Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

620 E Palm Avenue #103 Burbank, CA 91501

3 Beds 2 Baths 1,389 sqft Built 2003

$699,900

List Price

$3,160

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $503.89
  • 3 Days on Market
  • MLS # : 320004877
  • Updated Date : 02/05/2021 at 17:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,389 sqft
  • Baths : 2 full
Listing Agent

Johnhart Real Estate

Listing Agent's Description

The perfect Burbank Condo! Located in a sought after neighborhood in Burbank resides an immaculate condo has 3 bedrooms, 2 bathrooms 1st level condo! This luxury condo features sleek plank flooring, baseboard and crown moldings, as well as recessed lighting, plantation shutters, plenty of storage space throughout and even a fireplace in the living room! The living room presents a wonderful space to entertain. Through the living room you have a private balcony with nice flooring that you can add outdoor seating. Enjoy prepping meals in the kitchen equipped with stainless steel appliances, granite countertops and ample cabinet space. The condo has a cozy dining area and an in-unit laundry area. Bedrooms are bright and spacious. The Master bedroom has a private bathroom, a walk-in closet, and a private balcony! Part of the Burbank School District. Close to popular restaurants, the Burbank Town Center, USPS, banks, supermarkets and more!

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
 

$629,910$769,890$699,900

PURCHASE PRICE

$2,844$3,476$3,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,160
EXPENSES Loan Payment -$2,431
Property Tax -$653
Property Insurance -$61
HOA -$310
Property Management Fees -$155
CASH FLOW
-$449

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.

$699,900

PROJECTED PRICE

$3,160

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-$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$191,224

INVESTMENT

$191,224

Down Payment
$174,975
Rehab Estimate
$5,750
Closing Costs
$10,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,975
Loan Amount $524,925
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$15,120

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,160

    LIST RENT
  • $2.28

    LIST RENT PER SQFT
  • $3,177

    COMP ESTIMATED VALUE
  • $2.29

    COMP AVG. RENT PER SQFT
Comps Range
$3,160
1$3,1602$3,4503$3,4504$3,6005$3,650
$3,650
RENT COMPS ANALYSIS
  • 620 E Palm Avenue Burbank, CA 1
    • 3 beds 2 baths ∙ 1,389 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,389 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,160
    • $2.28
    •  
  • 555 E Santa Anita Avenue Burbank, CA 2
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2005
    property image
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.46
    •  
  • 511 E Harvard Road Burbank, CA 3
    • 3 beds 3 baths ∙ 1,550 Sqft ∙ Built 2011 3 beds 3 baths ∙ 1,550 Sqft ∙ Built 2011
    property image
    LEASED 01/09/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.23
    •  
  • 600 E Magnolia Boulevard Burbank, CA 4
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2004
    property image
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.12
    •  
  • 717 E Olive Avenue Burbank, CA 5
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 2004
    property image
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.34
    •  
PROPERTY LISTING DETAILS
Albert Babayan
Johnhart Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320004877
Last Updated: 02/05/2021
BESbswy