East Valley Office Suites 11490 Burbank Blvd 6,431 SF 100% Leased Office Building North Hollywood, CA 91601 $2,137,341 CAD ($332.35 CAD/SF) 7.53% Cap Rate

Stevenson Real Estate Services is pleased to present 11490 Burbank Boulevard for sale. The property is a 6,431 square foot (per owner's measured plans), three-story, multi-tenant office building on 2,500 square feet of land. Currently the property is divided into executive office suites with sizes ranging from 41 to 285 square feet. The building also has separate storage units and mailboxes for lease, providing a diversified income stream. There is a strong demand for the mailboxes from businesses that are not located in the building but require a physical address. The advertised cap rate of 7.53% is based on the current income and property tax estimate based on 1.2% of the sales price. A proactive investor can lease the remaining vacant units and potentially achieve a 9.64% pro forma cap rate. The mix of smaller-sized executive offices generates higher demand and rent per square foot compared to other office buildings. Most of the leases are short-term or month-to-month which allows for an owner-user to potentially occupy a significant portion of the building with the flexibility to reconfigure the space to suit their needs. Ownership installed a new roof in 2022 with a 20-year roof warranty, replaced three HVAC units (6 HVAC units total), provided new garage door openers with timers, and hard-wired the property with video surveillance. The property is located just one block west of the intersection of Burbank Boulevard and Lankershim Boulevard, and the popular North Hollywood Arts District.
Please do not disturb the current occupants. Call Patrick Long for more information and to schedule a tour!