520 N Hollywood Way - Apartments FOR SALE


Burbank, CA 91505- McNeil
$8,700,000 USD
818-224-7949
520 N Hollywood Way, Burbank, CA for Sale
$8,700,000 USD
Apartments - FOR SALE
1/23
null | 6% Cap Rate

520 N Hollywood Way
Burbank, CA 91505
McNeil


HIGHLIGHTS

  • 6% Cap day 1
  • Turn-key offering
  • Across from "The Ranch" $500M development
  • All units remodeled
  • Built in 1990
  • In one of the highest barriers to entry submarkets

OVERVIEW

The Alexanian Apartment Advisors as exclusive advisor to the seller, ate proud to bring to market this remarkable acquisition opportunity In Burbank. The "Media Crest 20" is a turn-key offering, was built in 1990, and has been professionally managed. The building is situated across the street from "The Ranch" $500M development. On current in place income, the offering is being delivered at 6% CAP rate. Burbank is a supply-constrained market with virtually no new supply before the last 4 years. Saturated with most smaller, older vintage properties dating to the 50’s, the growing renter pool is actively seeking longer-term rental homes (because of the exorbitant cost to own vs rent ratio of 90+%) and they require modern amenities & finishes such as those exhibited at Media Crest. Furthermore, the current ownership has undergone heavy capital improvements over the years getting the properties operating at optimal performance. A RUBS utility bill back system is already incorporated, almost eliminating ownership utility costs. The proximity to several local cafes, restaurants, and services is second to none. Additionally, the assets are located approx. 2.6 miles from Avion Burbank, a 60-acre development, consisting of creative campuses, retail, a hotel, an Amazon distribution center, and more. Also in approx. 2.6 miles is the Bob Hope - Hollywood Burbank airport, with nonstop flights to 29 cities. In the last phase of completion, “The Ranch” which was the former Warner Bros. ranch lot will be home to a mega $500,000,000 development. Commonly known as the Ranch Lot Studios, the 926,000 sf office/studio d home to the nations largest soundstages, is directly across from the Media Crest @ 520. Situated on the same street & walking distance, the project will increase the rental demand of the Media Crest 20. Dubbed as the “media capital of the world” Burbank has historically proven virtually nonexistent vacancy factors due to the strong workforce base of over 1,000 media & entertainment companies such as Disney, Netflix, Warner Bros, Nickelodeon, ABC 7, iHeartRadio, etc. Burbank is also very well known for its first-in-class police and fire departments, a great school system, and robust nightlife.

FOR SALE DETAILS

PRICE

$8,700,000 USD

PRICE/SF

$482 USD /SF

# OF UNITS

20

PRICE/UNIT

$435,000

CAP RATE

6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

6% cap in Burbank built in 1990

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1990

PARKING SPACES

39

LAND DETAILS

LAND ACRES

0.32 AC

LAND SF

13,891 SF

ZONING

BUR4*

APN/PARCEL ID

2483-009-023

ASK ABOUT THIS PROPERTY

Levon AlexanianAlexanian Apartment AdvisorsMore Info
818-224-7949

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Levon AlexanianAlexanian Apartment AdvisorsMore Info
818-224-7949

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.