Sold
Closed
342 E Providencia Avenue
Burbank CA, 91502
$12,225,000
$468.39 per sqft
Sold
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 11, 2023
Listed
November 22, 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*
Listed by Filip Niculete, Marcus & Millichap, CA DRE 01905352
Listing Contact: 818-212-2817
Based on information from the CRISNet MLS as of 11/22/2024, 4:48 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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