500 E Olive Ave, Unit | Burbank Burbank, CA 91501
- Medical offices
- 49,721 SF
- 0.87 lot acres
Current Use by Public Records
- Kaufman Mark D DDS / Dentist
- Dr. Behzad Shirazi-Ardestani, DDS / Dentist
- Lubick Harold a DDS / Dentist
- SEDATION DENTISTRY LOS ANGELES / Dentist
- Hesd Air Conditioning Burbank / Air Conditioning Repair Service
Property Details for 500 E Olive Ave
- Year built
- 1971
- Lot size
- 0.87 lot acres
- Property size
- 49,721 SF
- Zone code
- BUR5-R4*
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 2455-022-031
- APU
- 2455022031
Description
This exceptional 8-story, Class A medical office building in Downtown Burbank, CA offers a rare investment opportunity. Boasting 47,708 square feet of net rentable space, the property is currently 90% occupied by a diverse mix of 33 tenants, with an average tenant size of approximately 1,500 square feet. No single tenant occupies more than 6% of the building, ensuring stable cash flow and minimizing risk. The building features a weighted average lease term of approximately 15 years, demonstrating high tenant retention. A significant portion (45%) of the building is occupied by dental tenants, many of whom have been long-term occupants, some since the building's construction in 1971. This contributes to the exceptionally stable cash flow and low re-tenanting costs. The property sits on a 1.55-acre lot and enjoys a prime location with excellent freeway access (I-5) and proximity to major medical centers, including Providence Saint Joseph Medical Center (2.4 miles), Adventist Health Glendale Hospital (7.0 miles), and Providence Holy Cross Medical Center (12.2 miles). The building benefits from a Walkscore of 91, placing it within a vibrant, walkable downtown area with abundant retail amenities. The strong Burbank medical market, with low vacancy rates, further enhances the investment potential. This Core+ investment opportunity is priced at $16,500,000, representing a price per square foot of $345.85 and a current NOI of $114,591. The property's strong historical occupancy (never below 90% in the last 10 years), diverse tenancy, and prime location make it an attractive investment with significant upside potential. This is a first-time offering in 25 years.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Burbank
- County
- Los Angeles
- State
- California
- Longitude
- -118.304
- Latitude
- 34.1845
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
