Sold
336 & 342 E Providencia Avenue
Burbank CA, 91502
$7,050,000
$505.38 per sqft
Sold
16 Beds
24 Baths
13,950 sqft
Residential
Built in 1988
Listed by Filip Niculete with Marcus & Millichap 818-212-2700
We are pleased to present this offering of 24 multifamily units between two mirror-image 12 unit properties located at 336-342 East Providencia Avenue in prime Burbank, CA.There is no LA City rent control in Burbank. This property is only subject to California's AB-1482 which has a maximum rent increase of 10% per year.Built in 1988, these two properties sit on a combined 0.40 acre lot, and the 13,950 gross square feet of building is split up into (8) studio units and (16) 1 bed / 1 bath units. The property has a secure and gated entry leading to a shared driveway where there are 24 total parking spots, one spot for each unit. Furthermore, the property offers its tenants a communal laundry room and storage spaces. Because this 24 unit offering is split between two APNs, each containing a 12 unit building, there is no legal requirement to have an on-site manager, saving the buyer from giving away a free unit. Also, the property is separately metered for gas and electric which helps keep the utility bills down.Right now, 18 of the 24 units are eligible to receive the maximum 10% rent increase that is allowed per AB-1482. When the buyer gives these rent increase notices, almost half of the 18% estimated upside potential will be captured right then, making this a very easy value add opportunity. After these rent increases are given, the buyer will be at a 4.5% CAP rate without doing any work to the building.
22191123
MLSⓇ ID
August 18, 2022
Listed
March 23, 2024
Updated
Map
336 & 342 E Providencia Avenue
Burbank CA, 91502
Interior Features
Total Stories
2
Bedrooms
16 Beds
Bathrooms
24 Baths
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.4 Acres
Other Property Details
Area Name
610 - Burbank
Days on Market
33
Garage
No
Parking
Covered
Parking Total
32
View
No
County
Los Angeles
Pool
No
Zoning
BUR4*
Buyer Agency Compensation
0.75%
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.
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Data last updated on 3/23/2024 at 1:21 AM UTC