Rajpal Dhillon Acquires Multifamily Property In Burbank For $2.4M

Located at 157 West Ash Avenue in Burbank, this multifamily property was recently sold in a closed transaction. The property consists of 5 units, built in 1988, and spans a total of 4,564 square feet. The sale price for this property was $2,425,000, making the per unit price $485,000. The price per square foot is calculated at $531. The property has a capitalization rate of 4.78% and a gross rent multiplier of 14.64.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,425,000
• Units: 5
• Price per Unit: $485,000
• Square Footage: 4,564
• Price per Square Foot: $531
• Capitalization Rate: 4.78%
• Gross Rent Multiplier: 14.64

The buyer of this property is Rajpal Dhillon, while the seller is Sergey Mahtesyan. The transaction was facilitated by Filip Niculete and Glen Scher of LAAA Team at Marcus & Millichap. The brokers were able to generate a total of 4 offers for this property. It is noted that the buyer assumed the seller's loan and the purchase was made through a 1031 exchange, indicating a tax-deferred exchange of properties for investment purposes.

This sale in Burbank represents a record-breaking transaction in 2023. With the highest price per unit and price per square foot, this property exemplifies the strong market demand in Burbank for multifamily properties. Its convenient location and the fact that it was built in 1988 add to its appeal and potential for future returns.