1320 N Lincoln Street N, Burbank, California 91506, Burbank, 91506 - 3 bed, 1 bath
ACTIVE$1,149,000
1320 N Lincoln Street N, Burbank, California 91506
3Beds
1Bath
1,116Sqft
6,100Lot
Year Built
1946
Close
-
List price
$1.15M
Original List price
$2.3M
Price/Sqft
$1,030
HOA
-
Days on market
-
Sold On
-
MLS number
CV24229895
Home ConditionTear down
Features
Patio
View-
About this home
Possibly Over-Priced:The estimated price is 27% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.15M(23th), sqft - 1116(15th), beds - 3(50th), baths - 1(21th).
Attention Developers or "Forever Home" seekers!!! Build your dream home in this highly sought after PRIME Burbank location!!! NEAR RTI!!! See private remarks for more info.
Condition Rating
Tear down
The property was built in 1946, making it 78 years old. The listing description explicitly targets 'Developers or "Forever Home" seekers' and mentions 'Build your dream home' and 'NEAR RTI,' strongly indicating that the value is in the land and its development potential, not the existing structure. The AI-generated property analysis further reinforces this, stating the existing residence is 'likely a tear-down or requires extensive, costly renovations' and is 'unsuitable for immediate move-in.' There are no interior photos provided, which is a common practice when the interior is not a selling point or is in very poor condition. All these factors align with the criteria for a 'tear-down' property, where the structure is beyond repair and the value is based solely on the land.
Pros & Cons
Pros
Prime Burbank Location: The property is situated in a highly sought-after, prime Burbank location, offering excellent desirability and strong potential for future appreciation.
Development-Ready Opportunity: Marketed with 'NEAR RTI' (Ready To Issue) status, this property presents a significant advantage for developers or those looking to build a custom home, streamlining the permitting process.
Generous Lot Size: The 6100 sqft lot provides ample space for new construction or a substantial expansion, which is a valuable asset in a desirable urban area like Burbank.
Clear Target Audience: The listing effectively targets 'Developers or "Forever Home" seekers,' clearly defining its niche and attracting buyers specifically looking for a buildable lot or major renovation project.
Substantial Price Adjustment: A significant reduction from the original list price of $2.3M to $1.149M indicates a motivated seller and potentially a more competitive entry point for land value.
Cons
Significant Valuation Discrepancy: The current list price of $1,149,000 is substantially higher than the estimated property value of $834,268.51, suggesting a premium for the land and development potential, which may deter some buyers.
Outdated Existing Structure: Built in 1946 with only 1,116 sqft and 1 bathroom, the existing residence is likely a tear-down or requires extensive, costly renovations, making it unsuitable for immediate move-in for most buyers.
Lack of Existing Home Details: The listing provides no information on the current home's condition, features, or upgrades, reinforcing the perception that its value lies primarily in the land and development potential, not the structure itself.