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607 E Olive Avenue, Burbank, California 91501, Burbank, 91501 - bed, bath

607 E Olive Avenue, Burbank, California 91501 home-pic-0
ACTIVE$2,395,000
607 E Olive Avenue, Burbank, California 91501
0Bed
0Bath
3,500Sqft
7,434Lot
Year Built
1949
Close
-
List price
$2.4M
Original List price
$2.65M
Price/Sqft
$684
HOA
-
Days on market
-
Sold On
-
MLS number
GD24249160
Home ConditionGood
Features
Patio
View-

About this home

We found 3 Cons,5 Pros.

FIRST TIME ON THE MARKET!! Located in the highly desirable NW of Burbank, one block below Kenneth. This pride of ownership property is well maintained 5-units plus 1 new ADU! Three of the five units are one bedroom and one bathroom with on site parking accessed from the alleyway. Duplex features 2 bedrooms 2 baths each unit. ADU has been completed in 2021, has a separate address and features 1BD 1BH. This great investment property is centrally located with easy access to public transit and minutes away to DreamWorks, Warner Bros. Studios, Disney Imagineering, St. Joseph's Hospital, LA Equestrian Center, Griffith Park, Ikea, and much more. Additional conveniences are other local and major retailers, parks, coffee shops, entertainment and nightlife in Downtown Burbank. With easy access to the 5/134/101 freeways. All units are currently tenant occupied.

Condition Rating
Good
The property, built in 1949, benefits significantly from a newly constructed ADU in 2021, which features modern finishes, a good quality kitchen with granite countertops and stainless steel appliances, and new flooring. While the original five units show signs of age with older light fixtures and hardwood floors, they are described as 'well maintained' and appear functional and clean in the provided images. The presence of a virtually new unit elevates the overall condition of this multi-unit property, making it move-in ready with no immediate major renovations required across all units, though the older units may have dated systems.
Pros & Cons

Pros

Strong Income Potential: The property features six total units (5 original + 1 new ADU), all currently tenant-occupied, providing immediate and substantial rental income for investors.
Prime Burbank Location: Situated in the highly desirable NW Burbank, offering excellent access to major studios (DreamWorks, Warner Bros., Disney), hospitals, entertainment, retail, and major freeways (5/134/101).
New Construction ADU: A recently completed (2021) ADU with a separate address adds modern living space, enhances property value, and boosts rental income potential.
On-Site Parking: The availability of on-site parking, accessed via an alleyway, is a significant convenience and value-add for tenants in a dense urban environment.
First Time on Market & Well-Maintained: Being offered for the first time and described as a 'pride of ownership' property suggests good upkeep and a potentially stable investment opportunity.

Cons

Property Age: Built in 1949, the original five units may require significant capital expenditures for updates to plumbing, electrical, or other systems to meet modern standards or maximize rental income.
Extended Market Time & Price Reduction: The property has been on the market for over five months with a substantial price reduction from its original listing, potentially indicating an initial overvaluation or market resistance.
Tenant Occupancy Constraints: While beneficial for income, the fully tenant-occupied status could complicate plans for an owner-occupant or immediate extensive renovations/repositioning of the units due to tenant rights and relocation considerations.

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