3513 W Alameda Avenue, Burbank, California 91505, Burbank, 91505 - bed, bath
ACTIVE$1,098,000
3513 W Alameda Avenue, Burbank, California 91505
0Bed
0Bath
1,404Sqft
2,725Lot
Year Built
1959
Close
-
List price
$1.1M
Original List price
$1.2M
Price/Sqft
$782
HOA
-
Days on market
-
Sold On
-
MLS number
P1-21484
Home ConditionFair
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $1.10M(40th), sqft - 1404(20th), beds - undefined(50th), baths - undefined(50th).
Beautiful triplex available in Burbank. Great unit mix of 2 singles and a 1 bedroom. Rents are below market. One unit is vacant which can be rented, or perfect for an owner user. Two units have been updated. 3 parking spaces in rear. Great visibility. Individually metered for gas and electricity. Property management in place which can remain.
Condition Rating
Fair
Built in 1959, this property is aged. While the description states 'two units have been updated,' and the images show modern kitchens and bathrooms with contemporary cabinets, white countertops, and updated fixtures, other elements like popcorn ceilings and window AC units in the living areas indicate that the renovations were primarily cosmetic and not comprehensive system overhauls. The property is maintained, but its age and partial updates suggest major components may be functional but show signs of being outdated, aligning with a 'Fair' condition.
Pros & Cons
Pros
Desirable Location: Situated in Burbank, a highly sought-after area known for its strong rental market, amenities, and proximity to entertainment industry hubs.
Income-Generating Triplex: As a triplex, the property offers a multi-unit investment opportunity with three distinct income streams, enhancing stability and potential returns.
Significant Rental Upside: Current rents are below market, presenting a clear opportunity for a new owner to increase income and maximize the property's investment potential.
Owner-User or Immediate Rental Flexibility: One unit is currently vacant, providing immediate flexibility for an owner-user or the ability to quickly re-tenant at market rates.
Partially Updated Units: Two of the three units have been updated, reducing immediate renovation needs and enhancing their appeal to prospective tenants.
Cons
Sub-Market Rents: While an opportunity, the current below-market rents mean immediate cash flow is not optimized, requiring active management to realize full potential.
Property Age: Built in 1959, the property may require ongoing maintenance or future capital expenditures for older systems and components.
Compact Unit Sizes: With 1404 sqft for a triplex (two singles and one 1-bedroom), the individual units are likely quite small, which could limit tenant demographics or rental price ceilings.