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Prime Burbank | 6.11% CAP | Fully Remodeled 700 S 6th St 34 Unit Apartment Building $14,004,868 CAD ($411,908 CAD/Unit) 6.11% Cap Rate Burbank, CA 91501
Investment Highlights
- Prime Location North of Glenoaks Boulevard in the Burbank Foothills
- Attractive 6.11% CAP Rate with Rent Upside
- Thoroughly Renovated and Meticulously Maintained, Allowing New Investor to Benefit from a Turnkey Property with Minimal Deferred Maintenance
- Rare Mid-Size Offering — Over Past 20 Years, Fewer than One Sale per Year of 30- to 99-Unit Properties in Burbank
- Not Subject to Los Angeles Rent Control -- Burbank’s Rent Legislation Allows for Higher Rent Increases and is More Favorable to Owners
- Central Air/Heat for All Units, Stainless Steel Appliances, Recessed Lighting, Vaulted Ceilings, and Quartz Countertops in Most Apartments
Executive Summary
Marcus & Millichap is pleased to announce the opportunity to purchase the Citra Apartment Homes, a 34-unit multifamily community located at 700 S 6th Street in Burbank, CA. With a prime corner lot location north of Glenoaks Boulevard, the property offers residents a home in the picturesque foothills of the Verdugo Mountains with Downtown Burbank and the Burbank Town Center shopping mall just blocks away. Buildings of this size and in this location are rarely available for sale, with fewer than one such property transacting per year over the past two decades (Source: CoStar COMPS).
Due to the fact that the property is subject only to Burbank’s local rent ordinance, a new owner may be able to recapture the rent upside and keep pace with improving rent growth via higher allowable rent increases, when compared with other assets subject to Los Angeles rent control. At the same time, deferred maintenance costs are dramatically reduced as the property has been thoroughly upgraded and well maintained in recent years. Seismic retrofit repairs were completed in January 2026, while a new roof was added, new windows were installed, and plumbing was replaced in 2018/2019. Tenants are easily attracted to the building’s impressive amenities package, which includes central air/heat, recessed lighting, vaulted ceilings, quartz countertops, stainless steel appliances, and new vinyl windows.
Dubbed the “Media Capital of the World,” the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Disney Studios, Walt Disney Imagineering, Warner Bros. Studios, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation. In addition to the Burbank Town Center Shopping Mall, several other retail and dining destinations are conveniently accessible to tenants, including the Empire Center, Costco, Ikea, and the Americana at Brand lifestyle center.
Due to the fact that the property is subject only to Burbank’s local rent ordinance, a new owner may be able to recapture the rent upside and keep pace with improving rent growth via higher allowable rent increases, when compared with other assets subject to Los Angeles rent control. At the same time, deferred maintenance costs are dramatically reduced as the property has been thoroughly upgraded and well maintained in recent years. Seismic retrofit repairs were completed in January 2026, while a new roof was added, new windows were installed, and plumbing was replaced in 2018/2019. Tenants are easily attracted to the building’s impressive amenities package, which includes central air/heat, recessed lighting, vaulted ceilings, quartz countertops, stainless steel appliances, and new vinyl windows.
Dubbed the “Media Capital of the World,” the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Disney Studios, Walt Disney Imagineering, Warner Bros. Studios, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation. In addition to the Burbank Town Center Shopping Mall, several other retail and dining destinations are conveniently accessible to tenants, including the Empire Center, Costco, Ikea, and the Americana at Brand lifestyle center.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $14,004,868 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $411,908 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.43 AC |
| Cap Rate | 6.11% | Building Size | 20,768 SF |
| Gross Rent Multiplier | 11.35 | Average Occupancy | 100% |
| No. Units | 34 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.25/1,000 SF |
| Zoning | BUR4* | ||
| Price | $14,004,868 CAD |
| Price Per Unit | $411,908 CAD |
| Sale Type | Investment |
| Cap Rate | 6.11% |
| Gross Rent Multiplier | 11.35 |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.43 AC |
| Building Size | 20,768 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.25/1,000 SF |
| Zoning | BUR4* |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Kitchen
- Refrigerator
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Online Services
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 9 | $2,553 CAD | 400 |
| 1+1 | 21 | $3,106 CAD | 600 - 750 |
| 2+1 | 4 | $3,434 CAD | 750 |
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Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5621-020-013 | Total Assessment | $15,613,299 CAD |
| Land Assessment | $9,367,979 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $6,245,320 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
5621-020-013
Land Assessment
$9,367,979 CAD
Improvements Assessment
$6,245,320 CAD
Total Assessment
$15,613,299 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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Prime Burbank | 6.11% CAP | Fully Remodeled | 700 S 6th St
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