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347 W Lutge Avenue Burbank, CA 91506

3 Beds 2 Baths 1,844 sqft Built 1946

$1,365,000

List Price

$4,270

$4K - $4.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1946
  • Price/Sqft : $740.24
  • 10 Days on Market
  • MLS # : BB21024668
  • Updated Date : 02/10/2021 at 05:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,844 sqft
  • Baths : 1 full , 1 half
Listing Agent

Douglas Elliman Of California, Inc.

Listing Agent's Description

Discover a Palm Springs style resort in the sought-after Rancho Equestrian District. Walled and gated for privacy, this inimitable hideaway is rich in history and dripping with character. Wrapped around a heated pool, this architectural Hacienda touts’ dramatic features throughout: vaulted and cathedral beamed ceilings, Spanish tile floors, masonry walls, French doors, 1940’s wet bar, Spanish tile roof, stone fireplace. Newer remodeled kitchen and baths. Private master bedroom suite. Multiple vignettes for dining and lounging open air, encouraging days of relaxation by the sun splashed pool. A rare bird indeed, this lush compound will satisfy your desire to get away from it all, yet you are moments to all the studios (Disney, Warner Bros, Hulu, Nickelodeon, Cartoon Network), the LA Equestrian Center, Whole Foods, the trails in Griffith Park, tennis, live music, café’s, coffee houses and shops. Legendary Burbank schools and services.

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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
 

$1,228,500$1,501,500$1,365,000

PURCHASE PRICE

$3,843$4,697$4,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,270
EXPENSES Loan Payment -$4,741
Property Tax -$1,273
Property Insurance -$72
Property Management Fees -$209
CASH FLOW
-$2,025

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.

$1,365,000

PROJECTED PRICE

$4,270

PROJECTED RENT

0.31%

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$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

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$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$367,475

INVESTMENT

$367,475

Down Payment
$341,250
Rehab Estimate
$5,750
Closing Costs
$20,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$4,741

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $341,250
Loan Amount $1,023,750
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$212

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,270

    LIST RENT
  • $2.32

    LIST RENT PER SQFT
  • $3,854

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$3,450
1$3,4502$3,6503$3,6954$3,8005$4,270
$4,270
RENT COMPS ANALYSIS
  • 347 W Lutge Avenue Burbank, CA 5
    • 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 1946 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 1946
    • Rent
    • Rent Per SQFT
    •  
    • $4,270
    • $2.32
    •  
  • 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 4
    • 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
Alisa Cunningham
Douglas Elliman Of California, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB21024668
Last Updated: 02/10/2021
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