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Listed by Levon Alexanian • Keller Williams World Media Center
$ 8,700,000
Est. payment | /mo
0.32 Acres Lot
$ 8,700,000
Est. payment | /mo
0.32 Acres Lot
Key Details
Property Type Commercial
Listing Status Contingent
Purchase Type For Sale
MLS Listing ID CRSR25064200
Year Built 1990
Lot Size 0.319 Acres
Source California Regional MLS
Property Description
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 com
Location
State CA
County Los Angeles
Area 610 - Burbank
Interior
Laundry Laundry Area
Exterior
Pool None
Building
Water Private
Others
Tax ID 2483009023
Special Listing Condition Not Applicable , Accepting Backups
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Ryan Mull
Broker-Associate | Lic# 01329887