335-337 E Providencia Ave - Apartments FOR SALE


Burbank, CA 91502
$3,295,000 USD
818-219-6146
335-337 E Providencia Ave, Burbank, CA for Sale
$3,295,000 USD
Apartments - FOR SALE
1/19
null | 4.58% Cap Rate

335-337 E Providencia Ave
Burbank, CA 91502


HIGHLIGHTS

  • Excellent Burbank Location Next to Glenoaks Boulevard, Blocks from Burbank Town Center Shopping Mall
  • Two Separate Buildings Including Four Units Constructed in 2000
  • Several Recent Upgrades — New Copper Plumbing, New Electrical Panel and Breakers, New Mini-Split HVAC Units, New Windows and Doors
  • Not Subject to Los Angeles Rent Control -- Burbank’s Rent Legislation Allows for Higher Rent Increases and is More Favorable to Owners
  • Recently Passed SB 721 Inspection (Buyer to Verify)
  • Spacious Floorplans — 8,018 Rentable Square Feet Spread Across Eight Units

OVERVIEW

Marcus & Millichap is pleased to announce the opportunity to purchase the 335-337 E Providencia Avenue, an 8-unit multifamily property located in Burbank, CA. Situated near the intersection of Glenoaks Boulevard and Verdugo Avenue, the property is mere blocks from Downtown Burbank and the Burbank Town Center shopping mall. The location’s high Walk Score of 90 earns it the designation of “Walker’s Paradise” while providing convenient access to shopping and dining along Glenoaks Boulevard and San Fernando Boulevard. There are two separate buildings on one parcel — one structure was constructed in 2000 while the other has been heavily renovated in the past two years. Upgrades to the original building include new electrical panels and breakers, mini-split HVAC units, new copper plumbing, new wood flooring, new windows, new doors, and new security cameras. The property also recently passed the SB 721 elevated walkways inspection (Buyer to verify). The two buildings provide ample living space, with the eight units occupying over 8,000 rentable square feet. Dubbed the “Media Capital of the World,” the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Disney Studios, Walt Disney Imagineering, Warner Bros. Studios, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation. In addition to the Burbank Town Center Shopping Mall, several other retail and dining destinations are conveniently accessible to tenants, including the Empire Center, Costco, Ikea, and the Americana at Brand lifestyle center.

FOR SALE DETAILS

PRICE

$3,295,000 USD

PRICE/SF

$411 USD /SF

# OF UNITS

8

PRICE/UNIT

$411,875

CAP RATE

4.58%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Four Units Added in 2000 | Several Upgrades

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1957

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,712 SF

ZONING

R4, Burbank

APN/PARCEL ID

2453-029-012

ASK ABOUT THIS PROPERTY

Rick RaymundoMarcus and MillichapMore Info
818-219-6146

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Rick RaymundoMarcus and MillichapMore Info
818-219-6146

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.