607 N Fairview Street,  Burbank CA, 91505 (Residential Income)

2,139 sqft
Status: Sold
MLS#: SR16197595
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Last Updated: 12/7/2016 2:39 AM
Description for 607 N Fairview Street Burbank, CA 91505
607 N Fairview is a non rent-controlled duplex in the “Magnolia Park” neighborhood of Burbank. The building has undergone ample structural updates, including copper plumbing, upgraded electrical and new sewer line. The interiors have not yet received updates, making this property a perfect “cosmetic fixer”. The majority of the hard work has been done for you– now it is ready for the fun part: interior renovations. The property is currently operating at an impressive 5.08% cap rate and 14.88 GRM. The cash flow is tremendous. If you were to improve the interiors and re-rent each unit, the pro forma cap rate would jump to a whopping 6.42%! Whether you are an owner occupier, investor or flipper, this is a rare opportunity to buy in one of the best neighborhoods of Burbank and make a huge profit. This duplex is located on a tree lined street walking distance to all of the best that Burbank has to offer: the shops and restaurants on Magnolia (most notably, Porto’s Bakery), the studios & countless entertainment industry jobs, several parks, Buena Vista Library and exceptional Burbank schools.
Price
Sold Price:
$825,000
Sold Date:10/21/2016
Los Angeles
2,139 (approx)
SR16197595
Closed
Description
607 N Fairview is a non rent-controlled duplex in the “Magnolia Park” neighborhood of Burbank. The building has undergone ample structural updates, including copper plumbing, upgraded electrical and new sewer line. The interiors have not yet received updates, making this property a perfect “cosmetic fixer”. The majority of the hard work has been done for you– now it is ready for the fun part: interior renovations. The property is currently operating at an impressive 5.08% cap rate and 14.88 GRM. The cash flow is tremendous. If you were to improve the interiors and re-rent each unit, the pro forma cap rate would jump to a whopping 6.42%! Whether you are an owner occupier, investor or flipper, this is a rare opportunity to buy in one of the best neighborhoods of Burbank and make a huge profit. This duplex is located on a tree lined street walking distance to all of the best that Burbank has to offer: the shops and restaurants on Magnolia (most notably, Porto’s Bakery), the studios & countless entertainment industry jobs, several parks, Buena Vista Library and exceptional Burbank schools.
Listing Information
Property Type: Cluster, Other
0.13 Acres 588,300 sq.ft. 2,139 (approx)
$385.69 1944
Yes- 2 spaces
2 Total
Neighborhood
Room Information
Inside
Interior Features
Window/Wall Unit
Exterior / Lot Features
2 Garage Spaces, 2 Parking Spaces
None
No Pool
BUR3*
Sidewalks, Street Lights, Curbs Walk
Driving Directions
Cross Streets: W Clark & Verdugo
Financial Considerations
2480024019
$50,400 Income ,$11,792Expense
Listing Price History

Burbank Real Estate

Burbank is located in California. Burbank, California 91505 has a population of 109,209.

The median household income in Burbank, California 91505 is $63,627. The median household income for the surrounding county is $56,241 compared to the national median of $53,046. The median age of people living in Burbank 91505 is 37.5 years.

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Courtesy: The 2-4 Unit Specialists Elizabeth Moran
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Information is deemed reliable but is not guaranteed.

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