331 N Reese, Burbank, California 91506, Burbank, 91506 - 3 bed, 2 bath
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Burbank, California 91506
This Versatile Income-Generating Residence is listed at $1,499,000, representing a stable valuation aligned with its $1,457,549 Fair Market Value. Maintaining a Condition Rating of 4, the home preserves its 1940s charm while offering modern utility with 30 Paid Solar Panels and a Private Patio. The standout feature is the permitted conversion into a Two-Bedroom Rental Suite with a separate entrance, providing immediate income potential or multi-generational flexibility. Situated in the Burbank Unified School District near Magnolia Park, this is a strategic choice for Owner-Occupants looking to house-hack or Multi-generational Families.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 331 N Reese Subject | $1,449,000* List Price | 3 | 2 | 1,921 | $722 | - |
A 516 N Brighton Sold | $1,283,000 | 3 | 2 | 1,779 | $721 | 0.4 mi |
B 517 S Griffith Park Sold | $1,680,000 | 3 | 3 | 1,925 | $873 | 0.7 mi |
C 405 N Beachwood Sold | $1,520,000 | 3 | 2 | 1,629 | $933 | 0.2 mi |
D 831 N Myers Street Sold | $1,200,000 | 3 | 2 | 1,603 | $749 | 0.6 mi |
E 743 N Sparks Sold | $1,015,000 | 4 | 2 | 1,658 | $612 | 0.7 mi |
F 532 N Reese Active | $1,199,999 List Price | 3 | 2 | 1,701 | $705 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property is well-maintained and move-in ready, but it retains much of its vintage character from the 1940s. The kitchen features dated tile countertops and older white appliances, while the bathrooms show signs of being updated 15-30 years ago rather than recently. While the addition of 30 paid solar panels is a significant functional upgrade, the overall interior aesthetic, including older light fixtures and traditional flooring, aligns with the 'fair' category for a home that is functional but shows signs of being outdated.
The permitted family room has been converted into a two-bedroom, one-bath unit with a separate entrance, offering excellent opportunities for rental income or multi-generational living.
The property includes 30 solar panels that are fully paid in full, providing the new owner with substantial long-term savings on electricity costs.
Ideally situated near highly-rated schools, parks, and popular restaurants, this home offers the quintessential Burbank lifestyle in a high-demand neighborhood.
Built in 1940, the home may require modern updates to its core systems or cosmetic finishes to align with contemporary buyer expectations.
The physical layout differs from the assessor's records due to the conversion, which could potentially complicate the appraisal process or traditional financing for some lenders.
Nicely kept cozy home near parks, Schools, restaurants and stores in Burbank. Assesors record shows 3 bedrooms & 2 bath, however the permited family room was converted to a 2 bedrooms and a bath with separate entrance which could be rented out (permits available when requested). another bonus is that the Solar panels are paid in full a total of 30 panels.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,921 | 1,686.5 | 63% |
| Lot Size | 6,746 | 6,749.5 | 48% |
| Price | $1.45M | $1.42M | 54% |
| Price per sq ft | $754 | $823 | 35% |
| Built year | 1940 | 1940 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 89 | 140 | 37% |
Apr 8, 2026
$1,449,000
$1,499,000
-3% Price Drop
Initial Listing
Jan 23, 2026
$1,499,000
Initial Listing