NOT LISTED FOR SALE

342 E Providencia Ave Burbank, CA 91502

Downtown Burbank Neighborhood
41 Beds
43 Baths
26,100 Sq Ft
0.61 Acres

Last Sold June 21, 2023

Last sale price $12,225,000 $468 Per Sq Ft

25 Days on Market

Highlights

  • 0.61 Acre Lot
  • Central Heating
  • 4-minute walk to Robert R. Ovrom Park
  • Joaquin Miller Elementary School Rated A-
  • Laundry Facilities

About This Home

As of June 2023

We are pleased to present this rare offering of 35 total units between three contiguous properties all with separate APNs (12-unit, 12-unit, and 11-unit), located at 328, 336, and 342 East Providencia Avenue in Burbank, CA. These properties have never been sold with the sellers being the original developers back in 1988. All three of these buildings were built in 1988, and they sit on a combined 0.60 acres of land with 26,100 total building square feet,. They offer a strong unit mix of (8) studios, (18) 1 bed / 1 bath units, (4) 2 bed / 2 bath units, (4) 3 bed / 2 bath units, and (1) 3 bed / 2.5 bath unit. The buyer of this property will be able to assume the Seller's loan from Chase Bank. This loan has an outstanding loan balance of about $6,680,000, and it comes with a very attractive 4.10% interest rate (principal and interest payments). This interest rate is fixed until January 2027, about 3.5 more years, which is plenty long enough to outlast the likely recession around the corner. With the loan's interest rate being well below the current CAP rate of 4.80%, this is a very rare opportunity for a buyer to obtain positive leverage while weathering any market storm ahead.

Last Agent to Sell the Property

Filip Niculete

Marcus & Millichap License #01905352 Listed on: 04/06/2023

Co-Listed By

Glen Scher

Marcus & Millichap License #01962976

Last Buyer's Agent

Filip Niculete

Marcus & Millichap License #01905352 Listed on: 04/06/2023

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1988

Lot Details

  • 0.61

Home Design

  • 26,100 Sq Ft Home

Bedrooms and Bathrooms

  • 41 Bedrooms
  • 43 Bathrooms

Parking

  • 52 Parking Spaces
  • Assigned Parking

Additional Features

  • Leased Washer and Dryer
  • 0.61 Acre Lot
  • Central Heating

Listing and Financial Details

  • Tenant pays for gas, electricity
  • The owner pays for water, gardener
  • Assessor Parcel Number 2453-030-048

Community Details

Overview

  • 3 Buildings
  • 35 Units

Additional Features

  • Laundry Facilities
  • Vacancy Allowance $26,465

Property Details

Home Type

Multi-Family

Year Built

Built in 1988

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Living Area: 26100
  • Lot Acreage: 0.6100
  • Probate: No
  • Year Built: 1988
  • Number Of Photos: 13
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 0

Interior Features

  • Bedrooms: 41
  • Laundry: Community
  • Laundry Equipment: Lease
  • Total Bathrooms: 43.00
  • Price Per S Q F T: 486.59

Exterior Features

  • Other Structures: None
  • Tennis Court Y/N: No
  • Pool: No
  • Spa Yn: No

Garage/Parking

  • Parking Garage: Assigned
  • Total Parking: 52

Utilities

  • Water District: Burbank
  • Cooling: Air Conditioning
  • Heating: Central

Lot Info

  • Assessed Improvement Percent: 80.00
  • Assessed Improvement Value: 742705
  • Assessed Land Percent: 20
  • Assessed Land Value: 185669
  • Total Assessed Value: 928374
  • Assessor Parcel Number: 2453-030-048
  • Lot Size Area: 26353

Rental Info

  • Owner Pays: Water, Gardener
  • Tenant Pays: Gas, Electricity

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109, 2110
  • Gross Rent Multiplier: 13.98
  • Number Of Units: 35
  • Total Annual Expense: 252529
  • Type Of Units: Apartments
  • Vacancy Allow: 26465
  • Vacancy Allow Percent: 3.00
  • Vacancy Rate: 26,465

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/21/2023 06/21/23 Sold $12,225,000 -3.7% $468 / Sq Ft
05/01/2023 05/01/23 Pending -- -- --
04/06/2023 04/06/23 For Sale $12,700,000 -- $487 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Filip Niculete

    Seller's Agent in 2023

    Filip Niculete

    Marcus & Millichap

    (818) 357-9525

    3 in this area

    105 Total Sales

    Section Image
  • Glen Scher

    Seller Co-Listing Agent in 2023

    Glen Scher

    Marcus & Millichap

    (818) 212-2700

    3 in this area

    43 Total Sales

    Section Image
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Map

Source: The MLS

MLS Number: 23-259339

The MLS

California Los Angeles County Burbank 91502 Downtown Burbank

342 E Providencia Ave, Burbank, CA

This home is located at 342 E Providencia Ave, Burbank, CA 91502 since 06 April 2023. This property was built in 1988. 342 E Providencia Ave is a home located in Los Angeles County with nearby schools including Joaquin Miller Elementary School, John Muir Middle School, and Burbank High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

The MLS © 2025 The MLS™ - Combined L.A. Westside MLS (CLAW). All rights reserved. Based on information from The MLS™ - Combined L.A. Westside MLS (CLAW). All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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