600 E Olive Ave - Apartments FOR SALE


Burbank, CA 91501
$32,700,000 USD
310-470-8963
600 E Olive Ave, Burbank, CA for Sale
$32,700,000 USD
Apartments - FOR SALE
1/10
null | 5% Cap Rate

600 E Olive Ave
Burbank, CA 91501


HIGHLIGHTS

  • OPEN HOUSE: Thursday, July 31st | 11:00 AM - 2:00 PM
  • Spacious apartment homes averaging 1,282 square feet
  • Value-Add Opportunity: $339/unit/month rental upside with renovation of building exterior and common areas
  • Attractive Going-In Cap Rate: 5% on in-place rent roll; 5.9% cap rate at market rent with light renovation
  • Assumable Loan: 65% LTV; 3.75% fixed interest rate; Maturing in September of 2027
  • 89 Walk Score: Very walkable; Prime Burbank Location with Close Access to Warner Bros. and The Walt Disney Company Studios

OVERVIEW

OPEN HOUSE: Thursday, July 31st | 11:00 AM - 2:00 PM Property website with OM: https://properties.berkadia.com/600-olive-473116/p/1 We are excited to exclusively offer for sale, 600 E. Olive Avenue, a 68-unit apartment community in a prime Burbank location near downtown shopping restaurants and entertainment. The courtyard-style community features large, renovated unit interiors averaging 1,282 square feet (11 with in-unit washer/dryer), a welcoming lobby, rooftop pool with city views, an elevator and gated subterranean garage parking. Built in 1973, the property offers significant rental upside and no city rent control. The building passed the SB721 Elevated Elements inspection. The prime Burbank location is home to one of the highest concentrations of entertainment companies in the world. The property is within ten minutes of major employers including: Warner Bros., Disney, Providence Saint Joseph Medical Center, Nickelodeon, and Netflix. The location offers easy access to transportation: Minutes to the I-5 and 134 freeway; Four Minutes to Downtown Burbank Metrolink Station; Ten Minutes to Burbank Airport.

FOR SALE DETAILS

PRICE

$32,700,000 USD

PRICE/SF

$370 USD /SF

# OF UNITS

68

PRICE/UNIT

$480,882

CAP RATE

5%

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

68 Units | No City Rent Control | Value-Add

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1973

PARKING SPACES

60

LAND DETAILS

LAND ACRES

1.07 AC

LAND SF

46,609 SF

ZONING

BUR4*

APN/PARCEL ID

2455-018-023

ASK ABOUT THIS PROPERTY

Adrienne BarrBerkadiaMore Info
310-470-8963

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Adrienne BarrBerkadiaMore Info
310-470-8963

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