Burbank – 2001 Grismer Avenue, a 14-unit apartment building in Burbank, has sold for $6,000,000.
2001 Grismer Avenue is located on the corner of Grismer and Peyton Avenues, less than one tenth of a mile west of S. Glenoaks Boulevard. The property is comprised of ± 11,334 square feet of improvements on ± 10,895 square feet of land. All fourteen apartment units are made up of two bedrooms and two baths. The property sold for $428,571 per unit at 3.88% cap rate, and 18.27 GRM of 18.27. There were no vacancies at the time of sale.
“The proximity to several major area employers, such as Disney Studios and Warner Brothers, makes this a highly desirable rental market,” said T.C. Macker.
WESTMAC Commercial Brokerage Company represented both seller and buyer. T.C. Macker, CCIM and Jennifer Moscoso represented the seller. T.C. Macker, CCIM and J. Patrick Sheekey represented the buyer.
About WESTMAC Commercial Brokerage Company
WESTMAC Commercial Brokerage Company is a Los Angeles based commercial real estate brokerage firm founded in 1988 by one of L.A.’s most recognized commercial real estate brokers Timothy C. Macker. Our firm is a full-service real estate company that provides exemplary consultation, advisory and marketing services to property owners, users, developers and investors. From 2001 until 2018, the company was affiliated and a franchisee of Coldwell Banker Commercial before returning to its roots, as WESTMAC Commercial Brokerage Company.
Our 30+ professionals specialize in four distinct market niches: office, industrial, retail and multi-family properties. Among the primary services the firm provides are exclusive marketing of both for-sale and for-lease properties, representation of tenants seeking to lease commercial space, and consultation to real estate investors, developers and owners on the disposition or acquisition of commercial property.
Our standard is “The client’s best interest must be the guiding force behind all services.”