500 Olive AveBurbank, CA 91501

Property Details for 500 Olive Ave

Year built

1971

Lot size

0.87 AC

Property size (Sq ft)

49,721 SF

Zone code

BUR5-R4*

Property type

Healthcare properties

Property subtype

Medical offices

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.

• CAP approach

  CAP return

  Valuation

  6%

  $16,205,620

  6.5%

  $14,959,034

  7%

  $13,890,532

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,454,945

  Geo Method

  $9,454,945

• Alternative Use

  Use

  Valuation

  Residential

  $18,549,202

  Hospitality

  $16,990,970

  Educational

  $14,136,287

  Medical

  $14,622,456

  Retail

  $21,989,780

Location Insight

City

Burbank

County

Los Angeles

State

California

Latitude

34.1845

Longitude

-118.304

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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