Prime Burbank Multifamily with Income, ADU Potential & Development Upside!

2344 Niagara Street is a fully occupied four-unit multifamily property located in the highly desirable city of Burbank, California. The property includes two separate structures: a two-story duplex (2814 Thornton) built in 1902 and a single-story rear duplex (2344-46 Niagara). Combined, they total 3,781 square feet on an oversized 8,751 square foot BUR4-zoned lot. While the buildings are largely unrenovated—aside from a recently installed new roof—they generate immediate in-place income and offer significant value-add potential through both interior improvements and future development. The offering is $200 per SF below the average comparable.

The unit mix is predominantly two-bedroom apartments, with one one-bedroom unit, providing a strong base for market-rate repositioning. Current annual income is approximately 40% below market levels. With modest renovations completed during natural tenant turnover, projected gross income could surpass typical returns for multifamily investments in Burbank. While cosmetic and interior upgrades are needed, the property offers an immediate operational baseline with considerable upside for investors focused on long-term appreciation and rent growth.

Located just 0.5 miles from the I-5 Freeway and less than a half-mile from Hollywood Burbank Airport, the property offers excellent regional connectivity and is in close proximity to major employment centers including Warner Bros., Disney, and NBCUniversal. Tenants benefit from access to the highly rated Burbank Unified School District and downtown Burbank’s shopping and dining amenities. The area is known for its low vacancy, strong family-oriented demographic, and high demand for quality rental housing—factors that support long-term tenant stability and rental growth.

A key driver of future upside is the property’s development potential. Under California’s SB 1211, investors can add up to four detached ADUs by right, leveraging the large lot size and existing layout to increase unit count and income. Additionally, the BUR4 zoning opens the door to full redevelopment using density bonuses and housing incentive programs offered by the city and county. Whether your strategy is to renovate the existing units, build ADUs, or pursue ground-up redevelopment, 2344 Niagara represents a flexible, high-upside investment in one of Los Angeles County’s most stable and sought-after rental submarkets.