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620 E Palm Avenue #205 Burbank, CA 91501

3 Beds 2 Baths 1,546 sqft Built 2003

$749,000

List Price

$3,350

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $484.48
  • 2 Days on Market
  • MLS # : 320004469
  • Updated Date : 01/02/2021 at 09:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,546 sqft
  • Baths : 2 full
Listing Agent

The Art In Real Estate

Listing Agent's Description

Luxury Condo * 3 Bedrooms / 2 Bathrooms * 1,546sqft * 2003 Built * High Ceilings * Laminate Floors * Open Floor-Plan * Large Living Room With Fireplace * Dining Area * Large Master Bedroom With Walk-In Closet * Laundry Hook-Ups Inside * Recessed Lighting * Covered Patio * 2 Car Parking With Storage * HOA $305/m * Building Has An Elevator * Community BBQ Area

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$674,100$823,900$749,000

PURCHASE PRICE

$3,015$3,685$3,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,350
EXPENSES Loan Payment -$2,763
Property Tax -$698
Property Insurance -$64
HOA -$305
Property Management Fees -$164
CASH FLOW
-$645

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.

$749,000

PROJECTED PRICE

$3,350

PROJECTED RENT

0.45%

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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,763

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$12,209

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,350

    LIST RENT
  • $2.17

    LIST RENT PER SQFT
  • $3,359

    COMP ESTIMATED VALUE
  • $2.17

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,3503$3,4504$3,5005$3,600
$3,600
RENT COMPS ANALYSIS
  • 620 E Palm Avenue Burbank, CA 2
    • 3 beds 2 baths ∙ 1,546 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,546 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.17
    •  
  • 414 E Valencia Avenue Burbank, CA 1
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2006
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.06
    •  
  • 555 E Santa Anita Avenue Burbank, CA 3
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2005
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.46
    •  
  • 540 E Angeleno Avenue Burbank, CA 4
    • 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 2007
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.05
    •  
  • 600 E Magnolia Boulevard Burbank, CA 5
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2004
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.12
    •  
PROPERTY LISTING DETAILS
Artin Sarkissian
The Art In Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320004469
Last Updated: 01/02/2021
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