240 E Providencia Avenue

Description

We are proud to represent this completely renovated 15 unit apartment building in an excellent rental pocket of Burbank. The property has an excellent unit mix consisting of (12) one bedroom one bath units, (2) two bedroom one bath unit, and (1) two bedroom two bath unit. The property is situated on a 17,821 square foot lot with 100 feet of frontage on two separate assessor parcel numbers. There is an additional 153 square foot storage room that can be used as an office. The property has been completed renovated and the renovations include new plumbing, new roof, new electrical wiring and sub panels, new heating and a/c system with new ducting, new kitchen cabinets and countertops, new bathrooms, recessed lighting, and new interior and exterior paint. All units have washer and dryers. The property is completely turn key and it is at an in place 5 cap rate with upside on existing rents. The property is located in Burbank, which is a highly desirable rental market and is known as the media capital of the world. It is home to Disney Studios, Warner Brothers, and NBC. The city has over 80 restaurants, 30 movie screens, and 200 stores; its residents enjoy top ranked schools, easy access to the 5 and 134 freeways, and close proximity to the Burbank Metro Link. The property is separately metered for gas and electricity.