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PROPERTY INFO
FACTS
- Single Family
- Built In 2006
- Price/Sqft : $520.00
- 6 Days on Market
- MLS # : 21688584
- Updated Date : 02/03/2021 at 10:09
CONSTRUCTION
- Beds : 3
- Floor Size : 1,900 sqft
- Baths : 3 full
Listing Agent
Coldwell Banker Realty
Listing Agent's Description
Tremendous Opportunity to Move in to a Penthouse Condo just a block away from Brentwood at an Incredible Price! Brentwood Gates Condominium is an intimate 6 unit Modern Mediterranean built in 2006. Only 2 homes on each floor running from the front to the rear of the building. East facing unit has beautiful city views & a pvt balcony. Only one common wall & rear entry. Spacious & open living spaces, hi ceilings and FP. Gourmet kitchen w/granite countertops & breakfast bar. Sophisticated cabinet finishes & top of the line S/S appliances. Inside laundry & central air/heat with Nest thermostat. Generously proportioned bedrooms. Expansive en-suite master bedroom w/ sitting area & huge walk in closet. Luxurious master bath w/dual sinks, separate tub & shower. Controlled access w/2 car security parking & guest spots. This wonderful condo building is located half a block South of Wilshire Blvd w/ a rooftop deck & rec rm. Property has been partially staged.
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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: Westgate
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Westgate
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $4,750 |
| EXPENSES | Loan Payment | -$3,432 |
| Property Tax | -$995 | |
| Property Insurance | -$73 | |
| HOA | -$495 | |
| Property Management Fees | -$233 | |
|
CASH FLOW
-$477
|
||
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.
$988,000
PROJECTED PRICE
$4,750
PROJECTED RENT
0.48%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 7.8% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.05% |
| 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
$267,570
LOAN DETAILS
$3,432
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $247,000 |
| Loan Amount | $741,000 |
3.5
YEARS SAVED
$31,357
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$4,750
LIST RENT -
$2.5
LIST RENT PER SQFT
-
$4,826
COMP ESTIMATED VALUE -
$2.54
COMP AVG. RENT PER SQFT
Comps Range
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1271 Federal Avenue Los Angeles, CA 3
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1446 Armacost Avenue Los Angeles, CA 1
- 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 2008
LEASED 01/25/21- Rent
- Rent Per SQFT
- $4,150
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11737 Goshen Avenue Los Angeles, CA 2
- 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 1997
LEASED 01/21/21- Rent
- Rent Per SQFT
- $4,700
- $2.54
-
2028 S Barrington Avenue Los Angeles, CA 4
- 3 beds 3 baths ∙ 1,829 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,829 Sqft ∙ Built 1997
LEASED 08/05/20- Rent
- Rent Per SQFT
- $4,850
- $2.65
-
11737 Darlington Avenue Los Angeles, CA 5
- 3 beds 3 baths ∙ 1,956 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,956 Sqft ∙ Built 1988
LEASED 02/01/21- Rent
- Rent Per SQFT
- $4,950
- $2.53
PROPERTY LISTING DETAILS
Coldwell Banker Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: 21688584
Last Updated: 02/03/2021
