601 South Glenoaks Bldg
74,457 SF | 74% Leased | Office Building | Burbank, CA 91502 | $19,500,000 ($262/SF) | 7.50% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $19,500,000
- Property Type
-
Office
- Square Feet
- 74,457 SF
- Price / Square Foot
- $262
Listing Contacts
Scott Romick
Verified Profile
Darren Casamassima
Verified Profile
- Property Info
Property Overview
Lee & Associates, as the exclusive advisor and broker, is representing the Owner in the sale of a prime commercial office property in the
downtown section of Burbank, CA.
601 - 607 South Glenoaks Blvd. presents an excellent opportunity for buyers seeking to invest in a core asset in one of Los Angeles’
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 Glenoaks 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.
downtown section of Burbank, CA.
601 - 607 South Glenoaks Blvd. presents an excellent opportunity for buyers seeking to invest in a core asset in one of Los Angeles’
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 Glenoaks 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.
Property Details
- Class
- B
- Year Built/Renovated
- 1986/2021
- Stories
- 4
- Lot Size (sq. ft)
- 50,965 SF
Highlights
- Multi-Tenant Building will local and national tenants
- Local community based building and tenants
- Renovated hallways
- Stabilized with Value Add Opportunity
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