Updated Dec 4, 2024
Ivan Marone Acquires Multifamily Property In Burbank For $2.9M
627 Magnolia Boulevard
$2,900,000
$580/SF
Building Size
5,000 SF
Asset Type
MultiFamily
Closing
Nov 30, 2023
About this deal
AI
The multifamily property located at 627 Magnolia Boulevard in Burbank has been sold for a price of $2,900,000. The property consists of 8 units, with a price per unit of $362,500. The total square footage of the property is 5,000, resulting in a price per square foot of $580.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,900,000
- Units: 8
- Price per Unit: $362,500
- Square Footage: 5,000
- Price per Square Foot: $580
- Market: Burbank
Ivan Marone has purchased the property from The Burbank RE Group, represented by Edmond (Ed) Bernstein and Ryan Stevenson. The sale was handled by brokers Tadeh Minassian and Steve Kechichian from Signature Commercial Partners.
Players
Burbank MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.47%
Cash-on-Cash
-1.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93