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421 N Lomita Street Burbank, CA 91506

3 Beds 2 Baths 1,188 sqft Built 1939

$849,000

List Price

$3,300

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1939
  • Price/Sqft : $714.65
  • 2 Days on Market
  • MLS # : 320003877
  • Updated Date : 11/02/2020 at 22:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,188 sqft
  • Baths : 2 full
Listing Agent

The Art In Real Estate

Listing Agent's Description

From the tree-lined street, step inside this charming 3 bedroom 2 bathroom home, and you'll immediately notice the beautifully restored original red oak floors and expansive open floor plan. The living room, with retrofitted wood burning fireplace, flows into the light filled dining room and updated kitchen with stunning quartz countertops, glass backsplash, newer stainless appliances, and laundry hookups. Just off the dining room enter the hallway with three bedrooms, tastefully remodeled original bathroom and an additional spa-like bathroom with glassed-in shower. There are newer (2016) energy efficient Milgard fiberglass windows throughout, central AC/heat, and updated electrical panel and attic insulation. The driveway leads through a redwood gate opening to the 2 car garage and private, spacious, backyard with mature fruit trees. Ideally located in Burbank outside of the airport flight path, close to award winning schools and walking distance to Chandler Bike Path, Magnolia Ave shops and restaurants, and newly opened Aldi supermarket! This home truly offers the best of what Burbank/LA has to offer and the peaceful oasis we're all seeking right now.

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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: Chandler Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Chandler Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $16803697

* 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
Walt Disney Elementary School Primary Regular 393 15 7
David Starr Jordan Middle School Middle Regular 1,080 41 6
John Burroughs High School High Regular 2,649 108 8

Walt Disney Elementary School

  • Education Level: Primary
  • # of students: 393
  • # of teachers: 15
7
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
 

$764,100$933,900$849,000

PURCHASE PRICE

$2,970$3,630$3,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,300
EXPENSES Loan Payment -$3,132
Property Tax -$792
Property Insurance -$56
Property Management Fees -$162
CASH FLOW
-$842

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.

$849,000

PROJECTED PRICE

$3,300

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.6%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$230,735

INVESTMENT

$230,735

Down Payment
$212,250
Rehab Estimate
$5,750
Closing Costs
$12,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,132

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $212,250
Loan Amount $636,750
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$10,112

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,300

    LIST RENT
  • $2.78

    LIST RENT PER SQFT
  • $3,629

    COMP ESTIMATED VALUE
  • $3.06

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,3003$3,3004$3,4005$4,000
$4,000
RENT COMPS ANALYSIS
  • 421 N Lomita Street Burbank, CA 3
    • 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1939
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.78
    •  
  • 1206 W Chandler Boulevard Burbank, CA 1
    • 3 beds 3 baths ∙ 1,064 Sqft ∙ Built 1948 3 beds 3 baths ∙ 1,064 Sqft ∙ Built 1948
    LEASED 10/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $3.10
    •  
  • 325 N Lincoln Street Burbank, CA 2
    • 3 beds 2 baths ∙ 1,030 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,030 Sqft ∙ Built 1937
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $3.20
    •  
  • 1400 Leland Way Burbank, CA 4
    • 3 beds 2 baths ∙ 1,207 Sqft ∙ Built 1943 3 beds 2 baths ∙ 1,207 Sqft ∙ Built 1943
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.82
    •  
  • 1121 N Reese Place Burbank, CA 5
    • 3 beds 3 baths ∙ 1,291 Sqft ∙ Built 1949 3 beds 3 baths ∙ 1,291 Sqft ∙ Built 1949
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $3.10
    •  
PROPERTY LISTING DETAILS
Ferouze Feddal
The Art In Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320003877
Last Updated: 11/02/2020
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