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1138 S Serrano Avenue #203 Los Angeles, CA 90006

3 Beds 2 Baths 1,780 sqft Built 2008

$839,000

List Price

$3,300

$3.1K - $3.6K

Rent Est.

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

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $153k1021k

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

Neighborhood: Olympic Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000420044004600Rent in $17184613

* 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
Los Angeles Elementary School Primary Regular 803 32 5
Berendo Middle School Middle Regular 919 53 2
West Adams Preparatory High School High Regular 1,684 85 2

Los Angeles Elementary School

  • Education Level: Primary
  • # of students: 803
  • # of teachers: 32
5
GreatSchools Rating

Berendo Middle School

  • Education Level: Middle
  • # of students: 919
  • # of teachers: 53
2
GreatSchools Rating

West Adams Preparatory High School

  • Education Level: High
  • # of students: 1,684
  • # of teachers: 85
2
GreatSchools Rating
 

$755,100$922,900$839,000

PURCHASE PRICE

$2,970$3,630$3,300

RENT

DOWN PAYMENT
FINANCING

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

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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$228,085

INVESTMENT

$228,085

Down Payment
$209,750
Rehab Estimate
$5,750
Closing Costs
$12,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,096

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $209,750
Loan Amount $629,250
See What Happens When You Reinvest Cash Flow

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
$3,200
1$3,2002$3,3003$3,5004$3,5005$3,800
$3,800
RENT COMPS ANALYSIS
  • 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
Kenny Kim
Kobeissi Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: P1-2357
Last Updated: 12/20/2020
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