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$1,625,000
Est. payment /mo
5 Beds
4 Baths
3,023 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 3,023 sqft
Price per Sqft $537
MLS Listing ID 26645001
Bedrooms 5
HOA Y/N No
Year Built 1942
Lot Size 6,407 Sqft
Property Description
We are pleased to present 2907 W Riverside Drive, a four-unit multifamily investment offering approximately 17% rental upside, rear-alley ADU potential, and completed capital improvements in Burbank's highly sought-after Media District.Constructed in 1942, the property totals approximately 3,023 rentable square feet on a 6,595 square foot lot. The unit mix includes three one-bedroom, one-bath units and one two-bedroom, one-and-a-half-bath unit. All units are separately metered for gas and electricity with individual water heaters, minimizing owner utility exposure. Four detached single-car garages along the rear alley provide covered parking and create ideal configuration for potential ADU development under Burbank's ADU ordinance.In-place rents are approximately 17% below market, creating clear upside through natural turnover and light interior renovations. Current rents reflect long-term tenancy rather than functional obsolescence. A new owner can capture meaningful income growth through standard upgrades including flooring, cabinetry, countertops, appliances, and fixtures. Key capital items have been addressed including a new roof and comprehensive plumbing upgrades, materially reducing near-term capital exposure.Situated directly adjacent to Johnny Carson Park and immediately south of Warner Bros. Studios, the property benefits from consistent tenant demand driven by entertainment industry employment while operating under Burbank's tenant protection framework, which is generally more flexible than Los Angeles City rent stabilization. The location places residents within distance of major entertainment employers including Warner Bros., Disney, Nickelodeon, Cartoon Network, and DreamWorks Animation, while maintaining a quiet residential character enhanced by park frontage. Residents enjoy proximity to Magnolia Park, Downtown Burbank dining including Porto's Bakery, Burbank Town Center, and convenient 134 Freeway access to Studio City, Glendale, and Hollywood.
Location
State CA
County Los Angeles
Area 610 - Burbank
Zoning BUR4*
Interior
Fireplace No
Exterior
Parking Features Garage
Total Parking Spaces 4
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2485025015
Special Listing Condition Standard
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Listed by Filip Niculete Marcus & Millichap
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