Updated Dec 21, 2023
Clint Salee Acquires Burbank Industrial Portfolio Sale For $1.8M
418-424 North Varney Street, Burbank, CA, USA
$1,800,000
$215/SF
Building Size
8,350 SF
Asset Type
Industrial
Closing
Jul 29, 2021
About this deal
AI
An industrial portfolio sale in Burbank was recently completed at 418-424 N. Varney. The property consists of four units with a total square footage of 8,350. The sale price for the portfolio was $1,800,000, resulting in a price per unit of $450,000 and a price per square foot of $215. The transaction took place on July 30, 2021.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $1,800,000
- Address: 418-424 N. Varney, Burbank
- Units: 4
- Price per Unit: $450,000
- Square Footage: 8,350
- Price per Square Foot: $215
The buyer, Clint Salee, acquired the industrial portfolio from the seller, Larry Wessel. The brokers involved in this transaction were Bentley McKean, James DeBuiser, and Gary Cohen. Throughout the 18-month transaction, the brokers helped navigate environmental issues that impacted the purchase price.
On the Map
$1,800,000
$215/SF
Industrial
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Players
Burbank Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.81%
Cash-on-Cash
-2.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93