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$8,700,000
Est. payment /mo
0.32 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR25064200
HOA Y/N No
Year Built 1990
Lot Size 0.319 Acres
Property Sub-Type Apartment
Property Description
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.
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.
Location
State CA
County Los Angeles
Area 610 - Burbank
Zoning BUR4*
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs
Private Pool No
Building
Lot Description 16-20 Units/Acre
Story 2
Sewer Private Sewer
Water Private
New Construction No
Others
Senior Community No
Tax ID 2483009023
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
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Listed by Levon Alexanian • Keller Williams World Media Center • info@alexanianadvisors.com