Creative Space with Production
For Sale
Contact for pricing
247 S Lake Street, Burbank, CA 91502
Specialized condominium with technical systems and adaptable areas for media, entertainment, technology, and creative-office operations.
Property Size64,412 SF
Price / SF$480
Days on Market13
Property Features for 247 S Lake Street
General Information
Standard status
Active
Size
64,412 SF
Total Parking Spaces
27
Property subtype
Office, Industrial
Zoning
BCCM
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Office Units
1
Amenities
ATMOS stages
screening theaters
ADR and foley facilities
color-grading suites
editing bays
fiber-based data connectivity
MPAA-approved campus
Building Details
Year Built
1960
Year Renovated
2012
Stories
1
Building Size
64,412 SF
Owner Occupied
Yes
Listing Agency:
Avison Young - North Los Angeles
(818) 939-1259
Listed By:
Christopher Bonbright · License #00823957
Source:
Crexi
Added: Jul 29
Changed: Aug 9
Last Checked: Aug 9 at 4:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Avison Young - North Los Angeles
Investment Insights
Based on property information with market context.
This 9,738-square-foot legal condominium is part of South Lake Media Park, a seven-condominium complex totaling approximately 64,412 square feet. The property combines adaptable creative-office areas with specialized production improvements, including ATMOS stages, screening theaters, ADR and foley facilities, color-grading suites, editing bays, and administrative space. Robust electrical and HVAC systems, fiber-based data connectivity, and other technical infrastructure support media and post-production functions. The improvements date to 1960 and include well-maintained roofing, plumbing, electrical, and HVAC systems.
The property is located on South Lake Street immediately south of Olive Avenue in Burbank. It is near the 5, 101, and 134 freeways and within walking distance of the Downtown Burbank Metrolink station. The MPAA-approved campus is positioned near major studios, Hollywood, and the broader Los Angeles market. The condominium may be acquired individually or together with other available units within the project.
The property is located on South Lake Street immediately south of Olive Avenue in Burbank. It is near the 5, 101, and 134 freeways and within walking distance of the Downtown Burbank Metrolink station. The MPAA-approved campus is positioned near major studios, Hollywood, and the broader Los Angeles market. The condominium may be acquired individually or together with other available units within the project.
Key Highlights
- 9,738‑square‑foot legal condominium within a seven‑unit creative office and post‑production complex
- Approximately 64,412‑square‑foot South Lake Media Park campus
- ATMOS stages, screening theaters, ADR and foley facilities, color‑grading suites, and editing bays
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$208,588
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,171,760
$4.2M
Cap Rate 7%
$2,979,829
$3.0M
Cap Rate 9%
$2,317,644
$2.3M
Market Conditions
NOI Build-Up for 9,738 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$327.2K $33.60/SF
− Vacancy
−$49.1K −$5.04/SF
EGI
$278.1K $28.56/SF
− OpEx
−$69.5K −$7.14/SF
NOI
$208.6K $21.42/SF
Area
Burbank, CA
Vacancy
15.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,171,760
Cap Rate 7%
$2,979,829
Cap Rate 9%
$2,317,644
Alternative Uses
Best Use
Office B
$2.98M
$2.61M – $3.48M
NOI $208,588 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$197.29M
$172.63M – $230.17M
NOI $13,810,022 @ 7.0% cap · market cap 295.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,584
Businesses Nearby
Explore this area
Business Placement
Demographics for 91502, CA
11,665
Population
5,734
Households
2
Avg Household Size
39
Median Age
43%
College-Educated
87%
High-School Grad
1.3 sq mi
ZIP Area
8,973
Density / Sq Mi
$61,443
Median Household Income
$46,046
Median Earnings
$1,899
Median Rent
$946,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Specialized condominium with technical systems and adaptable areas for media, entertainment, technology, and creative-office operations.
Where is this creative space located?
The property is located at 247 S Lake Street Burbank, CA.
What is the asking price?
The asking price for this property is $4,674,240.
What are key features of this property?
This property features: 9,738‑square‑foot legal condominium within a seven‑unit creative office and post‑production complex; Approximately 64,412‑square‑foot South Lake Media Park campus; ATMOS stages, screening theaters, ADR and foley facilities, color‑grading suites, and editing bays
