336& 342 E Providencia Ave

Burbank, CA, 91502

$7,950,000

$569 per ft²
$7,950,000
$569 per ft²
Pending
Pending
 - For Sale
beds
16 Beds
baths
24 Baths
carpenters-square
13,950 ft²
property_type
Multi-family
calendar
Built 1988
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.
MLS® ID:
22-191123
Listed:
8/17/22
Updated:
12/5/22

Interior Features

Total Bedrooms
16
Total Bathrooms
24
Cooling
Other
Heating
Other

Exterior/Building Features

Lot Size
0.4 acres lot
Exterior Features
None

Other Property Details

Garage
No
Parking
Covered Parking
Parking Total
24.0
View
N
County
Los Angeles
Pool
No
Total Stories
2
Zoning
BUR4*

Property History

Date
Event
Price
Value
8/31/22
Pending
-
-

Courtesy of Marcus & Millichap, Filip Niculete,
Listing Contact:  

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 The Carrabba Group 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 12/5/22

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