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3003 W Riverside Drive #108 Burbank, CA 91505

3 Beds 3 Baths 1,513 sqft Built 2002

$650,000

List Price

$3,400

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $429.61
  • 4 Days on Market
  • MLS # : SR20251312
  • Updated Date : 12/03/2020 at 21:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,513 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservices California Properties

Listing Agent's Description

Clean, sharp, and bright townhouse style unit with its own entrance and direct garage access. Conveniently located in this desired Burbank neighborhood and close to studios, several parks, abundant restaurants, the LA Zoo, and Griffith Park. Enter the living room with wood floors, high ceilings, and recessed lighting. The formal dining area is open to the kitchen and has wood floors and patio access. The kitchen has tile floors and countertops, a breakfast bar, a large pantry, and lovely garden/courtyard views. There are 3 good size bedrooms including the master suite with plenty of closet space and a private bathroom. With plenty of storage space, direct garage access, and laundry in the unit this beautiful unit will not last long.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Media Center

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $199k1002k

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

Neighborhood: Media Center

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q22000250030003500400045005000Rent in $17845078

* 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
R.l. Stevenson Elementary School Primary Regular 572 22 8
David Starr Jordan Middle School Middle Regular 1,080 41 6
John Burroughs High School High Regular 2,649 108 8

R.l. Stevenson Elementary School

  • Education Level: Primary
  • # of students: 572
  • # of teachers: 22
8
GreatSchools Rating

David Starr Jordan Middle School

  • Education Level: Middle
  • # of students: 1,080
  • # of teachers: 41
6
GreatSchools Rating

John Burroughs High School

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

$585,000$715,000$650,000

PURCHASE PRICE

$3,060$3,740$3,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,400
EXPENSES Loan Payment -$2,398
Property Tax -$606
Property Insurance -$64
HOA -$448
Property Management Fees -$167
CASH FLOW
-$282

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.

$650,000

PROJECTED PRICE

$3,400

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 11.2%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$178,000

INVESTMENT

$178,000

Down Payment
$162,500
Rehab Estimate
$5,750
Closing Costs
$9,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,398

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,500
Loan Amount $487,500
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$29,039

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,400

    LIST RENT
  • $2.25

    LIST RENT PER SQFT
  • $3,722

    COMP ESTIMATED VALUE
  • $2.46

    COMP AVG. RENT PER SQFT
Comps Range
$3,400
1$3,4002$4,400
$4,400
RENT COMPS ANALYSIS
  • 3003 W Riverside Drive Burbank, CA 1
    • 3 beds 3 baths ∙ 1,513 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,513 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.25
    •  
  • 10712 W Toluca Court Toluca Lake, CA 2
    • 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 2017
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.46
    •  
PROPERTY LISTING DETAILS
Matt Epstein
Berkshire Hathaway Homeservices California Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR20251312
Last Updated: 12/03/2020
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