Property Detail

Description

6264 Willowcrest Avenue is a well-maintained six-unit apartment complex located on a peaceful, tree-lined street in North Hollywood, adjacent to the city of Burbank. Built in1956, the property offers +/-4,858 square feet of rentable space on a +/-8,583 square foot lot.With a desirable unit mix of (4) two-bedroom / one-bath units and (2) one-bedroom / one-bath units, the property presents an immediate +/-33% rental upside.In addition to the laundry income, the owner is currently recouping their capital expenditure cost for the seismic retrofit. The annual payment to the current ownership(which will pass to the new ownership) equates to $1,824 annually. The site offers strong long-term development potential, with opportunities to add accessory dwelling units(ADUs) via tuck-under parking conversion or detached construction (buyer to verify).