198 W Elmwood, Burbank, California 91502, Burbank, 91502 - 0 bed, 0 bath
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Burbank, California 91502
Analysis of 198 W Elmwood, Burbank, California 91502 is currently available with a list price of $2,395,000. The property maintains a Good Condition Rating (78/100), reflecting solid structural condition with well-maintained systems. The property presents an attractive opportunity for buyers seeking a move-in ready home. Located in a high-demand neighborhood within the Burbank Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is move-in ready.
The property, built in 1953, shows evidence of recent and significant cosmetic updates in the interior units, including modern white shaker cabinets, granite countertops, newer flooring (laminate/LVP and kitchen tile), and fresh paint. The kitchen appears move-in ready with a newer gas range and range hood. The description also notes a 'newer roof' and 'partial copper plumbing,' indicating good maintenance on some major systems. However, the presence of wall-mounted heaters instead of central HVAC, and an older style ceiling fan in the dining area, along with the overall age of the building, prevent it from reaching an 'Excellent' rating. While the visible units are move-in ready, the property's age and some outdated systems suggest it's not a full, recent, extensive renovation across all major components.
Situated less than one mile from Downtown Burbank, the property offers tenants convenient access to shopping, dining, entertainment, major employment hubs (Walt Disney Studios, Warner Bros.), award-winning schools, and excellent freeway connectivity (5, 134, 2).
The property is presented as an exceptional value-add investment opportunity with approximately 18%+ rental upside and a strong 5.7% Pro Forma Cap Rate, indicating substantial potential for increased income.
Located in Burbank, the property is subject to AB 1482, which allows for higher annual rental increases compared to the City of Los Angeles, providing a more favorable environment for rental growth.
Built in 1953, the property is over 70 years old. While some updates are noted, older systems and infrastructure may require ongoing maintenance or future capital expenditures beyond the partial copper plumbing mentioned.
Achieving the stated 18%+ rental upside and 5.7% Pro Forma Cap Rate likely necessitates significant interior unit renovations and upgrades, which would require substantial additional capital investment beyond the acquisition cost.
The recent price reduction from $2.495M to $2.395M could indicate a need for a more competitive pricing strategy or suggest that the initial market reception did not align with the seller's expectations.
Prime Burbank 6-Unit Multifamily | Strong Rental Upside | 5.7% Pro Forma Cap Located in the highly desirable City of Burbank — subject to AB 1482 with higher allowable annual rental increases than the City of Los Angeles — this pride-of-ownership six-unit multifamily property presents an exceptional value-add investment opportunity with approximately 18%+ rental upside. The property consists of six spacious 2-bedroom, 1-bath units, each featuring bright living rooms, well-sized kitchens with dining areas, generous bedrooms, and ample closet space. The building has been well maintained and includes a newer roof, partial copper plumbing, six covered parking spaces, and an on-site laundry room with owned machines. The property is separately metered for gas and electricity. Ideally situated less than one mile from Downtown Burbank, tenants enjoy convenient access to shopping, dining, cafés, entertainment, and the Burbank Town Center. The property is also in close proximity to major employment hubs including Walt Disney Studios, Warner Bros., and the city’s thriving media and technology sector, as well as award-winning Burbank schools. Commuters benefit from excellent freeway access to the 5, 134, and 2, providing direct connectivity to Glendale, Pasadena, Eagle Rock, Downtown Los Angeles, and the San Fernando Valley. This offering represents a rare opportunity to acquire a stable, well-located multifamily asset in one of Los Angeles County’s most resilient and supply-constrained rental markets. Financial Highlights (Based on New Tax Basis): • 4.9% Cap Rate | 14.79 GRM at Current Rents • 5.7% Pro Forma Cap Rate | 13.0 Pro Forma GRM
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 4,804 | - |
| Lot Size | 7,513 | - |
| Price | $2.40M | $1.66M |
| Price per sq ft | $499 | $580 |
| Built year | 1953 | 0 |
| HOA | $0 | $0 |
| Days on market | 188 | 125 |
Feb 11, 2026
$2,395,000
$2,495,000
-4% Price Drop
Initial Listing
Jan 17, 2026
$2,495,000
$2,485,000
+0% Price Increase
Initial Listing
Jan 15, 2026
$2,485,000
Initial Listing
Nov 7, 2019
$1,935,000
Public Record
Nov 6, 2019
$1,950,000
Public Record