342 E Providencia Ave, Burbank, CA 91502

Property Description

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.