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118 S Clark Drive #204 West Hollywood, CA 90048

3 Beds 3 Baths 1,814 sqft Built 2004

$1,149,000

List Price

$4,820

$4.6K - $5.1K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 2004
  • Price/Sqft : $633.41
  • 9 Days on Market
  • MLS # : 320003791
  • Updated Date : 11/02/2020 at 21:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,814 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams R.e. Services

Listing Agent's Description

Exactly 1 block from some of WeHo's most iconic shops, dining, cafes and more. 2004 construction Mediterranean luxury style 3 Bedroom, 2.5 Bath, Corner Unit condo with a sprawling 1,814 sqft. of living space. The inviting living area welcomes you with an abundance of natural light pouring in from floor to ceiling windows, 9ft ceilings, bamboo flooring, recessed lighting and grand fireplace. The open concept style makes ideal for large furniture pieces with a variety of arrangements. Walk out to your balcony that runs the entire length of the living area to the master bedroom. Gourmetstyle kitchen is any ameture chef's dream, with loads of counter and cabinetry, viking stainless steel 6 burner range, refrigerator and dishwasher. Enormous master retreat complete with double walk-in closets, along with custom mirrored closet (120x93x23) fireplace and ensuite bath with double sink, deep soaking tub and separate walk-in shower stall. 2nd and 3rd bedroom along with a full bathroom off the hallway. Plenty of storage throughout the unit. Stackable LG Washer/Dryer. Complex amenities includes a gym and recreation room. Per sellers - items replaced/purchased within the last year are water heater, washer & dryer & kitchen sink. Lowest priced unit per square foot with

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MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Beverly Grove

ZipNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $199k1634k

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

Neighborhood: Beverly Grove

ZipNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000650070007500Rent in $17847971

* 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
Rosewood Avenue Elementary School Primary Regular 316 13 6
John Burroughs Middle School Middle Regular 1,849 66 6
Fairfax Senior High School High Regular 2,101 83 6

Rosewood Avenue Elementary School

  • Education Level: Primary
  • # of students: 316
  • # of teachers: 13
6
GreatSchools Rating

John Burroughs Middle School

  • Education Level: Middle
  • # of students: 1,849
  • # of teachers: 66
6
GreatSchools Rating

Fairfax Senior High School

  • Education Level: High
  • # of students: 2,101
  • # of teachers: 83
6
GreatSchools Rating
 

$1,034,100$1,263,900$1,149,000

PURCHASE PRICE

$4,338$5,302$4,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,820
EXPENSES Loan Payment -$4,239
Property Tax -$1,137
Property Insurance -$71
HOA -$480
Property Management Fees -$236
CASH FLOW
-$1,343

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$1,149,000

PROJECTED PRICE

$4,820

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
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-$20k-$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$310,235

INVESTMENT

$310,235

Down Payment
$287,250
Rehab Estimate
$5,750
Closing Costs
$17,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$4,239

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $287,250
Loan Amount $861,750
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$4,599

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,820

    LIST RENT
  • $2.66

    LIST RENT PER SQFT
  • $4,816

    COMP ESTIMATED VALUE
  • $2.66

    COMP AVG. RENT PER SQFT
Comps Range
$4,250
1$4,2502$4,6003$4,8004$4,8205$4,950
$4,950
RENT COMPS ANALYSIS
  • 118 S Clark Drive West Hollywood, CA 4
    • 3 beds 3 baths ∙ 1,814 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,814 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $4,820
    • $2.66
    •  
  • 9049 Alcott Street Los Angeles, CA 1
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2008
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.63
    •  
  • 718 N Croft Avenue Los Angeles, CA 2
    • 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,730 Sqft ∙ Built 2007
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $2.66
    •  
  • 155 N Hamilton Drive Beverly Hills, CA 3
    • 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2007
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,800
    • $2.61
    •  
  • 118 S Clark Drive West Hollywood, CA 5
    • 3 beds 3 baths ∙ 1,821 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,821 Sqft ∙ Built 2004
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,950
    • $2.72
    •  
PROPERTY LISTING DETAILS
Anna Lancaster
Keller Williams R.e. Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320003791
Last Updated: 11/02/2020
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