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456 E San Jose Avenue #U Burbank, CA 91501

3 Beds 2 Baths 1,262 sqft Built 1981

$639,000

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $506.34
  • 7 Days on Market
  • MLS # : BB20236509
  • Updated Date : 11/11/2020 at 17:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,262 sqft
  • Baths : 2 full
Listing Agent

Edward Markaryan

Listing Agent's Description

Beautifully remodeled 3 bed 2 bath condo in highly desirable Burbank. The property is situated a few blocks from the Burbank Town Center, walking distance to the mall, movie theaters, shops, and restaurants. The owner completely remodeled the entire unit in 2017. The unit is located on the second floor, with a private staircase leading up, not shared by any other unit. As you walk in, you are greeted by vaulted ceilings, a massive stone covered feature wall with fireplace, and high-quality laminate flooring all throughout the unit. The living room is large, open, and bright with an incredible garden window and sky light. The kitchen has been fully remodeled with white shaker cabinets, quartz counter tops, stainless steel appliances, and a gorgeous bar area with additional cabinets. From the dining room, there is a spacious balcony with enough space for a BBQ and seating area with fire pit. Through the hallway, is a stacked washer and dryer and two bedrooms, one of them being the large master with a brand new en suite bathroom updated last month. Both bathrooms have been updated with Italian tile, new vanity, and fixtures. Upstairs is a large loft that can be used as a den, office, or 3rd bedroom. In 2017, the owner put in brand new windows and sliding balcony door, brand new custom modern stair railing, and brand new recessed lighting in the entire unit. AC and furnace were replaced recently with new ducting. Very large walk-in attic for tons of storage.

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: Hillside District

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $199k917k

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

Neighborhood: Hillside District

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000Rent in $17844015

* 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
Ralph Emerson Elementary School Primary Regular 596 22 7
John Muir Middle School Middle Regular 1,408 55 8
Burbank High School High Regular 2,606 106 8

Ralph Emerson Elementary School

  • Education Level: Primary
  • # of students: 596
  • # of teachers: 22
7
GreatSchools Rating

John Muir Middle School

  • Education Level: Middle
  • # of students: 1,408
  • # of teachers: 55
8
GreatSchools Rating

Burbank High School

  • Education Level: High
  • # of students: 2,606
  • # of teachers: 106
8
GreatSchools Rating
 

$575,100$702,900$639,000

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,358
Property Tax -$596
Property Insurance -$58
HOA -$363
Property Management Fees -$145
CASH FLOW
-$569

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.

$639,000

PROJECTED PRICE

$2,950

PROJECTED RENT

0.46%

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

PROJECTED ANNUAL CASH FLOW

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

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$175,085

INVESTMENT

$175,085

Down Payment
$159,750
Rehab Estimate
$5,750
Closing Costs
$9,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,358

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $159,750
Loan Amount $479,250
See What Happens When You Reinvest Cash Flow

1.75

YEARS SAVED

$9,063

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $2.34

    LIST RENT PER SQFT
  • $3,239

    COMP ESTIMATED VALUE
  • $2.57

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$3,3003$3,3004$4,500
$4,500
RENT COMPS ANALYSIS
  • 456 E San Jose Avenue Burbank, CA 1
    • 3 beds 2 baths ∙ 1,262 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,262 Sqft ∙ Built 1981
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.34
    •  
  • 1711 Grismer Avenue Burbank, CA 2
    • 3 beds 3 baths ∙ 1,371 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,371 Sqft ∙ Built 1975
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.41
    •  
  • 232 W Linden Avenue Burbank, CA 3
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.36
    •  
  • 708 Country Club Drive Burbank, CA 4
    • 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1962
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.93
    •  
PROPERTY LISTING DETAILS
Edward Markaryan
Edward Markaryan
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB20236509
Last Updated: 11/11/2020
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