Executive Summary
137 N Rose St is a 10,306 SF (0.24 ac) Burbank R-1 parcel, improved with a 1,367 SF single-family home built in 1936, one block off the Riverside Dr commercial corridor with a full-width 20.5-ft public alley at the rear. A government-source site study (TECTO GROUP, July 2026) verifies that the parcel passes every screenable SB 1123 eligibility test — including the 75% urban-perimeter test at approximately 91% — and supports two fully ministerial development pathways. This analysis values the property under each pathway separately, against closed and active market data pulled July 28, 2026.
Subject Property
The offering is a single legal parcel (Tract 9517, Lot 130) in Burbank's flat, walkable Riverside Dr pocket — developed single-family streets on three sides and the Riverside Dr commercial frontage at the corner. The existing 1936 home sits on the front third of the lot; the deep rear yard loads directly off the 20.5–21.3-ft public alley, which is what makes both development schemes work without an internal street.
0.24 acres
Single-Family
Built 1936
28.5-ft back-out depth
No fault / fire / flood zone
vs 75% statutory floor
60-day clock, CEQA-exempt
Development Pathways
The site supports two mutually exclusive, fully ministerial programs. Which one applies is decided by a single diligence item: the parcel's five-year occupancy history.
- Ministerial parcel map + housing approval — 60-day clock, deemed approved on inaction, CEQA-exempt (Gov. Code 66499.41 / 65852.28).
- Four detached 2-story homes of ~1,240–1,750 SF (~6,380 SF total) with attached garages loading off the existing alley; 1,550 SF designated remainder keeps the map under Burbank's 5-unit inclusionary threshold.
- Requires a clean occupancy record — no tenants at any point in the 5 years before application; demolition does not cure a prior tenancy.
- Existing 1,367 SF house remains; the deep rear yard takes an ~800 SF SB 9 second unit plus a 1,000–1,200 SF detached ADU — all ministerial.
- Tenancy-proof: because nothing is demolished, prior or current tenants do not block the program.
- Preserves option value — the SB 1123 clock runs from the end of the last tenancy, so the subdivision can be revisited after a vacancy-holding period.
Pathway A Valuation — SB 1123 Residual Land Value
Pathway A is valued as a residual: what a merchant builder can pay for the dirt after building, selling, and earning a market margin on four new homes. The sellout assumption is tested against every new-construction sale closed in Burbank since January 1, 2025.
New-Construction Sales — Detached (Closed 2025–2026)
| # | Address | Sold | BD/BA | Home SF | Lot SF | Price | $/SF | Built |
|---|---|---|---|---|---|---|---|---|
| 1 | 819 N Fairview St, Burbank 91506 | 11/21/25 | 2/2 | 1,350 | 3,650 | $1,420,000 | $1,052 | 2025 |
| 2 | 414 S Orchard Dr, Burbank 91506 | 6/24/26 | 3/4.5 | 2,280 | 6,428 | $2,260,000 | $991 | 2026 |
| 3 | 934 N Fairview St, Burbank 91505 | 2/2/26 | 4/3 | 2,700 | 6,750 | $2,485,000 | $920 | 2025 |
| 4 | 1115 N Florence St, Burbank 91505 | 11/7/25 | 4/3 | 2,400 | 6,750 | $2,250,000 | $938 | 2023 |
| 5 | 2227 N Lamer St, Burbank 91504 | 3/11/26 | 4/4.5 | 2,660 | 6,714 | $2,300,000 | $865 | 2025 |
| 6 | 521 N Sparks St, Burbank 91506 | 9/4/25 | 5/4.5 | 2,700 | 6,749 | $2,700,000 | $1,000 | 2025 |
| 7 | 251 S Griffith Park Dr, Burbank 91506 | 7/29/25 | 5/4.5 | 2,700 | 6,751 | $2,650,000 | $981 | 2024 |
New-Construction Sales — Attached Townhomes (Floor Reference)
| Address | Sold | Home SF | Price | $/SF |
|---|---|---|---|---|
| 150 Bridle Dr, Burbank 91506 | 1/16/26 | 1,781 | $1,150,004 | $646 |
| 101 Kimberwick Ct, Burbank 91506 | 4/20/26 | 1,781 | $1,195,990 | $672 |
| 104 Kimberwick Ct, Burbank 91506 | 4/28/26 | 1,830 | $1,238,000 | $677 |
| 149 Bridle Dr, Burbank 91506 | 4/30/26 | 1,786 | $1,175,990 | $658 |
| 103 Sorrel Ct, Burbank 91506 | 6/12/26 | 1,786 | $1,165,990 | $653 |
Residual Land Value — Three Scenarios
| Line Item | Conservative | Base | Strong |
|---|---|---|---|
| Sellout $/SF (4 homes, 6,380 SF) | $800 | $850 | $890 |
| Gross sellout revenue | $5,104,000 | $5,423,000 | $5,678,200 |
| Less cost of sale (5.0%) | ($255,200) | ($271,150) | ($283,910) |
| Less construction all-in | ($3,400,000) | ($3,200,000) | ($3,000,000) |
| Less map & entitlement | ($85,000) | ($72,500) | ($60,000) |
| Less builder margin (15% of revenue) | ($765,600) | ($813,450) | ($851,730) |
| Residual land value | $598,200 | $1,065,900 | $1,482,560 |
Reading the scenarios: the conservative case pairs the bottom of the sellout band with the top of the construction band and still clears the statutory process costs. The base and strong cases are where the seven detached comps above actually trade. Pathway A supports roughly $1.05M–$1.48M as-is to a builder — and if the owner invests the ~$60–85K to deliver an approved map, the buyer's entitlement line drops out and the supported price moves to approximately $1.14M–$1.54M.
Pathway B Valuation — As-Is Value + Income Program
Pathway B is valued from two building blocks: what the house is worth today on the open market, and what the ministerial 3-door program adds on top.
Closed Sales — As-Is House Comps, 91505 (Subject Vintage)
| # | Address | Sold | BD/BA | Home SF | Lot SF | Price | Built |
|---|---|---|---|---|---|---|---|
| 1 | 3807 W Clark Ave | 5/28/26 | 3/2 | 1,570 | 6,720 | $1,255,000 | 1952 |
| 2 | 1902 N Pass Ave | 5/27/26 | 3/3 | 1,549 | 6,000 | $1,175,000 | 1944 |
| 3 | 1900 N Kenwood St | 10/31/25 | 3/2 | 1,478 | 6,998 | $1,238,000 | 1940 |
| 4 | 331 N Avon St | 9/29/25 | 3/2 | 1,622 | 6,546 | $1,375,000 | 1947 |
| 5 | 825 N Catalina St | 11/7/25 | 3/2 | 1,475 | 6,752 | $1,420,000 | 1937 |
| 6 | 849 N Lima St | 5/27/26 | 3/2 | 1,540 | 7,014 | $1,700,000 | 1937 |
| 7 | 112 N Valley St | 5/29/26 | 3/3 | 1,624 | 6,777 | $1,800,000 | 1927 |
Active & Pending Competition
| Address | Status | BD/BA | Home SF | Lot SF | Ask | DOM | |
|---|---|---|---|---|---|---|---|
| A | 1484 N Rose St — same street as subject | Active | 4/3 | 1,507 | 7,152 | $1,349,000 | 11 |
| B | 1910 N Rose St | Pending | 2/1 | 1,154 | 5,959 | $999,000 | 28 |
| C | 1506 N Niagara St | Active | 3/2 | 1,636 | 6,181 | $1,299,999 | 13 |
| D | 1426 N Buena Vista St | Active | 3/2 | 1,781 | 6,685 | $1,495,000 | 25 |
| E | 839 N Florence St | Pending | 2/2 | 1,530 | 6,752 | $1,300,000 | 19 |
The Income Program — Value Added by SB 9 + ADU
| Line Item | Conservative | Base | Strong |
|---|---|---|---|
| New rentable SF (SB 9 unit + ADU) | 1,800 | 1,900 | 2,000 |
| Added gross rent / yr | $60,000 | $66,000 | $72,000 |
| Less operating expenses (25%) | ($15,000) | ($16,500) | ($18,000) |
| NOI on new units | $45,000 | $49,500 | $54,000 |
| Capitalization rate | 5.75% | 5.50% | 5.25% |
| Stabilized value of new units | $782,600 | $900,000 | $1,028,600 |
| Less construction all-in | ($700,000) | ($625,000) | ($550,000) |
| Net value created | $82,600 | $275,000 | $478,600 |
Reading the program: rent and construction bands are from the TECTO study (~$5,000–6,000/mo added rent on $550–700K of construction — a 9–11% gross yield on the new dollars). Burbank non-RSO income product is currently priced aggressively — LAAA's own 14-unit Burbank listing at 2001–2005 Grismer Ave is asking a 4.41% cap — so the 5.25–5.75% band used here is deliberately conservative. Pathway B supports an as-is value of $1.20M–$1.30M plus $200–350K of program value the buyer will partially pay for — approximately $1.30M–$1.45M to the income/expansion pool, and a completed position of roughly $1.45M–$1.65M for an owner who executes the build.
11025 Blix St, Toluca Lake — a brand-new SB 9 fourplex, listed by our team
This is the full build-new-under-SB 9 playbook executed to completion, one submarket over: the developer bought the flat, rectangular 8,260 SF lot on 11/17/2023 for $1,000,000, built four all-new units (2 SB 9 townhomes + 2 ADUs, ~4,958 SF, completed 2025, now 100% leased), and is offering the finished asset at $2,700,000.
The lesson: because SB 9 units on one lot cannot be sold separately, the exit is a single income-priced asset — $545/SF at a 5.27% cap — and even a well-executed project is seeing limited buyer activity at that strike, with slim margins after construction and carry. Compare the SB 1123 exit: four fee-simple homes selling one at a time to homebuyers at $865–$1,052/SF. Same density tools, roughly double the exit pricing per foot. This is why Pathway A is the for-sale play for 137 N Rose, and why Pathway B is deliberately sized as a ~$550–700K keep-and-add program (9–11% gross yield on the new dollars) rather than a full scrape-and-rebuild.
Pricing Recommendation
The two pathways are not competing values — they are two buyer pools underwriting the same parcel from different directions, and they land in the same place:
Recommended Pricing
Strategic note: the same-street active at 1484 N Rose ($1,349,000, 7,152 SF lot) sets the immediate anchor for plain-house value on this street. The subject carries a 44% larger lot, a rear alley, and two verified ministerial density programs that neither the house pool nor the street has priced. Listing at $1,425,000 positions the property above the plain-house anchor while keeping both the merchant-builder pool (base-to-strong residual $1.07M–$1.48M, higher with the map) and the expansion pool ($1.30M–$1.45M) in the bidding. If the occupancy record verifies clean, marketing leads with the SB 1123 story; if not, the SB 9 + ADU program carries the same list price to the income pool — the price does not depend on which pathway survives diligence.
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The LA Apartment Advisors Team
LA Apartment Advisors (LAAA) is a Marcus & Millichap investment sales team specializing in multifamily and land/development transactions across Los Angeles County. With 458+ transactions and over $1.46 billion in closed volume, we help property owners make confident investment decisions — whether buying, selling, or exploring the market.
(Trailing 3 Years)
Glen Scher is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. A UC Santa Barbara graduate in Economics, Glen launched his career in 2014 and earned Rookie of the Year from the SFV Business Journal by 2016. A former Division I golfer, he captured three collegiate titles and was named UCSB Male Athlete of the Year.
Filip Niculete is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. Born in Romania and raised in the San Fernando Valley, Filip studied Finance at San Diego State University and began his career at Marcus & Millichap in 2011. Known for execution, integrity, and relentless work ethic, Filip and the LAAA Team consistently lead the market in active inventory across Los Angeles.
Team Members
The Agnew Serling Group
The Agnew Serling Group is a Marcus & Millichap investment sales team specializing in office, industrial, retail, and land/development transactions across Los Angeles County. With $1+ billion in closed sales and 500,000+ SF leased across 350+ transactions, the group brings unrivaled service and deep San Fernando Valley market expertise to every engagement.
Marty earned a Bachelor of Arts in Business & Marketing from Oklahoma State University and joined Marcus & Millichap as an Associate in 2002. After building a leading San Fernando Valley office and industrial practice, he founded the Agnew | Serling Group with Ryan in 2016. Marty received Marcus & Millichap's National Achievement Award in 2017, 2018, and 2019, and was promoted to Senior Managing Director Investments in 2025.
Ryan is a Managing Director Investments at Marcus & Millichap, based in the firm's Encino office. Since joining in 2014, he has cultivated long-standing relationships with property owners across Los Angeles County. In 2016, after surpassing $60 million in sales, he partnered with Martin Agnew to form the Agnew | Serling Group. Ryan graduated with honors from Ithaca College and was promoted to Managing Director Investments in 2025.
Team Members
"Unrivaled Service in Commercial Real Estate Sales & Leasing"
LAAA Active Development Inventory
Every development site LAAA currently has on the market — 11 active listings totaling $53.2M and 1,147 buildable units across the LA region. Listing 137 N Rose with this team means immediate access to the developer-buyer pool already engaged across this portfolio.