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Price Reduced | 68 Units | 5.7% Cap 600 E Olive Ave 68 Unit Apartment Building $31,400,000 ($461,765/Unit) 5.70% Cap Rate Burbank, CA 91501
INVESTMENT HIGHLIGHTS
- Price Reduced by $1,300,000!
- Value-Add Opportunity: $375/unit/month rental upside
- 89 Walk Score: Very walkable
- Spacious apartment homes averaging 1,282 square feet
- Attractive Going-In Cap Rate: 5.7% on in-place rent roll; 6.7% cap rate at market rent with light renovation
- Prime Burbank Location with Close Access to Warner Bros. and The Walt Disney Company Studios
EXECUTIVE SUMMARY
Property website with OM: https://properties.berkadia.com/600-olive-473116/
Price Reduced by $1,300,000! 5.7% Cap Rate on in-place rents; 6.7% Cap Rate at market rent with light renovation.
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. 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.
Price Reduced by $1,300,000! 5.7% Cap Rate on in-place rents; 6.7% Cap Rate at market rent with light renovation.
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. 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.
PROPERTY FACTS
| Price | $31,400,000 | Apartment Style | Low-Rise |
| Price Per Unit | $461,765 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.07 AC |
| Cap Rate | 5.70% | Building Size | 88,330 SF |
| No. Units | 68 | Average Occupancy | 98% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1973 |
| Zoning | BUR4* | ||
| Price | $31,400,000 |
| Price Per Unit | $461,765 |
| Sale Type | Investment |
| Cap Rate | 5.70% |
| No. Units | 68 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.07 AC |
| Building Size | 88,330 SF |
| Average Occupancy | 98% |
| No. Stories | 3 |
| Year Built | 1973 |
| Zoning | BUR4* |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Ceiling Fans
- Granite Countertops
- High Speed Internet Access
- Stainless Steel Appliances
- Walk-In Closets
- Carpet
- Patio
SITE AMENITIES
- Business Center
- Clubhouse
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Security System
- Gated
- Recycling
- Lounge
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | - | 321 - 430 |
| 2+1.5 | 2 | - | 1,000 |
| 2+2 | 33 | - | 1,082 - 1,200 |
| 2+2.5 | 1 | - | 2,292 |
| 3+2 | 25 | - | 1,400 - 2,954 |
| 3+3 | 2 | - | 1,731 - 2,700 |
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Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 2455-018-023 | Improvements Assessment | $10,640,298 |
| Land Assessment | $8,619,997 | Total Assessment | $19,260,295 |
PROPERTY TAXES
Parcel Number
2455-018-023
Land Assessment
$8,619,997
Improvements Assessment
$10,640,298
Total Assessment
$19,260,295
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Price Reduced | 68 Units | 5.7% Cap | 600 E Olive Ave
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