328- 342 E Providencia Ave

Burbank, CA, 91502

$14,000,000

$536 per ft²
$14,000,000
$536 per ft²
Active
Active
 - For Sale
beds
41 Beds
baths
49 Baths
carpenters-square
26,100 ft²
property_type
Multi-family
calendar
Built 1988
We are pleased to present this rare offering of 35 multifamily units between three contiguous parcels located at 328, 336, and 342 East Providencia Avenue in Burbank, CA.Burbank is a historically low turnover market with only 8 properties being sold for over $10M in the past 10 years, making this a truly rare opportunity for an investor looking for a larger asset in the highly desirable non-rent controlled city of Burbank. This is the first time these buildings have been offered for sale in more than 30 years.All built in 1988, these three properties sit on a combined 0.60 acres of land with 26,100 total square feet, and it offers a strong unit mix of (8) studios, (18) 1 bed / 1 bath units, (4) 2 bed / 2 bath units, (4) 3 bed / 2 bath units, and (1) 3 bed / 2.5 bath unit. The 35 total units are split up as (2) 12 unit properties and (1) 11 unit property. Due to none of the buildings have 16 or more units, there is no requirement to have an onsite manager, saving the buyer a significant expense that other 35-unit buildings would normally have. The tenants have gone years without a rent increase, and 31 of the units are eligible for the max 10% annual rent increase today, per the AB-1482 guidelines. By giving those units the rent increases, an investor would be able to get their starting CAP rate above 4.20%. Even after these max rent increases are given, there is still another 22% estimated upside potential in rents. That suggests that an investor can give these rent increases with little risk of the tenants moving out because they would still be below full market-rate potential.
MLS® ID:
22-185943
Listed:
8/2/22
Updated:
8/8/22

Interior Features

Total Bedrooms
41
Total Bathrooms
49
Cooling
Other
Heating
Other

Exterior/Building Features

Lot Size
0.6 acres lot

Other Property Details

Garage
No
Parking
Covered Parking
View
N
County
Los Angeles
Pool
No
Total Stories
2
Zoning
BUR4*

 

Courtesy of , Marcus & Millichap

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Danelle Lavin shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2022 Combined L.A./Westside MLS. All rights reserved.

Data last updated 8/8/22

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