Sold

328 E Providencia Avenue

Burbank CA, 91502

$5,175,000


$425.93 per sqft

Sold

25 Beds

21 Baths

12,150 sqft

Residential

Built in 1988

Listed by Filip Niculete with Marcus & Millichap 818-212-2700

We are pleased to present this 11 unit multifamily property located at 328 East Providencia Avenue in Burbank, CA. This property is not subject to LA City Rent Control. It is only subject to California's AB-1482 which allows maximum annual rent increases of 10%.All 11 units are currently eligible to receive this 10% max rent increase today. Once those rent increases are given, the income will increase by $2,680 per month or $32,162 per year. With this new income in place, the buyer would get the property to a 4.25% CAP rate and a 15.97 GRM without doing any work to the property. The only deferred maintenance that is known on the property is that the roof needs to be fully replaced. Built in 1988, this 12,150 square foot property sits on a 0.20 acre lot, and it boasts an excellent unit mix of (2) 1 bed / 1 bath units, (4) 2 bed / 2 bath units, (4) 3 bed / 2.5 bath units, and (1) 3 bed / 2.5 bath units. These units are very large with the average size being 1,100 square feet. The renovated units are equipped with new wood laminate floors in living room and bedrooms, tile floors in bathrooms, kitchen, dining room and hallways, built in shelving in the master bedrooms, central heating and air for all units, washer/dryer hookups, balconies for all units, and a full suite of new appliances.The building is fully secured with gated entrances to the building and subterranean parking lot. The property is fully parked with enough spaces for all the tenants that live there, and there is a laundry room located in the garage for the communal use of the tenants.The sellers have an attractive loan with Chase Bank that is assumable, and the loan has a better interest rate than you could get in today's loan market. The buyer would be assuming a loan of about $2.8M which is 50% LTV at list price, and the interest rate is 4.10%. The 4.10% interest rate is fixed until January 2027 which is about 4.5 years from now.The property is ideally located within walking distance of Downtown Burbank. Downtown Burbank is a mixed-use urban neighborhood spanning 33-blocks and featuring more than 400 shops, restaurants and businesses. Situated in the heart of entertainment industry, the area is renowned for its dynamic street scene, outdoor dining, and pedestrian orientation. Shopping and dining destinations include Urban Outfitters, IKEA, Barney's Beanery, and Burbank Town Center. AMC movie screens consistently rank in the top five of cinema circuits nationwide.

22185943

MLS ID

August 3, 2022

Listed

March 23, 2024

Updated

Map

328 E Providencia Avenue
Burbank CA, 91502

Interior Features

Total Stories

2


Bedrooms

25 Beds


Bathrooms

21 Baths


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.2 Acres

Other Property Details

Area Name

610 - Burbank


Days on Market

46


Garage

No


Parking

Covered


Parking Total

20


View

No


County

Los Angeles


Pool

No


Zoning

BUR4*


Buyer Agency Compensation

1%

Listing Contact: 818-212-2700 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/23/2024 at 1:22 AM UTC

 

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