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824 N Lima Street, Burbank, California 91505, Burbank, 91505 - 5 bed, 4 bath

824 N Lima Street, Burbank, California 91505 home-pic-0
ACTIVE$1,999,000
824 N Lima Street, Burbank, California 91505
5Beds
4Baths
2,564Sqft
6,749Lot

Price Vs. Estimate

The estimated value ($1,205,429.27) is $793,570.73 (39%) lower than the list price ($1,999,000). This property may be overpriced.

Key pros and cons

Top Pros:
Dual-Residence Configuration: Features a main house (3 bed, 2 bath) and a brand new, fully equipped ADU (2 bed, 2 bath), offering exceptional versatility for multi-generational living, guest accommodation, or significant rental income potential.
Top Cons:
Significant Price Discrepancy: The listing price ($1,999,000) is considerably higher than the automated property estimation ($1,205,429), indicating potential overpricing that could impact market appeal and appraisal outcomes.

Compared to the nearby listings

Price:$2.00M vs avg $1.15M (+$852,500)94%
Size:2,564 sqft vs avg 1,384 sqft97%
Price/sqft:$780 vs avg $83833%

More Insights

Built in 1940 (85 years old).
Condition: This property features a brand new ADU with modern, contemporary finishes and vaulted ceilings, which aligns perfectly with 'newly built' criteria. The main house is described as 'beautifully upgraded' with a 'thoughtfully designed living space' and an 'open-concept layout,' suggesting extensive and recent renovations that meet current quality standards. The combination of a new construction ADU and a recently upgraded main residence places the overall property condition in the excellent category.
Year Built
1940
Close
-
List price
$2M
Original List price
$2M
Price/Sqft
$780
HOA
-
Days on market
-
Sold On
-
MLS number
25538033
Home ConditionExcellent
Features
Patio
View

About this home

Welcome to 824 & 826 N Lima Street a rare and beautifully upgraded dual-residence property in the heart of Burbank's coveted Magnolia Park! This gorgeous home includes a charming main house with 3 bedrooms, 2 bathrooms with 1,584 sq ft of thoughtfully designed living space, as well as a brand new ADU featuring 2 bedrooms, 2 bathrooms, dramatic vaulted ceilings, and 980 sq ft of bright, modern living. The main house boasts an open-concept layout, perfect for entertaining, with a master bedroom retreat complete with soaring vaulted ceilings and ample natural light. The newly constructed ADU is equally impressive, offering a spacious and airy ambiance thanks to its high ceilings and contemporary finishesideal for guests, extended family, or potential rental income. Located on one of the most desirable streets in Magnolia Park, you're just a short stroll away from local coffee shops, banks, EV charging stations, and some of Burbank's best restaurants. Enjoy a strong sense of community with access to top-rated Burbank schools, tree-lined streets, and a nearby walkable community park.Burbank is known for its small-town charm with big-city convenienceshome to major studios like Warner Bros. and Disney, a vibrant downtown, and an unbeatable blend of suburban comfort and urban access.This is a perfect opportunity to own a move-in-ready home with added versatility and investment potential in one of LA's most sought-after neighborhoods!

Condition Rating
Excellent
This property features a brand new ADU with modern, contemporary finishes and vaulted ceilings, which aligns perfectly with 'newly built' criteria. The main house is described as 'beautifully upgraded' with a 'thoughtfully designed living space' and an 'open-concept layout,' suggesting extensive and recent renovations that meet current quality standards. The combination of a new construction ADU and a recently upgraded main residence places the overall property condition in the excellent category.
Pros & Cons

Pros

Dual-Residence Configuration: Features a main house (3 bed, 2 bath) and a brand new, fully equipped ADU (2 bed, 2 bath), offering exceptional versatility for multi-generational living, guest accommodation, or significant rental income potential.
Prime Magnolia Park Location: Situated on a highly desirable street in Burbank's coveted Magnolia Park, providing excellent walkability to local amenities, top-rated schools, and a strong community atmosphere.
Modern & Upgraded Living Spaces: Both residences boast thoughtfully designed, open-concept layouts with contemporary finishes and architectural highlights like vaulted ceilings, ensuring a move-in-ready experience.
Strong Investment Potential: The inclusion of a new ADU significantly enhances the property's value proposition, offering immediate income generation opportunities in a high-demand area.
Access to Burbank's Amenities: Benefits from Burbank's unique blend of small-town charm and big-city conveniences, including proximity to major studios, a vibrant downtown, and excellent urban access.

Cons

Significant Price Discrepancy: The listing price ($1,999,000) is considerably higher than the automated property estimation ($1,205,429), indicating potential overpricing that could impact market appeal and appraisal outcomes.
Age of Main Structure: The main house was built in 1940, which, despite upgrades, may raise concerns about the condition of underlying systems or require ongoing maintenance typical of older homes.
Limited Specifics on Main House Upgrades: While described as 'upgraded,' the description lacks detailed information or dates regarding the main house's renovations, which could lead to buyer uncertainty about the extent and recency of improvements.

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