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324 S Lomita Street Burbank, CA 91506

3 Beds 2 Baths 1,865 sqft Built 1944

$1,099,000

List Price

$3,760

$3.5K - $4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1944
  • Price/Sqft : $589.28
  • 11 Days on Market
  • MLS # : 21689488
  • Updated Date : 02/12/2021 at 22:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,865 sqft
  • Baths : 2 full
Listing Agent

Douglas Elliman

Listing Agent's Description

Burbank living at its finest! Nestled on a peaceful tree-lined street in the Burbank Rancho Adjacent, this classic home sits on a large lot and is within close proximity of schools, St. Johns Medical Center, LA Equestrian Center, Griffith Park, shops, eateries & Disney Studios! Owned by one family for over 75 years, this warm and ready-to-move-in classic home has been impeccably maintained & upgraded. Light & bright kitchen features a breakfast nook and is central to the formal dining area on one side and the family room with fireplace and wet bar which flow right into the patio, green & lush backyard. Retreat to the Main Bedroom suite with seating area, large closet & ensuite bath which opens to the backyard patio and lush backyard. The central hallway leads to the other two spacious bedrooms, full bath and indoor laundry room. Finished detached 2 car garage could easily be converted and features a bonus room in the back that would be ideal for a home office, studio or playroom.

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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: Rancho Adjacent

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k871k

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

Neighborhood: Rancho Adjacent

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843697

* 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
William Mckinley Elementary School Primary Regular 452 16 6
David Starr Jordan Middle School Middle Regular 1,080 41 6
John Burroughs High School High Regular 2,649 108 8

William Mckinley Elementary School

  • Education Level: Primary
  • # of students: 452
  • # of teachers: 16
6
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
 

$989,100$1,208,900$1,099,000

PURCHASE PRICE

$3,384$4,136$3,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,760
EXPENSES Loan Payment -$3,817
Property Tax -$1,025
Property Insurance -$72
Property Management Fees -$184
CASH FLOW
-$1,338

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.

$1,099,000

PROJECTED PRICE

$3,760

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.9%
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$3.0M$3.5M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$296,985

INVESTMENT

$296,985

Down Payment
$274,750
Rehab Estimate
$5,750
Closing Costs
$16,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,817

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $274,750
Loan Amount $824,250
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$2,006

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,760

    LIST RENT
  • $2.02

    LIST RENT PER SQFT
  • $3,898

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$3,450
1$3,4502$3,6503$3,6954$3,7605$3,800
$3,800
RENT COMPS ANALYSIS
  • 324 S Lomita Street Burbank, CA 4
    • 3 beds 2 baths ∙ 1,865 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,865 Sqft ∙ Built 1944
    • Rent
    • Rent Per SQFT
    •  
    • $3,760
    • $2.02
    •  
  • 1617 Riverside Drive Glendale, CA 1
    • 3 beds 2 baths ∙ 1,614 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,614 Sqft ∙ Built 1939
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.14
    •  
  • 118 S Virginia Avenue Burbank, CA 2
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 1940 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 1940
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $1.92
    •  
  • 355 W Alameda Avenue Burbank, CA 3
    • 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1961 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1961
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,695
    • $1.85
    •  
  • 222 S Keystone Street Burbank, CA 5
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1940
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.45
    •  
PROPERTY LISTING DETAILS
Kathleen Rasmussen
Douglas Elliman
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21689488
Last Updated: 02/12/2021
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