Description

Situated near the intersection of Olive Avenue and Pass Avenue, the building sits just one block from world-famous Warner Bros. Studios. Due to the fact that the property is subject only to Burbank's local rent ordinance, a new owner may be able to recapture the rent upside and keep pace with improving rent growth via higher allowable rent increases, when compared with other assets subject to Los Angeles rent control. Because there are no seismic retrofit repairs required (Buyer to verify), the property allows a new investor to save from an otherwise costly maintenance expense. The pitched roof and partial copper plumbing also help to reduce both utility and maintenance costs, allowing for more profitable property operations. Located just a half-mile from the Burbank-Toluca Lake border, the property grants residents convenient access to Studio City, the NoHo Arts District, Glendale, Griffith Park, and the Hollywood Hills. Dubbed the "Media Capital of the World," the city of Burbank is home to a vast contingent of entertainment employers, which allows tenants convenient commutes to studios. Notable media production campuses in and around Burbank include Warner Bros. Studios, Disney Studios, Walt Disney Imagineering, Universal Studios, Nickelodeon Studios, Cartoon Network, and Dreamworks Animation. Several noteworthy restaurants and retail destinations are within the surrounding blocks, including Equinox Burbank, Smoke House Restaurant, Olive & Thyme, Don Cuco Mexican Restaurant, and the Disney XD office building.