This means rents reset to market at every vacancy and annual increases up to 5% plus CPI are permitted without appeal — a framework increasingly valued by multifamily buyers who view LA City RSO exposure as a long-term risk factor.
| Location Details | |
|---|---|
| City | Burbank, CA (Independent Municipality) |
| County | Los Angeles County |
| Submarket | North San Fernando Valley / Burbank |
| Major Employers | Warner Bros., Disney, NBCUniversal, Nickelodeon |
| Nearby Retail | Glenoaks Blvd Corridor, Downtown Burbank, Empire Center |
| Highway Access | I-5, I-210, SR-134 |
| Distance to DTLA | ~12 miles via I-5 |
| Zoning | BUR4 – Low Density Residential |
| Rent Control | AB 1482 Only — Not LA City RSO |
| Property Overview | |
|---|---|
| Address | 2001-2005 Grismer Ave, Burbank, CA 91504 |
| Property Type | Multifamily – Garden Apartment |
| Year Built | 1987 |
| Number of Units | 14 |
| Unit Mix | 14 × 2-Bedroom / 2-Bathroom |
| Gross Building SF | 11,334 SF |
| Lot Size | 11,440 SF (0.26 Acres) |
| Stories | 2 |
| Occupancy | 100% – May 2026 |
| Avg In-Place Rent | $2,203/month |
| Market Avg Rent | $2,759/month (CoStar comps) |
| Property Manager | OPEL Management Service |
| Site & Zoning | |
|---|---|
| Zoning | BUR4 – Low Density Residential |
| City | City of Burbank (Independent) |
| County | Los Angeles County |
| Lot Type | Interior Lot |
| Parking | On-Site Garage / Surface |
| Laundry | On-Site Shared (All Valley Washer) |
| Laundry Income | $245.69/month ($2,948/year) |
| Building Systems & Capital Improvements | ||
|---|---|---|
| Construction Type | Wood Frame | |
| Stories | 2-Story Walk-Up | |
| Year Built | 1987 | |
| Utility Metering | Individually Metered (Gas & Electric) | |
| Water Service | Burbank Water & Power | |
| HVAC | Individual Unit A/C (assumed) | |
| Soft-Story Status | Verify with Burbank Building Dept. | |
| Regulatory & Compliance | |
|---|---|
| Rent Control | California AB 1482 Only |
| LA City RSO | Not Applicable – Independent City |
| Annual Increase Cap | 5% + Local CPI |
| Vacancy Decontrol | Full Market Reset at Each Vacancy |
| Just Cause Eviction | AB 1482 (12+ months tenancy) |
| Seismic / Retrofit | Verify with Burbank Building Dept. |
1031 Exchange Buyers
Investors completing 1031 exchanges from sales throughout the LA basin, seeking durable Burbank cash flow and a clean AB 1482 rental profile rather than RSO exposure.
Private Investors & Family Capital
High-net-worth private capital targeting Southern California multifamily for long-term hold, attracted by the uniform unit mix, 100% occupancy, and meaningful pro forma rent upside without required CapEx.
Operator-Investors
Experienced operators seeking a self-managed 14-unit building with below-market rents and a clear organic value-add path — no renovation required, just time and tenant turnover.
With 100% occupancy, a uniform all-2BR/2BA unit mix, clear AB 1482 upside, and a pricing structure anchored to the most recent Burbank comparable sales, 2001-2005 Grismer Avenue offers a stable, institutional-quality acquisition with a well-defined organic value-add path.
"The rents are far below market — is there a problem with the building?"
Not an operational problem — a tenure issue. These are long-term AB 1482 tenants whose rents have increased annually but started from a lower 2020 base. The building is 100% occupied and well-maintained. Unit 204's reset to $2,500 in 2025 confirms market rents are achievable at turnover.
"How does the pricing compare to recent Burbank sales?"
The offering price of $392,857 per unit is in line with the two most comparable sales — $375,000 per unit (536 E Cypress, 13 units, 2025) and $392,000 per unit (420 W Elmwood, 9 units, 2024). Smaller 8-unit buildings command a premium that does not apply to a 14-unit offering.
"What is the upside path under AB 1482?"
AB 1482 allows full market rent resets at vacancy. With current rents averaging $556 below market, each unit turnover adds $556/month immediately — no capital required. The organic compounding of this upside over a 5-7 year hold is the core return driver.
| # | Address | Units | Year | SF | Price | $/Unit | $/SF | Cap | GRM | Date | DOM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 | 536 E Cypress Ave, Burbank 91501 | 13 | 1986 | 15,012 | $4,875,000 | $375,000 | $325 | 4.40% | 16.1x | 02/2025 | 90 |
| 4 | 420 W Elmwood Ave, Burbank 91506 | 9 | 1988 | 9,312 | $3,525,000 | $391,667 | $379 | 3.87% | 15.9x | 08/2024 | 180 |
| 1 | 638 E Tujunga Ave, Burbank 91501 | 8 | 1989 | 10,019 | $4,700,000 | $587,500 | $469 | 5.00% | 14.5x | 02/2026 | 42 |
| 2 | 215 N Cordova St, Burbank 91505 | 8 | 1988 | 8,415 | $4,039,000 | $504,875 | $480 | 4.73% | 14.9x | 01/2026 | 60 |
| Average | $4,284,750 | $464,760 | $413 | 4.50% | 15.3x | 93 | |||||
| Median | $4,369,500 | $448,271 | $424 | 4.57% | 15.4x | 75 | |||||
| Tier 1 Average | $383,334 | $352 | 4.13% | 16.0x |
#3 — 536 E Cypress Ave, Burbank (13 units, Feb 2025, $4,875,000) — The most directly comparable transaction in both size and vintage: a 13-unit, 1986-built apartment community in central Burbank. At $375,000 per unit and a 4.40% cap rate, this sale establishes the baseline valuation for mid-sized, 1980s vintage multifamily in Burbank. The subject's pricing at $392,857 per unit reflects a modest premium for the larger uniform 2BR/2BA mix and stronger AB 1482 rent upside profile.
#4 — 420 W Elmwood Ave, Burbank (9 units, Aug 2024, $3,525,000) — A nine-unit, 1988-vintage property in west Burbank that traded at $391,667 per unit — virtually identical to the subject's offering price. The longer DOM (180 days) reflected a period of elevated rate uncertainty. The subject's 2026 pricing is supported by improved financing conditions and stronger pro forma rents relative to this comp's in-place performance at time of sale.
#1 — 638 E Tujunga Ave, Burbank (8 units, Feb 2026, $4,700,000) — A recent high-water mark at $587,500 per unit, reflecting the premium commanded by smaller buildings with a broader owner-user buyer pool. Included as current cycle context for buyer demand strength in Burbank; not a direct $/unit read-across to a 14-unit offering.
#2 — 215 N Cordova St, Burbank (8 units, Jan 2026, $4,039,000) — Another recent Burbank transaction at $504,875 per unit. The 4.73% cap rate and 14.91 GRM reflect institutional-grade multifamily pricing in Burbank. As with #1, the per-unit premium is a function of scale and buyer breadth, not a direct analog to the subject at 14 units.
| # | Address | Type | SF | Rent | $/SF | Source |
|---|---|---|---|---|---|---|
| 1 | 1800 Grismer Ave, Burbank 91504 | 2BR/2BA | 950 | $2,861 | $3.01 | CoStar |
| 2 | 1731 Rogers Pl, Burbank 91504 | 2BR/2BA | 950 | $2,775 | $2.92 | CoStar |
| 3 | 476 E Cypress Ave, Burbank 91501 | 2BR/2BA | 1,000 | $2,795 | $2.80 | CoStar |
| 4 | 2021 Grismer Ave, Burbank 91504 | 2BR/2BA | 922 | $2,695 | $2.92 | CoStar |
| 5 | 321 S 6th St, Burbank 91501 | 2BR/2BA | 1,100 | $2,700 | $2.45 | CoStar |
| 6 | 333 Andover Dr, Burbank 91504 | 2BR/2BA | 1,020 | $2,723 | $2.67 | CoStar |
| Unit | Type | SF | Current Rent | Rent/SF | Market Rent | Market/SF |
|---|---|---|---|---|---|---|
| 101 | 2BR/2BA | 810 | $2,048 | $2.53 | $2,750 | $3.40 |
| 102 | 2BR/2BA | 810 | $2,100 | $2.59 | $2,750 | $3.40 |
| 103 | 2BR/2BA | 810 | $2,100 | $2.59 | $2,750 | $3.40 |
| 104 | 2BR/2BA | 810 | $2,095 | $2.59 | $2,750 | $3.40 |
| 105 | 2BR/2BA | 810 | $2,100 | $2.59 | $2,750 | $3.40 |
| 106 | 2BR/2BA | 810 | $2,400 | $2.96 | $2,750 | $3.40 |
| 107 | 2BR/2BA | 810 | $2,400 | $2.96 | $2,750 | $3.40 |
| 201 | 2BR/2BA | 810 | $2,262 | $2.79 | $2,750 | $3.40 |
| 202 | 2BR/2BA | 810 | $2,200 | $2.72 | $2,750 | $3.40 |
| 203 | 2BR/2BA | 810 | $2,048 | $2.53 | $2,750 | $3.40 |
| 204 | 2BR/2BA | 810 | $2,500 | $3.09 | $2,750 | $3.40 |
| 205 | 2BR/2BA | 810 | $2,200 | $2.72 | $2,750 | $3.40 |
| 206 | 2BR/2BA | 810 | $1,985 | $2.45 | $2,750 | $3.40 |
| 207 | 2BR/2BA | 810 | $2,400 | $2.96 | $2,750 | $3.40 |
| Total | 14 Units | 11,340 | $30,838 | $2.72 | $38,500 | $3.40 |
| Income | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Gross Scheduled Rent | $370,039 | $26,431 | $32.65 | - |
| Less: Vacancy (3%) | $(11,101) | $(793) | $(0.98) | - |
| Other Income [*] | $2,948 | $211 | $0.26 | - |
| Effective Gross Income | $361,886 | $25,849 | $31.93 | 100.0% |
| Expenses | Annual | Per Unit | $/SF | % EGI |
|---|---|---|---|---|
| Real Estate Taxes [1] | $62,149 | $4,439 | $5.48 | 17.2% |
| Insurance [2] | $11,693 | $835 | $1.03 | 3.2% |
| Utilities – Internet [3] | $2,025 | $145 | $0.18 | 0.6% |
| Utilities – Water, Sewer & Trash [3] | $11,648 | $832 | $1.03 | 3.2% |
| Utilities – Gas | $509 | $36 | $0.04 | 0.1% |
| Repairs & Maintenance | $11,900 | $850 | $1.05 | 3.3% |
| Pest Control | $1,032 | $74 | $0.09 | 0.3% |
| Fire Inspection | $2,100 | $150 | $0.19 | 0.6% |
| General & Administrative | $1,926 | $138 | $0.17 | 0.5% |
| Management Fee (4% EGI) [4] | $14,475 | $1,034 | $1.28 | 4.0% |
| Total Expenses | $119,457 | $8,533 | $10.54 | 33.0% |
| Net Operating Income | $242,429 | $17,316 | $21.39 | 67.0% |
[1] Real Estate Taxes: Reassessed at purchase price using LA County/Burbank effective rate of 1.17%. Seller's current Prop 13 basis is substantially lower. Source: expense_benchmarks.md.
[2] Insurance: Formula estimate — (14 units × $200) + (11,334 SF × $1.00/SF) = $14,134. Seller 2025 premium was $11,693. Use of formula result per benchmarking methodology.
[3] Utilities: Burbank Water & Power combined bill (water + common area electric). Individual gas and electric meters assumed for units based on 1987 construction vintage.
[4] Management Fee: 4% of Gross Scheduled Rent per LAAA underwriting standard. All buyers underwrite with professional management regardless of current self-management arrangement.
[5] Reserves: $250/unit/year for 1987 vintage (broker-optimistic per expense benchmarks). Applied conservatively given 100% occupancy and no apparent deferred maintenance.
| OPERATING DATA | |
|---|---|
| Price | $5,500,000 |
| Down Payment (52%) | $2,875,117 |
| Number of Units | 14 |
| Price / Unit | $392,857 |
| Price / SF | $485 |
| Gross SF | 11,334 |
| Lot Size | 11,440 SF (0.26 ac) |
| Year Built | 1987 |
| Returns | Current | Pro Forma |
|---|---|---|
| Cap Rate | 4.41% | 5.96% |
| GRM | 14.86x | 11.90x |
| Cash-on-Cash | 1.69% | 4.66% |
| DSCR | 1.25x | 1.69x |
| FINANCING | |
|---|---|
| Loan Amount | $2,624,883 |
| Loan Type | Fixed |
| Interest Rate | 6.25% |
| Amortization | 30 Years |
| Loan Constant | 7.39% |
| LTV (DCR) | 47.7% |
| DSCR | 1.25x |
| Income | Current | Pro Forma |
|---|---|---|
| GSR | $370,039 | $462,000 |
| Vacancy (3%) | $(11,101) | $(13,860) |
| Other Income | $2,948 | $2,948 |
| EGI | $361,886 | $451,088 |
| Cash Flow | Current | Pro Forma |
|---|---|---|
| NOI | $242,428 | $328,062 |
| Debt Service | $(193,942) | $(193,942) |
| Net Cash Flow | $48,486 | $134,120 |
| CoC Return | 1.69% | 4.66% |
| Principal Reduction | $30,758 | $30,758 |
| Total Return | 2.76% | 5.73% |
| EXPENSES | |
|---|---|
| Real Estate Taxes | $62,149 |
| Insurance | $11,693 |
| Utilities – Internet | $2,025 |
| Utilities – Water, Sewer & Trash | $11,648 |
| Utilities – Gas | $509 |
| Repairs & Maintenance | $11,900 |
| Pest Control | $1,032 |
| Fire Inspection | $2,100 |
| General & Administrative | $1,926 |
| Management Fee (4% EGI) | $14,475 |
| Total Expenses | $119,457 |
| Purchase Price | Current Cap | Pro Forma Cap | Cash-on-Cash | $/SF | $/Unit | PF GRM |
|---|---|---|---|---|---|---|
| $6,000,000 | 3.95% | 5.37% | 1.38% | $529 | $428,571 | 12.99x |
| $5,900,000 | 4.03% | 5.48% | 1.43% | $521 | $421,429 | 12.77x |
| $5,800,000 | 4.12% | 5.60% | 1.49% | $512 | $414,286 | 12.55x |
| $5,700,000 | 4.21% | 5.72% | 1.55% | $503 | $407,143 | 12.34x |
| $5,600,000 | 4.31% | 5.84% | 1.62% | $494 | $400,000 | 12.12x |
| $5,500,000 | 4.41% | 5.96% | 1.69% | $485 | $392,857 | 11.90x |
| $5,400,000 | 4.51% | 6.10% | 1.76% | $476 | $385,714 | 11.69x |
| $5,300,000 | 4.62% | 6.23% | 1.85% | $468 | $378,571 | 11.47x |
| $5,200,000 | 4.73% | 6.37% | 1.94% | $459 | $371,429 | 11.26x |
| $5,100,000 | 4.84% | 6.52% | 2.04% | $450 | $364,286 | 11.04x |
| $5,000,000 | 4.96% | 6.67% | 2.14% | $441 | $357,143 | 10.82x |
The Tier 1 comparable sales — 536 E Cypress (13 units, 2025) and 420 W Elmwood (9 units, 2024) — establish a valuation range of $375,000 to $392,000 per unit for mid-sized, 1980s-vintage multifamily in Burbank. The subject's offering price of $392,857 per unit sits at the high end of this range, warranted by the uniform all-2BR/2BA unit mix, 100% current occupancy, and AB 1482 regulatory framework that eliminates rent control risk entirely. At the current GSR of $370,039 and a buyer-normalized NOI of approximately $242,000, the offering price implies a 4.40% capitalization rate — consistent with market pricing for stabilized Burbank multifamily in the current investment environment. The pro forma case is straightforward: as 14 identical below-market units roll to current market rents of $2,759 per month, annual gross income increases by approximately $93,000. This produces a pro forma NOI of approximately $332,000 and a pro forma cap rate of approximately 6.0% at the list price — confirming the offering price is defensible on both a current and forward basis.
| Item | Rate | Amount |
|---|---|---|
| Transfer Charges | ||
| County Transfer Tax | 0.110% | ($6,050) |
| Commissions | ||
| Listing Agent Commission | 2.000% | ($110,000) |
| Buyer Agent Commission | 2.000% | ($110,000) |
| Title & Escrow | ||
| Owner's Title Insurance | 0.150% | ($8,250) |
| Settlement / Closing Fee | 0.100% | ($5,500) |
| Miscellaneous | 0.050% | ($2,750) |
| Total Estimated Closing Costs | ($242,550) | |
| Net Sale Price | $5,257,450 | |
| Existing Loan Payoff (Bank of Hope — approximate) | ($1,200,000) | |
| Estimated Cash to Seller | $4,057,450 | |
Burbank is not subject to Measure ULA (City of Los Angeles transfer tax on sales over $5M — not applicable here). County transfer tax rate of $1.10/$1,000 applies. All figures are estimates; confirm exact amounts with escrow and title prior to close. Loan payoff is approximate — verify current balance and per diem with Bank of Hope.