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1501 N Lima Street Burbank, CA 91505

3 Beds 1 Baths 1,168 sqft Built 1940

$819,918

List Price

$3,450

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $701.98
  • 7 Days on Market
  • MLS # : BB20218141
  • Updated Date : 11/16/2020 at 10:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,168 sqft
  • Baths : 1 full
Listing Agent

Brad Korb Real Estate Group

Listing Agent's Description

Over $115,000 spent on recent remodel!! Move in ready! This is a must see! The property has been professionally staged and you will love it!! This 1,168 square foot home is located on a large 6,326 square foot lot! The unique floor plan offers several bedroom and home office configurations! Features include 3 bedrooms, 1 remodeled bathroom, new kitchen with stainless steel appliances, formal dining room, living room with fireplace, laundry room, central heat and air, new paint in and out, refinished hardwood floors, all new windows except in kitchen, new electrical panel, new light fixtures, new tankless water heater, new roof and gutters, privacy fence on the Northside, new controllers and valve for irrigation system, and expansive front and back yards ready for landscape design!!! Don't miss the finished attached garage! Great location 1 block from Bret Harte Elementary School and minutes away from Disney, Nickelodeon, Universal, and more!!

SEE MORE

MARKET HIGHLIGHTS

  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)

PRICE & RENT TRENDS

Neighborhood: Northwest District

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Northwest District

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $16833697

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Bret Harte Elementary School Primary Regular 676 23 8
Luther Burbank Middle School Middle Regular 1,102 45 6
John Burroughs High School High Regular 2,649 108 8

Bret Harte Elementary School

  • Education Level: Primary
  • # of students: 676
  • # of teachers: 23
8
GreatSchools Rating

Luther Burbank Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 45
6
GreatSchools Rating

John Burroughs High School

  • Education Level: High
  • # of students: 2,649
  • # of teachers: 108
8
GreatSchools Rating
 

$737,926$901,910$819,918

PURCHASE PRICE

$3,105$3,795$3,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,450
EXPENSES Loan Payment -$3,025
Property Tax -$764
Property Insurance -$55
Property Management Fees -$169
CASH FLOW
-$564

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$819,918

PROJECTED PRICE

$3,450

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$223,028

INVESTMENT

$223,028

Down Payment
$204,980
Rehab Estimate
$5,750
Closing Costs
$12,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$3,025

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $204,980
Loan Amount $614,939
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$24,429

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,450

    LIST RENT
  • $2.95

    LIST RENT PER SQFT
  • $3,562

    COMP ESTIMATED VALUE
  • $3.05

    COMP AVG. RENT PER SQFT
Comps Range
$3,450
1$3,4502$3,7003$3,7504$4,1955$4,195
$4,195
RENT COMPS ANALYSIS
  • 1501 N Lima Street Burbank, CA 1
    • 3 beds 1 baths ∙ 1,168 Sqft ∙ Built 1940 3 beds 1 baths ∙ 1,168 Sqft ∙ Built 1940
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.95
    •  
  • 1811 N Frederic Street Burbank, CA 2
    • 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1948
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $3.08
    •  
  • 832 N Catalina Street Burbank, CA 3
    • 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1948
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.75
    •  
  • 1825 N Pass Avenue Burbank, CA 4
    • 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 1958
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,195
    • $3.16
    •  
  • 3917 W Chandler Boulevard Burbank, CA 5
    • 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,308 Sqft ∙ Built 1942
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,195
    • $3.21
    •  
PROPERTY LISTING DETAILS
Bradley Korb
Brad Korb Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB20218141
Last Updated: 11/16/2020
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