A LA Multifamily success story in Burbank
Burbank Triplex Sold @ 115% of Listed Price After 11 Offers
242 N Cordova St, Burbank, CA 91505
242 N Cordova St sold for $1.15M after generating 11 offers in the first week on market in Burbank’s Media District.
Offering Price
$1,150,000
City
Burbank
Current CAP
1.95%
Price per unit
$383,333
Lot Size
6,621 SF
242 n cordova st
Offering Price
$1,150,000
Number of Units
3 Units
Bldg. Size
2,320 SF
Price per Foot
$496
Year Built
1949
Market CAP
4.80%
Zoning
BUR4
Background
242 N. Cordova St is a triplex located in the heart of Burbank’s Media District, just north of the 134 Freeway and approx. 0.6 miles from one of Los Angeles’ most established entertainment employment hubs.
Major studios including Warner Bros., Walt Disney Studios, and ABC Television continue to anchor the surrounding area, while nearby restaurants, coffee shops, and neighborhood retail support steady tenant demand throughout the neighborhood.
The property was referred to our team by Compass residential agent David Krygier. Ownership consisted of multiple beneficiaries who inherited the property with a stepped-up basis and ultimately decided to sell.
Challenge
At a $995,000 list price, the property generated immediate interest, but buyer conversations consistently centered around how to underwrite the existing income against future rent growth potential.
Triplex product throughout the San Fernando Valley has become increasingly sensitive to financing assumptions and projected upside, particularly in situations where buyers are attempting to justify pricing through future improvements or repositioning.
We focused heavily on initial exposure and in-person tours, allowing buyers to experience the spacing between units, outdoor areas, and surrounding residential streets firsthand. The property consistently translated better during tours, particularly among buyers looking for lower-density product near major studio employment.
Result
242 N. Cordova St generated 11 offers within the first 7 days on market. A best-and-final round ultimately led to acceptance of an offer from an outside agent representing a local buyer.
The transaction closed in 21 days at $1,150,000, or 115% of the original list price, with no concessions negotiated during escrow.
This also marked our second over-asking multifamily sale in the San Fernando Valley during 2026, following a recent Toluca Lake triplex sale that closed above list price earlier in the year.
