Updated Dec 18, 2023
Karl Markarian Acquires Office Building In Burbank For $7.21M
350 North Glenoaks Boulevard, Burbank, CA 91502, USA
$7,214,000
$360/SF
Building Size
20,000 SF
Asset Type
Office
Closing
Jul 13, 2020
About this deal
AI
Proud to announce that we just closed on the Prime Owner-User Commercial office building located at 350 N. Glenoaks Blvd. in prime Downtown Burbank. This office building spans 20,000 square feet and was sold for a total of $7,214,000, with a price per square foot of $360.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $7,214,000
- Square Footage: 20,000
- Price per Square Foot: $360
- Market: Burbank
- Buyer's Representative: Karl Markarian
The successful transaction was represented by Karl Markarian. This prime office building is now under the ownership of a new owner-user in Downtown Burbank. Congratulations to all parties involved!
Burbank Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.20%
Cash-on-Cash
-0.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93