Closed

342 E Providencia Avenue

Burbank CA, 91502

$12,225,000


$468.39 per sqft

Closed

41 Beds

43 Baths

26,100 sqft

Residential

Built in 1988

We are pleased to present this rare offering of 35 total units between three contiguous properties all with separate APNs (12-unit, 12-unit, and 11-unit), located at 328, 336, and 342 East Providencia Avenue in Burbank, CA. These properties have never been sold with the sellers being the original developers back in 1988. All three of these buildings were built in 1988, and they sit on a combined 0.60 acres of land with 26,100 total building square feet,. They offer 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 buyer of this property will be able to assume the Seller's loan from Chase Bank. This loan has an outstanding loan balance of about $6,680,000, and it comes with a very attractive 4.10% interest rate (principal and interest payments). This interest rate is fixed until January 2027, about 3.5 more years, which is plenty long enough to outlast the likely recession around the corner. With the loan's interest rate being well below the current CAP rate of 4.80%, this is a very rare opportunity for a buyer to obtain positive leverage while weathering any market storm ahead.

23259339

MLS ID

April 6, 2023

Listed

May 9, 2024

Updated

Map

342 E Providencia Avenue
Burbank CA, 91502

Interior Features

Total Stories

0


Bedrooms

41


Total Bathrooms

43


Laundry Description

Common Area


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.6 Acres

Other Property Details

Area Name

610 - Burbank


Days on Market

25


Garage

No


Parking

Assigned


Parking Total

52


View

No


County

Los Angeles


Pool

No


Pool Features

None


Zoning

BUR4*


Buyer Agency Compensation

0.833%

Listed by Filip Niculete, Marcus & Millichap, CA DRE 01905352

Listing Contact: 818-212-2817 

Based on information from the CRISNet MLS as of 5/9/2024, 2:31 PM UTC. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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