Thank you
Levon Alexanian
Keller Williams World Media Center
818-239-3500
We are pleased to present for the very 1st time ever, the Burbank Terrace Condos. Being offered by the original developer and owner since its inception in 2006, the property can widely be considered one of the nicest assets to be built within the city. Initially developed as condominiums, the level of construction and attention to detail is of high caliber. There is currently a $1.995M assumable loan at 3.45% This unique opportunity to obtain capital at over 50% discount from the going interest rates will significantly improve cash flow and shelter against rising inflation. For additional cashflow stream, a utility billback system can easily be incorporated as well. Boasting massive unit mixes and modern luxuries such as in-unit washer dryers, fireplaces, wet bars, gated subterranean parking, intercom controlled access, and priceless views of the Verdugo Mountains, the Terraces are With a WalkScore® of 92, a "Walker's Paradise" tenant are within reach of all major shops, dining, and service options within the city. Across the street from the largest and most touted Burbank High School, vacancy has been and will continue to be historically nonexistent. As Burbank tenants and landlords alike wait patiently, the proposed old lkea site development which will be only steps away from the subject property is said to be a game changer and transformative almost to the likes of Americana and Glendale. This once-in-a-lifetime acquisition opportunity allows for multiple investment strategies. The asset is essentially rent control proof since the units are individually parceled for a potential condo sell-out exit strategy. Offering memorandum available upon request.
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Water Source : Private
Sewer : Private Sewer
Year Built: 2006
Building Area Total: 10,596
None
Washer Hookup,Inside
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1909
Lot Size Source: Assessor
Lot Size Square Feet: 8315
Original List Price: 5,150,000
Listing Contract Date: 2024-03-18
Listing Agreement: Exclusive Right To Sell
Parcel Number: 2460006060
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: 610 - Burbank
Postal Code Plus 4: 1043
Directions: .
Zoning: BUR4*
Source Property Type: Residential Income
Area: 610 - Burbank
Property SubType: Apartment
Property Age: 18
Common Walls: 1 Common Wall
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 2
Entry Location: street
Property Attached: Yes
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
231 W Cedar Avenue, Burbank, CA,91502 | $899,000 | 2 | 2 | 1,007 | 4789 Sqft |
271 W Ash Avenue, Burbank, CA,91502 | $2,000,000 | 6 | -- | 2,824 | 6946 Sqft |
201 E Angeleno Avenue #.., Burbank, CA,91502 | $725,000 | 1 | 2 | 1,450 | 45870 Sqft |
521 S Lake Street #C, Burbank, CA,91502 | $1,600,000 | 3 | -- | 1,725 | 6572 Sqft |
240 E Providencia Avenue, Burbank, CA,91502 | $6,700,000 | -- | -- | 9,841 | 17821 Sqft |
252 W Tujunga Avenue, Burbank, CA,91502 | $1,600,000 | 6 | 4 | 1,912 | 7752 Sqft |
235 W Tujunga Avenue, Burbank, CA,91502 | $3,000,000 | -- | -- | -- | 9405 Sqft |
1015 E Spazier Avenue #.., Burbank, CA,91502 | $639,000 | 2 | 2 | 920 | 8392 Sqft |
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ByOwner last updated this listing 05/20/2024 @ 17:17
MLS: SR24054071
LISTED BY: Levon Alexanian, Keller Williams World Media Center
SOURCE: CRMLS
Buyer Agency Compensation: 1.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.