We%20are%20pleased%20to%20present%20this%2011%20unit%20multifamily%20property%20located%20at%20328%20East%20Providencia%20Avenue%20in%20Burbank,%20CA.%20This%20property%20is%20not%20subject%20to%20LA%20City%20Rent%20Control.%20It%20is%20only%20subject%20to%20California%27s%20AB-1482%20which%20allows%20maximum%20annual%20rent%20increases%20of%2010%.All%2011%20units%20are%20currently%20eligible%20to%20receive%20this%2010%%20max%20rent%20increase%20today.%20Once%20those%20rent%20increases%20are%20given,%20the%20income%20will%20increase%20by%20$2,680%20per%20month%20or%20$32,162%20per%20year.%20With%20this%20new%20income%20in%20place,%20the%20buyer%20would%20get%20the%20property%20to%20a%204.25%%20CAP%20rate%20and%20a%2015.97%20GRM%20without%20doing%20any%20work%20to%20the%20property.%20The%20only%20deferred%20maintenance%20that%20is%20known%20on%20the%20property%20is%20that%20the%20roof%20needs%20to%20be%20fully%20replaced.%20Built%20in%201988,%20this%2012,150%20square%20foot%20property%20sits%20on%20a%200.20%20acre%20lot,%20and%20it%20boasts%20an%20excellent%20unit%20mix%20of%20(2)%201%20bed%20/%201%20bath%20units,%20(4)%202%20bed%20/%202%20bath%20units,%20(4)%203%20bed%20/%202.5%20bath%20units,%20and%20(1)%203%20bed%20/%202.5%20bath%20units.%20These%20units%20are%20very%20large%20with%20the%20average%20size%20being%201,100%20square%20feet.%20The%20renovated%20units%20are%20equipped%20with%20new%20wood%20laminate%20floors%20in%20living%20room%20and%20bedrooms,%20tile%20floors%20in%20bathrooms,%20kitchen,%20dining%20room%20and%20hallways,%20built%20in%20shelving%20in%20the%20master%20bedrooms,%20central%20heating%20and%20air%20for%20all%20units,%20washer/dryer%20hookups,%20balconies%20for%20all%20units,%20and%20a%20full%20suite%20of%20new%20appliances.The%20building%20is%20fully%20secured%20with%20gated%20entrances%20to%20the%20building%20and%20subterranean%20parking%20lot.%20The%20property%20is%20fully%20parked%20with%20enough%20spaces%20for%20all%20the%20tenants%20that%20live%20there,%20and%20there%20is%20a%20laundry%20room%20located%20in%20the%20garage%20for%20the%20communal%20use%20of%20the%20tenants.The%20sellers%20have%20an%20attractive%20loan%20with%20Chase%20Bank%20that%20is%20assumable,%20and%20the%20loan%20has%20a%20better%20interest%20rate%20than%20you%20could%20get%20in%20today%27s%20loan%20market.%20The%20buyer%20would%20be%20assuming%20a%20loan%20of%20about%20$2.8M%20which%20is%2050%%20LTV%20at%20list%20price,%20and%20the%20interest%20rate%20is%204.10%.%20The%204.10%%20interest%20rate%20is%20fixed%20until%20January%202027%20which%20is%20about%204.5%20years%20from%20now.The%20property%20is%20ideally%20located%20within%20walking%20distance%20of%20Downtown%20Burbank.%20Downtown%20Burbank%20is%20a%20mixed-use%20urban%20neighborhood%20spanning%2033-blocks%20and%20featuring%20more%20than%20400%20shops,%20restaurants%20and%20businesses.%20Situated%20in%20the%20heart%20of%20entertainment%20industry,%20the%20area%20is%20renowned%20for%20its%20dynamic%20street%20scene,%20outdoor%20dining,%20and%20pedestrian%20orientation.%20Shopping%20and%20dining%20destinations%20include%20Urban%20Outfitters,%20IKEA,%20Barney%27s%20Beanery,%20and%20Burbank%20Town%20Center.%20AMC%20movie%20screens%20consistently%20rank%20in%20the%20top%20five%20of%20cinema%20circuits%20nationwide.
We%20are%20pleased%20to%20present%20this%2011%20unit%20multifamily%20property%20located%20at%20328%20East%20Providencia%20Avenue%20in%20Burbank,%20CA.%20This%20property%20is%20not%20subject%20to%20LA%20City%20Rent%20Control.%20It%20is%20only%20subject%20to%20California%27s%20AB-1482%20which%20allows%20maximum%20annual%20rent%20increases%20of%2010%.All%2011%20units%20are%20currently%20eligible%20to%20receive%20this%2010%%20max%20rent%20increase%20today.%20Once%20those%20rent%20increases%20are%20given,%20the%20income%20will%20increase%20by%20$2,680%20per%20month%20or%20$32,162%20per%20year.%20With%20this%20new%20income%20in%20place,%20the%20buyer%20would%20get%20the%20property%20to%20a%204.25%%20CAP%20rate%20and%20a%2015.97%20GRM%20without%20doing%20any%20work%20to%20the%20property.%20The%20only%20deferred%20maintenance%20that%20is%20known%20on%20the%20property%20is%20that%20the%20roof%20needs%20to%20be%20fully%20replaced.%20Built%20in%201988,%20this%2012,150%20square%20foot%20property%20sits%20on%20a%200.20%20acre%20lot,%20and%20it%20boasts%20an%20excellent%20unit%20mix%20of%20(2)%201%20bed%20/%201%20bath%20units,%20(4)%202%20bed%20/%202%20bath%20units,%20(4)%203%20bed%20/%202.5%20bath%20units,%20and%20(1)%203%20bed%20/%202.5%20bath%20units.%20These%20units%20are%20very%20large%20with%20the%20average%20size%20being%201,100%20square%20feet.%20The%20renovated%20units%20are%20equipped%20with%20new%20wood%20laminate%20floors%20in%20living%20room%20and%20bedrooms,%20tile%20floors%20in%20bathrooms,%20kitchen,%20dining%20room%20and%20hallways,%20built%20in%20shelving%20in%20the%20master%20bedrooms,%20central%20heating%20and%20air%20for%20all%20units,%20washer/dryer%20hookups,%20balconies%20for%20all%20units,%20and%20a%20full%20suite%20of%20new%20appliances.The%20building%20is%20fully%20secured%20with%20gated%20entrances%20to%20the%20building%20and%20subterranean%20parking%20lot.%20The%20property%20is%20fully%20parked%20with%20enough%20spaces%20for%20all%20the%20tenants%20that%20live%20there,%20and%20there%20is%20a%20laundry%20room%20located%20in%20the%20garage%20for%20the%20communal%20use%20of%20the%20tenants.The%20sellers%20have%20an%20attractive%20loan%20with%20Chase%20Bank%20that%20is%20assumable,%20and%20the%20loan%20has%20a%20better%20interest%20rate%20than%20you%20could%20get%20in%20today%27s%20loan%20market.%20The%20buyer%20would%20be%20assuming%20a%20loan%20of%20about%20$2.8M%20which%20is%2050%%20LTV%20at%20list%20price,%20and%20the%20interest%20rate%20is%204.10%.%20The%204.10%%20interest%20rate%20is%20fixed%20until%20January%202027%20which%20is%20about%204.5%20years%20from%20now.The%20property%20is%20ideally%20located%20within%20walking%20distance%20of%20Downtown%20Burbank.%20Downtown%20Burbank%20is%20a%20mixed-use%20urban%20neighborhood%20spanning%2033-blocks%20and%20featuring%20more%20than%20400%20shops,%20restaurants%20and%20businesses.%20Situated%20in%20the%20heart%20of%20entertainment%20industry,%20the%20area%20is%20renowned%20for%20its%20dynamic%20street%20scene,%20outdoor%20dining,%20and%20pedestrian%20orientation.%20Shopping%20and%20dining%20destinations%20include%20Urban%20Outfitters,%20IKEA,%20Barney%27s%20Beanery,%20and%20Burbank%20Town%20Center.%20AMC%20movie%20screens%20consistently%20rank%20in%20the%20top%20five%20of%20cinema%20circuits%20nationwide.