| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 51st | Fair |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 215 E Elmwood Ave, Burbank, CA, 91502, US |
| Region / Metro | Burbank |
| Year of Construction | 1987 |
| Units | 21 |
| Transaction Date | 2001-05-18 |
| Transaction Price | $160,000 |
| Buyer | HOLLANDER MITCHELL A |
| Seller | KEYS DAROLD EUGENE |
215 E Elmwood Ave Burbank Multifamily Investment
Positioned in Burbank’s amenity-rich urban core, this 21-unit asset benefits from stable neighborhood occupancy and deep renter demand, according to WDSuite’s CRE market data. High ownership costs in Los Angeles County help support durable multifamily fundamentals at this address.
The property sits in an Urban Core neighborhood rated A and ranks 161st among 1,441 Los Angeles metro neighborhoods, indicating competitive positioning within the submarket landscape. Amenity access is a clear strength: grocery, pharmacy, and dining density register in the mid-to-high 90s nationwide, and the neighborhood’s amenity rank (44 of 1,441) places it in the top quartile among metro peers. This concentration of daily needs and cafes supports walkable convenience that typically aids retention and leasing velocity.
Neighborhood occupancy is approximately 94%, and net operating income per unit trends in the top decile nationally. Together, these signals point to resilient performance potential relative to broader metro conditions, based on CRE market data from WDSuite. Median school ratings sit slightly above the national median, adding another steadying factor for family-oriented renter households.
Vintage matters for capital planning: built in 1987, the property is newer than the neighborhood’s average 1976 vintage, which can offer a competitive edge versus older stock. Investors should still anticipate targeted modernization and systems updates typical of late-1980s construction to support rent positioning and reduce near-term maintenance risk.
Renter concentration is high, with roughly 82% of housing units renter-occupied in the neighborhood. This depth of renter households underpins tenant demand for multifamily operators. Within a 3-mile radius, populations have been broadly stable while household counts have grown, and forecasts show further household expansion alongside a gradual reduction in average household size—an investor-relevant pattern that can expand the renter pool and support occupancy. Where elevated home values (near the top percentiles nationally) mark a high-cost ownership market, multifamily tends to capture demand spillover and can sustain pricing power, though lease management should monitor affordability pressure given rent-to-income readings in the low- to mid-30% range.
For multifamily property research, the combination of high neighborhood amenities, renter depth, and relative vintage positioning presents a balanced case for durable operations, while acknowledging that Los Angeles metro softness or affordability pressures could moderate near-term rent growth.
Comparable crime benchmarking for this neighborhood is not available in WDSuite’s dataset at this time. Investors typically contextualize safety by reviewing city and metro trend sources alongside on-the-ground diligence and property-level controls (lighting, access, management presence) to inform underwriting assumptions.
Proximity to major corporate employers supports a steady renter base and commute convenience for residents. Key nearby employers include Disney, Radio Disney, Avery Dennison, Charter Communications, and Live Nation Entertainment.
- Disney — media & entertainment (1.9 miles) — HQ
- Radio Disney — media & entertainment (2.8 miles)
- Avery Dennison — manufacturing & materials (2.9 miles) — HQ
- Charter Communications — telecommunications (2.9 miles)
- Live Nation Entertainment — entertainment (5.7 miles)
215 E Elmwood Ave offers a late-1980s vintage in an amenity-dense Burbank location with neighborhood occupancy around the mid-90s and NOI per unit performance in the top decile nationally. Built in 1987, the asset is newer than nearby stock, suggesting competitive positioning versus older properties while leaving room for selective upgrades to enhance leasing and manage near-term capex.
Within a 3-mile radius, households have increased and are projected to grow further even as average household size trends lower—an investor-relevant setup that can broaden the renter pool and support occupancy stability. Elevated ownership costs in the area reinforce reliance on multifamily housing, while rent-to-income levels warrant disciplined lease management and renewal strategies, based on commercial real estate analysis from WDSuite.
- Amenity-rich Urban Core location with top-quartile metro amenity rank supporting leasing and retention.
- 1987 construction provides a relative edge over older stock, with targeted modernization potential for value-add.
- High renter concentration and forecast household growth within 3 miles underpin a larger tenant base and occupancy stability.
- Risk: Elevated rent-to-income levels and broader LA metro soft patches could temper near-term rent growth; active lease and expense management remain important.