We are pleased to present this rare offering of 35 multifamily units between three contiguous parcels located at 328, 336, and 342 East Providencia Avenue in Burbank, CA.Burbank is a historically low turnover market with only 8 properties being sold for over $10M in the past 10 years, making this a truly rare opportunity for an investor looking for a larger asset in the highly desirable non-rent controlled city of Burbank. This is the first time these buildings have been offered for sale in more than 30 years.All built in 1988, these three properties sit on a combined 0.60 acres of land with 26,100 total square feet, and it offers a strong unit mix of (8) studios, (18) 1 bed / 1 bath units, (4) 2 bed / 2 bath units, (4) 3 bed / 2 bath units, and (1) 3 bed / 2.5 bath unit. The 35 total units are split up as (2) 12 unit properties and (1) 11 unit property. Due to none of the buildings have 16 or more units, there is no requirement to have an onsite manager, saving the buyer a significant expense that other 35-unit buildings would normally have. The tenants have gone years without a rent increase, and 31 of the units are eligible for the max 10% annual rent increase today, per the AB-1482 guidelines. By giving those units the rent increases, an investor would be able to get their starting CAP rate above 4.20%. Even after these max rent increases are given, there is still another 22% estimated upside potential in rents. That suggests that an investor can give these rent increases with little risk of the tenants moving out because they would still be below full market-rate potential.
Courtesy of Filip Niculete, Marcus & Millichap
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Data last updated 8/16/22