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335-337 E Providencia Ave
Burbank, CA 91502
Four Units Added in 2000 | Several Upgrades · Multifamily Property For Sale
·
8 Units
Investment Highlights
- Excellent Burbank Location Next to Glenoaks Boulevard, Blocks from Burbank Town Center Shopping Mall
- Several Recent Upgrades — New Copper Plumbing, New Electrical Panel and Breakers, New Mini-Split HVAC Units, New Windows and Doors
- Recently Passed SB 721 Inspection (Buyer to Verify)
- Two Separate Buildings Including Four Units Constructed in 2000
- Not Subject to Los Angeles Rent Control -- Burbank’s Rent Legislation Allows for Higher Rent Increases and is More Favorable to Owners
- Spacious Floorplans — 8,018 Rentable Square Feet Spread Across Eight Units
Executive Summary
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.
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.
Property Facts
| Price Per Unit | $411,875 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.58% | Lot Size | 0.20 AC |
| Gross Rent Multiplier | 13.96 | Building Size | 8,018 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1957/2000 |
| Zoning | R4, Burbank - restricted Density Multiple Dwelling | ||
| Price Per Unit | $411,875 |
| Sale Type | Investment |
| Cap Rate | 4.58% |
| Gross Rent Multiplier | 13.96 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 8,018 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1957/2000 |
| Zoning | R4, Burbank - restricted Density Multiple Dwelling |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,975 | 550 |
| 1+1 | 4 | $2,250 | 750 |
| 1+1.5 | 1 | $2,400 | 800 |
| 2+2 | 2 | $3,150 | 1,500 |
Property Taxes
| Parcel Number | 2453-029-036 | Improvements Assessment | $238,221 |
| Land Assessment | $307,370 | Total Assessment | $545,591 |
Property Taxes
Parcel Number
2453-029-036
Land Assessment
$307,370
Improvements Assessment
$238,221
Total Assessment
$545,591
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