NOT LISTED FOR SALE

214 E Cedar Ave Burbank, CA 91502

Downtown Burbank Neighborhood

Estimated Value: $1,666,000 - $2,563,000

2 Beds
1 Bath
3,728 Sq Ft
$604/Sq Ft Est. Value

Last Sold July 26, 2019

Last sale price $1,625,000 $436 Per Sq Ft

Est. 39% increase in value since last sale

Current estimated payment $13,431/month

127 Days on Market

Highlights

  • Laundry Room
  • Forced Air Heating System
  • 2-minute walk to Robert R. Ovrom Park
  • Joaquin Miller Elementary School Rated A-
  • Back Yard

About This Home

As of July 2019

This is a 4-unit no-rent control apartment building at 214-216 E. Cedar Avenue, in the city of Burbank California. Situated in a prime location the property comprise of four two-bedroom and one bathroom units, that together come to 3,728 square feet of rentable space on 7,028 square feet of land. Built in 1928 this complex has been well maintained and offers four garages. The roof, plumbing and all windows were upgraded approximately ten years ago. Furthermore, the property is separately metered for gas and electricity. In addition, each unit offers hook-ups for washer and dryer, tankless water heater and wall-unit AC and Heat. Located east of San Fernando Boulevard, this complex is within walking distance to the famous IKEA Burbank Home Furnishings, restaurants, retailers and downtown Burbank. Furthermore, the building sits mere minutes from the 134 and 5 Freeways.

The property’s prime location, coupled with immediate upside potential, make it a fantastic investment opportunity.

Last Agent to Sell the Property

Reza Ghobadi

Reza Ghobadi License #01780045 Listed on: 03/11/2019

Last Buyer's Agent

Yiming Kii

Better Homes & Gardens Real Estate / JFF License #01401331

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1928

Lot Details

  • 7,028 Sq Ft Lot
  • Two or More Common Walls
  • Back Yard

Parking

  • 4 Car Garage

Home Design

  • 3,728 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 1 Bathroom

Additional Features

  • Laundry Room
  • Urban Location
  • Forced Air Heating System

Listing and Financial Details

  • Tax Lot 61
  • Tax Tract Number 310703
  • Assessor Parcel Number 2453035022

Community Details

Overview

  • 4 Units

Building Details

  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • Electric Expense $400
  • Gardener Expense $600
  • Insurance Expense $1,678
  • Maintenance Expense $2,000
  • Professional Management Expense $2,822
  • Water Sewer Expense $1,400
  • New Taxes Expense $21,563
  • Operating Expense $30,472
  • Gross Income $72,000
  • Net Operating Income $40,088

Property Details

Home Type

Multi-Family

Year Built

Built in 1928

Lot Details

0

Parking

4

Listing Details

  • Professional Management Expense: 2822.00
  • Property Attached: Yes
  • Water Sewer Expenses: 1400.00
  • Zoning: BUR4*
  • Property Type: Residential Income
  • Gardener Expense: 600.00
  • Parcel Number: 2453035022
  • Year Built: 1928
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 2+ Common Walls
  • Price Per Square Foot: 435.89

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Total Parking Spaces: 4.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Forced Air
  • Laundry Features: Inside
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Back Yard
  • Lot Size Sq Ft: 7028.00
  • Lot Size Acres: 0.1613

Multi Family

  • Electric Expense: 400.00
  • Gross Income: 72000.00
  • Gross Scheduled Income: 72000.00
  • Insurance Expense: 1678.00
  • Lot Size Area: 7028.0000 Square Feet
  • Maintenance Expense: 2000.00
  • Net Operating Income: 40088.00
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Units Total: 4
  • Operating Expense: 30472.00
  • Rent Control: No
  • Total Expenses: 30472.00

Tax Info

  • New Taxes Expense: 21563.00
  • Tax Census Tract: 3107.03
  • Tax Lot: 61
  • Tax Tract Number: 310703

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 11, 2019
Closed on
Jul 18, 2019
Sold by
Salamone Paolo
Bought by
Parklane Development And Management Corp
Seller's Agent
Reza Ghobadi
Reza Ghobadi
Buyer's Agent
Yiming Kii
Better Homes & Gardens Real Estate / JFF
List Price
$1,725,000
Sold Price
$1,625,000
Premium/Discount to List
-$100,000
-5.8%
Current Estimated Value
$2,252,175

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$627,175
Avg. Annual Appreciation
5.22%

Purchase Details

Closed on
Mar 29, 1996
Sold by
Holguin Daniel J
Bought by
Salamone Paolo and Salamone Paulette

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$216,000
Interest Rate
7.34%

Purchase Details

Closed on
May 9, 1995
Sold by
Sulakhyan Tigran
Bought by
Salamone Paolo

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$208,000
Interest Rate
7.71%

Purchase Details

Closed on
Jan 19, 1995
Sold by
Sarmiento Amando V and Sarmiento Margarita G
Bought by
Sulakhyan Tigran

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$176,000
Interest Rate
9.03%

Purchase Details

Closed on
Nov 6, 1994
Sold by
Gagan Rosalio J
Bought by
Sarmiento Amando
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Parklane Development And Management Corp $1,625,000 North American Title Co Inc
Salamone Paolo -- Commonwealth Land Title Co
Salamone Paolo -- Commonwealth Land Title Co
Sulakhyan Tigran -- Commonwealth Land Title Co
Sarmiento Amando -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Salamone Paolo $216,000
Previous Owner Salamone Paolo $208,000
Previous Owner Sulakhyan Tigran $176,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
07/26/2019 07/26/19 Sold $1,625,000 -5.8% $436 / Sq Ft
07/16/2019 07/16/19 Pending -- -- --
03/11/2019 03/11/19 For Sale $1,725,000 -- $463 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $19,570 $1,777,171 $1,066,303 $710,868
2024 $19,570 $1,742,326 $1,045,396 $696,930
2023 $19,362 $1,708,164 $1,024,899 $683,265
2022 $18,485 $1,674,671 $1,004,803 $669,868
2021 $18,410 $1,641,835 $985,101 $656,734
2019 $3,953 $327,612 $193,590 $134,022
2018 $3,854 $321,190 $189,795 $131,395
2016 $3,625 $308,720 $182,426 $126,294
2015 $3,556 $304,083 $179,686 $124,397
2014 $3,572 $298,128 $176,167 $121,961
Source: Public Records

Agents Affiliated with this Home

  • Reza Ghobadi

    Seller's Agent in 2019

    Reza Ghobadi

    Reza Ghobadi

    (818) 793-2923

    20 Total Sales

    Reza Ghobadi
    Section Image

  • Y

    Buyer's Agent in 2019

    Yiming Kii

    Better Homes & Gardens Real Estate / JFF

  • A

    Buyer's Agent in 2019

    Andrea Gilbert

    Compass

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SR19054835

California Regional Multiple Listing Service (CRMLS)

APN: 2453-035-022

California Los Angeles County Burbank 91502 Downtown Burbank

214 E Cedar Ave, Burbank, CA

Not Listed for Sale

MultiFamily

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