221 N San Fernando Blvd Burbank, CA 91502
Prime Multi-Retail Property in Downtown Burbank
SOLD: $6,675,000 CAP RATE: 5.64% PRICE PER SQUARE FOOT: $778
We are pleased to announce the sale of 221 N San Fernando Blvd a highly desirable multi tenant retail property located in the heart of Downtown Burbank one of the most vibrant pedestrian driven commercial corridors in Los Angeles. The property consists of 8,580 square feet of rentable space situated on a 9,983 square foot lot offering exceptional frontage along San Fernando Boulevard. Surrounded by premier dining retail entertainment and national brands the location benefits from constant foot traffic and sustained tenant demand.
The property sold for $6,675,000 reflecting a 5.64% cap rate and a $778 price per square foot. An upcoming scheduled rent increase next year will raise the in place cap rate to approximately 7.4% providing immediate and meaningful income growth for the new owner. The asset was built in 1987 and sold by the original developer showcasing long term pride of ownership and strong historical performance.
Anchored by established restaurant tenants on long term leases the property offers stable cash flow with minimal near term risk and the ability to further enhance income through strategic leasing and potential future subdivision due to its generous frontage. The sale closed all cash in a 30 day escrow demonstrating strong buyer confidence and execution certainty.
David Saghian represented both the buyer and seller in this transaction.
Investment Highlights
Sold for $6,675,000 reflecting a 5.64% cap rate and $778 per square foot
Multi tenant retail property featuring strong restaurant tenants on long term leases
Upcoming rent increase next year raising the cap rate to 7.4%
Built in 1987 and sold by the original developer showing long term pride of ownership
Premier Downtown Burbank location surrounded by high quality dining retail and entertainment along San Fernando Blvd
Large frontage providing flexibility for future subdivision or repositioning
All cash purchase completed in a 30 day escrow
Buyer and seller represented by David Saghian
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com