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1238 N Virgil Avenue Los Angeles, CA 90029

3 Beds 2 Baths 1,220 sqft Built 1906

$999,000

List Price

$3,560

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1906
  • Price/Sqft : $818.85
  • 2 Days on Market
  • MLS # : 21680486
  • Updated Date : 01/16/2021 at 07:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,220 sqft
  • Baths : 2 full
Listing Agent

Nourmand & Associates-hw

Listing Agent's Description

This three-bedroom, two-bath home is an excellent opportunity for all buyers, investors, and developers! Purchased back in 1945, making it the first time on the market in seventy-six years! Originally a two-bedroom, one-bath home, the property has an additional permitted bathroom and bedroom, newer roof, HVAC, and triple-pane windows. Zoned LAR2 and on a 5,751 square foot lot, you can build onto the house or build a separate unit in the back. With Sunset Junction and Griffith Park just minutes away, you can enjoy hiking, dining, shopping, and entertainment and live in one of LA's most popular areas!

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

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
Lockwood Avenue Elementary School Primary Regular 445 19 4
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

Lockwood Avenue Elementary School

  • Education Level: Primary
  • # of students: 445
  • # of teachers: 19
4
GreatSchools Rating

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
 

$899,100$1,098,900$999,000

PURCHASE PRICE

$3,204$3,916$3,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,560
EXPENSES Loan Payment -$3,470
Property Tax -$1,016
Property Insurance -$56
Property Management Fees -$174
CASH FLOW
-$1,156

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.

$999,000

PROJECTED PRICE

$3,560

PROJECTED RENT

0.36%

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

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$270,485

INVESTMENT

$270,485

Down Payment
$249,750
Rehab Estimate
$5,750
Closing Costs
$14,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,470

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $249,750
Loan Amount $749,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$3,021

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,560

    LIST RENT
  • $2.92

    LIST RENT PER SQFT
  • $3,547

    COMP ESTIMATED VALUE
  • $2.91

    COMP AVG. RENT PER SQFT
Comps Range
$3,560
1$3,5602$3,6003$3,8004$4,0005$4,200
$4,200
RENT COMPS ANALYSIS
  • 1238 N Virgil Avenue Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1906 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1906
    • Rent
    • Rent Per SQFT
    •  
    • $3,560
    • $2.92
    •  
  • 2250 N Alvarado Street Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1925 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1925
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $3.00
    •  
  • 1923 Hyperion Avenue Los Angeles, CA 3
    • 3 beds 1 baths ∙ 1,260 Sqft ∙ Built 1921 3 beds 1 baths ∙ 1,260 Sqft ∙ Built 1921
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $3.02
    •  
  • 4421 Prospect Avenue Los Angeles, CA 4
    • 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 1913 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 1913
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.82
    •  
  • 1310 N Coronado Street Los Angeles, CA 5
    • 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1922 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1922
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.79
    •  
PROPERTY LISTING DETAILS
Mona Ghossein
Nourmand & Associates-hw
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21680486
Last Updated: 01/16/2021
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