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500 University Avenue Burbank, CA 91504

3 Beds 3 Baths 2,362 sqft Built 1950

$1,350,000

List Price

$4,510

$4.3K - $4.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $571.55
  • 11 Days on Market
  • MLS # : PW21033911
  • Updated Date : 02/26/2021 at 14:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,362 sqft
  • Baths : 3 full
Listing Agent

Red Door Previews

Listing Agent's Description

Desirable heart of Burbank custom built home on the uphill corner provides privacy with valley views all in an outstanding neighborhood with 3 bedrooms and 3 baths located on a large lot. Open the front door to this updated home with rich faux wood flooring and enjoy the open floor plan with fireplace and endless views providing outstanding privacy within an open feel. Enjoy the remodeled galley kitchen with breakfast area and large pantry wall adjacent to the convenient indoor laundry space. Dine at the breakfast table or separate dining room and enjoy an unforgettable view of the valley. The family room has direct access to the rear yard and provides wonderful light while being a place for the family to relax, play games or use a computer. Before the area was remodeled and expanded this was an additional bedroom. Just off the family room is a study work area built and designed for students who are learning from home. The master has an ensuite bathroom with quartz counter, and shower/tub combination. The front two bedrooms are both large and share a remodeled marble top dual sink vanity with large shower. With a short walk to the highly rated local elementary, middle and high schools and McCambridge park with its public pool, tennis courts and playgrounds this location is ideal. With convenient access to the Interstate 5 Freeway, shopping, award winning restaurants, and recreational activities, this home will check all of the boxes!

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]
  • 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)

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
Thomas Jefferson Elementary School Primary Regular 749 25 8
John Muir Middle School Middle Regular 1,408 55 8
Burbank High School High Regular 2,606 106 8

Thomas Jefferson Elementary School

  • Education Level: Primary
  • # of students: 749
  • # of teachers: 25
8
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
 

$1,215,000$1,485,000$1,350,000

PURCHASE PRICE

$4,059$4,961$4,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,510
EXPENSES Loan Payment -$4,689
Property Tax -$1,259
Property Insurance -$84
Property Management Fees -$221
CASH FLOW
-$1,743

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.

$1,350,000

PROJECTED PRICE

$4,510

PROJECTED RENT

0.33%

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$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k$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$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$363,500

INVESTMENT

$363,500

Down Payment
$337,500
Rehab Estimate
$5,750
Closing Costs
$20,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,689

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $337,500
Loan Amount $1,012,500
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,383

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,510

    LIST RENT
  • $1.91

    LIST RENT PER SQFT
  • $4,523

    COMP ESTIMATED VALUE
  • $1.92

    COMP AVG. RENT PER SQFT
Comps Range
$3,750
1$3,7502$4,2503$4,5104$4,8005$4,800
$4,800
RENT COMPS ANALYSIS
  • 500 University Avenue Burbank, CA 3
    • 3 beds 3 baths ∙ 2,362 Sqft ∙ Built 1950 3 beds 3 baths ∙ 2,362 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $4,510
    • $1.91
    •  
  • 615 E Walnut Avenue Burbank, CA 1
    • 3 beds 2 baths ∙ 2,245 Sqft ∙ Built 1951 3 beds 2 baths ∙ 2,245 Sqft ∙ Built 1951
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $1.67
    •  
  • 949 University Avenue Burbank, CA 2
    • 4 beds 3 baths ∙ 2,223 Sqft ∙ Built 1951 4 beds 3 baths ∙ 2,223 Sqft ∙ Built 1951
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $1.91
    •  
  • 2504 N Keystone Street Burbank, CA 4
    • 4 beds 3 baths ∙ 2,398 Sqft ∙ Built 1947 4 beds 3 baths ∙ 2,398 Sqft ∙ Built 1947
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,800
    • $2.00
    •  
  • 800 Stanford Road Burbank, CA 5
    • 3 beds 3 baths ∙ 2,310 Sqft ∙ Built 1953 3 beds 3 baths ∙ 2,310 Sqft ∙ Built 1953
    LEASED 10/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,800
    • $2.08
    •  
PROPERTY LISTING DETAILS
Colin Jones
Red Door Previews
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21033911
Last Updated: 02/26/2021
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