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Description
We are pleased to present this offering of 24 multifamily units between two mirror-image 12 unit properties located at 336-342 East Providencia Avenue in prime Burbank, CA.There is no LA City rent control in Burbank. This property is only subject to California's AB-1482 which has a maximum rent increase of 10% per year.Built in 1988, these two properties sit on a combined 0.40 acre lot, and the 13,950 gross square feet of building is split up into (8) studio units and (16) 1 bed / 1 bath units. The property has a secure and gated entry leading to a shared driveway where there are 24 total parking spots, one spot for each unit. Furthermore, the property offers its tenants a communal laundry room and storage spaces. Because this 24 unit offering is split between two APNs, each containing a 12 unit building, there is no legal requirement to have an on-site manager, saving the buyer from giving away a free unit. Also, the property is separately metered for gas and electric which helps keep the utility bills down.Right now, 18 of the 24 units are eligible to receive the maximum 10% rent increase that is allowed per AB-1482. When the buyer gives these rent increase notices, almost half of the 18% estimated upside potential will be captured right then, making this a very easy value add opportunity. After these rent increases are given, the buyer will be at a 4.5% CAP rate without doing any work to the building.
Location
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Listing Agent: Filip Niculete Courtesy of: Marcus & Millichap The real estate listing information is provided by California Regional MLS, Inc. and/or CARETS® for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing or leasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of the California Regional MLS, Inc. and/or CARETS®. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns the web site. Information is deemed reliable but not guaranteed, and consumer is responsible for verifying the accuracy of all information. Copyright © California Regional MLS, Inc. and/or CARETS®. All Rights Reserved. Updated: 30th January, 2023 12:45 AM (UTC)
