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
Listed by Filip Niculete with Marcus & Millichap 818-212-2817
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
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*
Listing Contact: 818-212-2700
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 11/22/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 11/22/2024 at 4:27 PM UTC