NOT LISTED FOR SALE

1019 E Spazier Ave Burbank, CA 91502

Downtown Burbank Neighborhood

Estimated Value: $1,536,000 - $1,865,000

3 Beds
2 Baths
5,722 Sq Ft
$299/Sq Ft Est. Value

Last Sold June 23, 2023

Last sale price $3,000,000 $524 Per Sq Ft

Est. 44% decrease in value since last sale

Current estimated payment $10,297/month

27 Days on Market

Highlights

  • 0.39 Acre Lot
  • No HOA
  • Landscaped
  • Joaquin Miller Elementary School Rated A-
  • Laundry Room
  • Level Lot

About This Home

As of June 2023

Paul Kott Realtors, Inc. – Commercial Division is pleased to present this multifamily investment opportunity in prime Burbank. 1019-1023 East Spazier Avenue offers eight charming bungalow style units in a prime location situated walking distance to Ralph’s, Trader Joe’s, Starbucks, CVS, Walgreens, and several other shopping and dining options making it attractive for any tenant to live so close to convenience.

This unique rarely traded asset is situated in one of the most desirable rental markets in Los Angeles located walking distance to downtown Burbank, 0.3 miles to the 5 Freeway, and approximately 3 miles to Warner Bros. Studios. Additionally, the property is not subject to any local or city rent control and only subject to AB-1482.

The property sits on a double lot totaling 16,900 SF of land with 5,722 SF of rentable space consisting of (2) two-bedroom, one bath units and (6) one-bedroom, one bath units. Each unit maintains its own washer and dryer and is separately metered for electricity and gas which the tenants pay for. The offering provides a rare opportunity for a savvy investor to acquire this trophy asset for long term appreciation.

Please contact listing agent for Offering Memorandum.

*DO NOT ENTER ONTO PROPERTY WITHOUT SELLER'S WRITTEN CONSENT*

Last Agent to Sell the Property

Brett Cervantes

Kott & Company, Inc. License #01499474 Listed on: 04/12/2023

Last Buyer's Agent

Varouj Madadian

Galaxy Real Estate Services License #01013113

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1940

Lot Details

  • 0.39 Acre Lot
  • Two or More Common Walls
  • Landscaped
  • Level Lot
  • 5624002033

Parking

  • 2 Car Garage

Home Design

  • Apartment
  • Entry on the 1st floor

Interior Spaces

  • 5,722 Sq Ft Home
  • 1-Story Property

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 2 Bathrooms

Laundry

  • Laundry Room
  • Laundry in Kitchen

Outdoor Features

  • Exterior Lighting

Listing and Financial Details

  • Tax Lot 14
  • Tax Tract Number 8862
  • Assessor Parcel Number 5624002032
  • $32,329 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 8 Units

Building Details

  • 8 Separate Electric Meters
  • 8 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $3,600
  • Insurance Expense $2,446
  • Maintenance Expense $5,000
  • Professional Management Expense $6,617
  • Trash Expense $2,028
  • Water Sewer Expense $2,580
  • Operating Expense $54,600
  • Gross Income $165,420
  • Net Operating Income $110,820

Property Details

Home Type

Multi-Family

Year Built

Built in 1940

Lot Details

0

Parking

2

Listing Details

  • Professional Management Expense: 6617.00
  • Property Attached: Yes
  • Water Sewer Expenses: 2580.00
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 3600.00
  • Parcel Number: 5624002032
  • Year Built: 1940
  • Special Features: None

Interior Features

  • Stories: 1
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Price Per Square Foot: 524.29

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 2.00
  • Total Parking Spaces: 2.00

Utilities

  • Laundry: Yes
  • Laundry Features: In Kitchen
  • Sewer: Public Sewer
  • Trash Expense: 2028.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Sidewalks, Street Lights

Lot Info

  • Additional Parcels: No
  • Additional Parcels Description: 5624002033
  • Land Lease: No
  • Lot Features: Landscaped, Level with Street
  • Lot Size Sq Ft: 16900.00
  • Lot Size Acres: 0.3880

Multi Family

  • Average1 Bed Area: 635 Square Feet
  • Average2 Bed Area: 958 Square Feet
  • Gross Income: 165420.00
  • Gross Scheduled Income: 165420.00
  • Insurance Expense: 2446.00
  • Lot Size Area: 16900.0000 Square Feet
  • Maintenance Expense: 5000.00
  • Net Operating Income: 110820.00
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 8
  • Operating Expense: 54600.00
  • Rent Control: No
  • Total Expenses: 54600.00

Tax Info

  • Tax Lot: 14
  • Tax Tract Number: 8862
  • TaxOtherAnnualAssessmentAmount: 32329.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Apr 12, 2023
Closed on
Jun 20, 2023
Sold by
Minasyan Martin and Minasyan Marieta
Bought by
An Ar Ar Group Llc
Seller's Agent
Brett Cervantes
Kott & Company, Inc.
Buyer's Agent
Varouj Madadian
Galaxy Real Estate Services
List Price
$2,998,000
Sold Price
$3,000,000
Premium/Discount to List
$2,000
0.07%
Views
8
Current Estimated Value
$1,686,444

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$1,313,556
Avg. Annual Appreciation
-20.22%
Original Mortgage
$1,000,000
Outstanding Balance
$971,991
Interest Rate
6.35%
Mortgage Type
New Conventional
Estimated Equity
$741,328

Purchase Details

Listed on
Apr 12, 2023
Closed on
May 23, 2023
Sold by
Cervantes Gerardo O and Cervante Laura
Bought by
Minasyan Martin and Tsaturyan Marieta
Seller's Agent
Brett Cervantes
Kott & Company, Inc.
Buyer's Agent
Varouj Madadian
Galaxy Real Estate Services
List Price
$2,998,000
Sold Price
$3,000,000
Premium/Discount to List
$2,000
0.07%
Views
8

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,000,000
Outstanding Balance
$971,991
Interest Rate
6.35%
Mortgage Type
New Conventional
Estimated Equity
$741,328

Purchase Details

Closed on
Mar 9, 2023
Sold by
Wenceslao And Elsa Cervantes 2000 Family
Bought by
Gerardo O Cervantes And Laura A Cervantes Fam

Purchase Details

Closed on
Sep 22, 2000
Sold by
Cervantes Wenceslawo H
Bought by
Cervantes Wenceslao H and Wenceslao & Elsa Cervantes 2000 Family T
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
An Ar Ar Group Llc -- Fidelity National Title
Minasyan Martin $1,500,000 Fidelity National Title
Gerardo O Cervantes And Laura A Cervantes Fam -- --
Cervantes Wenceslao H -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Minasyan Martin $1,000,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
06/23/2023 06/23/23 Sold $3,000,000 +0.1% $524 / Sq Ft
05/09/2023 05/09/23 Pending -- -- --
04/12/2023 04/12/23 For Sale $2,998,000 -- $524 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $17,214 $1,560,600 $977,976 $582,624
2024 $17,214 $1,530,000 $958,800 $571,200
2023 $4,576 $375,280 $373,428 $1,852
2022 $4,378 $367,922 $366,106 $1,816
2021 $4,346 $360,709 $358,928 $1,781
2020 $4,298 $357,011 $355,248 $1,763
2019 $4,178 $350,012 $348,283 $1,729
2018 $4,061 $343,150 $341,454 $1,696
2016 $3,763 $329,827 $328,196 $1,631
2015 $3,689 $324,874 $323,267 $1,607
2014 $3,705 $318,511 $316,935 $1,576
Source: Public Records

Agents Affiliated with this Home

  • B

    Seller's Agent in 2023

    Brett Cervantes

    Kott & Company, Inc.

    Section Image
  • Varouj Madadian

    Buyer's Agent in 2023

    Varouj Madadian

    Galaxy Real Estate Services

    (818) 244-4442

    1 in this area

    19 Total Sales

    Varouj Madadian
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW23060870

California Regional Multiple Listing Service (CRMLS)

APN: 5624-002-033

California Los Angeles County Burbank 91201 Downtown Burbank

1019 E Spazier Ave, Burbank, CA

Not Listed for Sale

MultiFamily

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