561 E Orange Grove Ave, Burbank — 10-Unit Multifamily, $2.9M (Apr 2023)

Updated April 28, 2026

Units: 10 · Sale price: $2,895,000 · Price per unit: $289,500 · Closed: April 2023

A 10-unit mid-size multifamily property at 561 E Orange Grove Ave in Burbank, sold April 2023 for $2,895,000 — approximately $289,500 per unit.

2023 was LA multifamily's transaction trough. Annual volume of $4.6B was a fifteen-year low as rates climbed and bid-ask spreads widened.

Burbank operates under its own jurisdiction distinct from LA City RSO. Institutional demand tied to the city's employment base and transit access.

Mid-size multifamily in this unit range attracts both private investors and smaller institutional buyers, particularly on value-add theses.

Set against the rest of the Burbank record, this is the 3rd largest of the 4 Burbank apartment buildings Michael Sterman has closed.

At $289,500 a unit it traded essentially on the Burbank median of $298,917, across those 4 closings.

Other Burbank closings the same year: 415 W Riverside Dr (10 units, $1,900,000).

This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.

Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.

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