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1238 N Cedar Street Glendale, CA 91207

3 Beds 2 Baths 1,786 sqft Built 1925

$995,000

List Price

$3,880

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1925
  • Price/Sqft : $557.11
  • 6 Days on Market
  • MLS # : 21696774
  • Updated Date : 02/27/2021 at 13:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,786 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Nibley Haddock Company developed the land that became known as Rossmoyne. These superbly crafted homes included touches such as wood floors, crown molding, and artful details that today we refer to as character. A few of these homes were given extra attention when they were built. Perhaps they were custom homes, and 1238 Cedar stands as a preserved example of that artistry. As soon as you step into the living room you will be awe-struck by the majesty of the coved ceiling with ornate arched molding. The hardwood floors, period sconces, and picture windows are anchored by the exquisite fireplace. Old-world luxury abounds as you step into the dining room, enchanted by the beautiful hand-stenciled wood coffered ceiling and captivating fireplace, a luxurious feature usually reserved for large estates. Originally built as a 2-bedroom plus 2 additional rooms (perhaps dens, libraries, or studies), today the home has 4 bedrooms with closets. The larger full bathroom features what may be original magnesite tiles on the walls and floors. The backyard is lush and private with a detached garage and adjacent storage room. Blocks from Nibley park, Trader Joes and Whole Foods Market. This is an opportunity to restore this jewel of a home to its rightful place among the many beautiful homes of Rossmoyne.

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MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Rossmoyne

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $199k953k

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

Neighborhood: Rossmoyne

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800Rent in $17843962

* 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
Richardson D. White Elementary School Primary Regular 935 34 8
Woodrow Wilson Middle School Middle Regular 1,183 46 8
Glendale Senior High School High Regular 2,582 101 6

Richardson D. White Elementary School

  • Education Level: Primary
  • # of students: 935
  • # of teachers: 34
8
GreatSchools Rating

Woodrow Wilson Middle School

  • Education Level: Middle
  • # of students: 1,183
  • # of teachers: 46
8
GreatSchools Rating

Glendale Senior High School

  • Education Level: High
  • # of students: 2,582
  • # of teachers: 101
6
GreatSchools Rating
 

$895,500$1,094,500$995,000

PURCHASE PRICE

$3,492$4,268$3,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,880
EXPENSES Loan Payment -$3,456
Property Tax -$957
Property Insurance -$70
Property Management Fees -$190
CASH FLOW
-$793

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.

$995,000

PROJECTED PRICE

$3,880

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 9.3%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$269,425

INVESTMENT

$269,425

Down Payment
$248,750
Rehab Estimate
$5,750
Closing Costs
$14,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,456

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $248,750
Loan Amount $746,250
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$15,487

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,880

    LIST RENT
  • $2.17

    LIST RENT PER SQFT
  • $4,309

    COMP ESTIMATED VALUE
  • $2.41

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,8003$3,8804$4,2005$4,500
$4,500
RENT COMPS ANALYSIS
  • 1238 N Cedar Street Glendale, CA 3
    • 3 beds 2 baths ∙ 1,786 Sqft ∙ Built 1925 3 beds 2 baths ∙ 1,786 Sqft ∙ Built 1925
    • Rent
    • Rent Per SQFT
    •  
    • $3,880
    • $2.17
    •  
  • 733 N Glendale Avenue Glendale, CA 1
    • 3 beds 2 baths ∙ 1,526 Sqft ∙ Built 1931 3 beds 2 baths ∙ 1,526 Sqft ∙ Built 1931
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.29
    •  
  • 520 N Howard Street Glendale, CA 2
    • 3 beds 3 baths ∙ 1,626 Sqft ∙ Built 1936 3 beds 3 baths ∙ 1,626 Sqft ∙ Built 1936
    LEASED 07/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.34
    •  
  • 939 N Isabel Street Glendale, CA 4
    • 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1925 3 beds 3 baths ∙ 1,728 Sqft ∙ Built 1925
    LEASED 02/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.43
    •  
  • 1232 N Cedar Street Glendale, CA 5
    • 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 1940 3 beds 3 baths ∙ 1,738 Sqft ∙ Built 1940
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.59
    •  
PROPERTY LISTING DETAILS
David Robles
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21696774
Last Updated: 02/27/2021
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