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Overview
Property ID: iRealty247-21861
- Commercial
- 74,457
Description
EXECUTIVE SUMMARY
Lee & Associates, as the exclusive advisor and broker, is representing the Owner in the sale of a prime commercial office property in the down town section of Burbank, CA.
601 – 607 South Glen oaks Blvd. presents an excellent opportunity for buyers seeking to invest in a core asset in one of Los Angeles’
historically robust submarkets.
historically robust submarkets.
This multi-tenant office investment property is currently 85% leased, boasting a combination of recent new leases and lease renewals that contribute to its overall stability. 601 South Glen oaks Blvd demonstrates stable fundamentals with a diverse tenant roster, which mitigates reliance on any single industry.
Compared to other properties in the Burbank submarket and the broader Los Angeles area, this property exhibits a strong historical and current occupancy. Moreover, as current rates are below market value there is room for value-add investment by increasing rental rates at upcoming lease expirations.
The property is offered on a fee simple basis, free and clear of any existing debt, and on an as-is, where-is basis.
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Location
Google Maps
- Address
- City Burbank
- Zip/Postal Code 91502
- State/county California
- Country United States
Details
- Property ID iRealty247-21861
- Property Size 74,457 sqft
- Property Type Commercial
- Property Status Sale
- Balconies 1
- Transaction Type Resale
- Age of Construction Above 20 years
Additional Details
- Building Class : B
- Year Built/Renovated : 1986/2021
- Cap Rate : 7.50%
- NOI : 12,22,77,950
- Percent Leased : 74%
- Tenancy : Multiple
- Building Height : 4 Stories
- Typical Floor Size : 18,614 SF
- Slab To Slab: 11’
- Building FAR : 1.47
- Land Acres : 1.17 AC
- Zoning BUC3* - : General Commercial
- Parking: 250 Spaces (3.36 Spaces per 1,000 SF Leased)
Amenities
Signage
Air Conditioning
Banking
Bus Line
