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1135 N Commonwealth Avenue Los Angeles, CA 90029

5 Beds 3 Baths 1,720 sqft Built 1905

$980,888

List Price

$3,920

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1905
  • Price/Sqft : $570.28
  • 5 Days on Market
  • MLS # : CV21033064
  • Updated Date : 02/18/2021 at 10:24
CONSTRUCTION
  • Beds : 5
  • Floor Size : 1,720 sqft
  • Baths : 3 full
Listing Agent

Mitchell Realty Co.

Listing Agent's Description

A great opportunity for an Investor or developer. Come see this Spacious 5 Bedroom 3 bath Single story home in a great up and coming area. Centrally located near Silver lake and Los Feliz. This Home is zoned LAR2 which gives you the opportunity and plenty of room to build a structure in the back. This home has a variety of fruit trees and a lot of parking available. Don't let this one get away.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: East Hollywood

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $153k1000k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: East Hollywood

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2140016001800200022002400260028003000320034003600Rent in $13383629

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Thomas Starr King Middle School Magnet- Film And Media Middle Regular 1,811 72 7
John Marshall Senior High High Regular 2,463 91 8

Thomas Starr King Middle School Magnet- Film And Media

  • Education Level: Middle
  • # of students: 1,811
  • # of teachers: 72
7
GreatSchools Rating

John Marshall Senior High

  • Education Level: High
  • # of students: 2,463
  • # of teachers: 91
8
GreatSchools Rating
 

$882,799$1,078,977$980,888

PURCHASE PRICE

$3,528$4,312$3,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,920
EXPENSES Loan Payment -$3,407
Property Tax -$997
Property Insurance -$68
Property Management Fees -$192
CASH FLOW
-$745

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$980,888

PROJECTED PRICE

$3,920

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 11.5%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

PROJECTED ANNUAL CASH FLOW

11530-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$265,685

INVESTMENT

$265,685

Down Payment
$245,222
Rehab Estimate
$5,750
Closing Costs
$14,713

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,407

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $245,222
Loan Amount $735,666
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$16,997

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,920

    LIST RENT
  • $2.28

    LIST RENT PER SQFT
  • $3,841

    COMP ESTIMATED VALUE
  • $2.23

    COMP AVG. RENT PER SQFT
Comps Range
$3,725
1$3,7252$3,9003$3,9204$4,500
$4,500
RENT COMPS ANALYSIS
  • 1135 N Commonwealth Avenue Los Angeles, CA 3
    • 5 beds 3 baths ∙ 1,720 Sqft ∙ Built 1905 5 beds 3 baths ∙ 1,720 Sqft ∙ Built 1905
    • Rent
    • Rent Per SQFT
    •  
    • $3,920
    • $2.28
    •  
  • 1522 N Harvard Los Angeles, CA 1
    • 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1920 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1920
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,725
    • $1.86
    •  
  • 1125 N Heliotrope Drive Los Angeles, CA 2
    • 4 beds 2 baths ∙ 1,617 Sqft ∙ Built 1919 4 beds 2 baths ∙ 1,617 Sqft ∙ Built 1919
    LEASED 11/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.41
    •  
  • 141 S Serrano Avenue Los Angeles, CA 4
    • 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 1910 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 1910
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.43
    •  
PROPERTY LISTING DETAILS
Richard Bowen
Mitchell Realty Co.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21033064
Last Updated: 02/18/2021
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