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PROPERTY INFO
FACTS
- Single Family
- Built In 2008
- Price/Sqft : $471.35
- 40 Days on Market
- MLS # : P1-2357
- Updated Date : 12/20/2020 at 19:00
CONSTRUCTION
- Beds : 3
- Floor Size : 1,780 sqft
- Baths : 2 full
Listing Agent
Kobeissi Properties
Listing Agent's Description
One of the most elegant Mediterranean style condominiums in the heart of Los Angeles in Koreatown. Your luxurious single level unit consists of an open floorplan with high ceilings all throughout! Almost 1,800 Sq. Ft. of living space all on one floor! How convenient! The moment you enter, you are welcomed by a spacious hallway which comfortably leads you to the perfect floorplan! The kitchen boasts an open design with granite counter tops, modern gourmet gas range and breakfast area. Your master suite and bedrooms include customary designed closets, not to mention each with the largest windows one can only imagine. Your complex is very well maintained with controlled gates and secured main entrance doors. Rare two car side by side parking is included with your unit! The grounds of this community is well maintained and has the great outdoor rooftop with views of all around Los Angeles! Perfect for children and your pets to enjoy! There is just too much to list! Come see for yourself at the 1138 Serrano today!
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MARKET HIGHLIGHTS
- 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)
- 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)
- Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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]
PRICE & RENT TRENDS
Neighborhood: Olympic Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Olympic Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,300 |
| EXPENSES | Loan Payment | -$3,096 |
| Property Tax | -$845 | |
| Property Insurance | -$70 | |
| HOA | -$330 | |
| Property Management Fees | -$162 | |
|
CASH FLOW
-$1,202
|
||
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.
$839,000
PROJECTED PRICE
$3,300
PROJECTED RENT
0.39%
PROJECTED RENT / PRICE RATIO
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$228,085
LOAN DETAILS
$3,096
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $209,750 |
| Loan Amount | $629,250 |
0.33
YEARS SAVED
$543
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,300
LIST RENT -
$1.85
LIST RENT PER SQFT
-
$3,734
COMP ESTIMATED VALUE -
$2.1
COMP AVG. RENT PER SQFT
Comps Range
-
1138 S Serrano Avenue Los Angeles, CA 2
- 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 2008
- Rent
- Rent Per SQFT
- $3,300
- $1.85
-
848 Irolo Street Los Angeles, CA 1
- 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2008
LEASED 08/18/20- Rent
- Rent Per SQFT
- $3,200
- $2.00
-
709 S Manhattan Place Los Angeles, CA 3
- 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2013
LEASED 02/03/20- Rent
- Rent Per SQFT
- $3,500
- $2.08
-
722 S Oxford Avenue Los Angeles, CA 4
- 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2007
LEASED 07/01/20- Rent
- Rent Per SQFT
- $3,500
- $2.10
-
1049 S Hobart Boulevard Los Angeles, CA 5
- 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 2006
LEASED 12/02/19- Rent
- Rent Per SQFT
- $3,800
- $2.21
PROPERTY LISTING DETAILS
Kobeissi Properties
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: P1-2357
Last Updated: 12/20/2020
