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12720 Venice Boulevard #303 Los Angeles, CA 90066

3 Beds 2 Baths 1,332 sqft Built 1981

$849,000

List Price

$3,690

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $637.39
  • 4 Days on Market
  • MLS # : 20665738
  • Updated Date : 12/05/2020 at 17:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,332 sqft
  • Baths : 2 full
Listing Agent

Jesse Weinberg

Listing Agent's Description

Exceptionally light & bright top floor corner unit boasts an expansive floor plan with dramatic vaulted ceilings & unobstructed city & mountain views from all rooms. This renovated 2-bedroom, 2-bathroom plus spacious loft or possible 3rd bedroom unit offers an open floorplan with tons of natural light, adjacent living & dining areas with a balcony offering ocean breezes, and updated kitchen with new appliances. The primary suite showcases views of the Griffith Observatory from a second private balcony, updated spa-like bathroom, & massive closet! Unit also includes in-unit laundry & 2 parking spaces. This unit is incredibly private and quiet and in the heart of Silicon Beach! Just a few blocks from coffee shops, restaurants, & the infamous Mar Vista farmers market.

SEE MORE

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: Mar Vista

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200k1300k1400kPrice in $199k1403k

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

Neighborhood: Mar Vista

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500Rent in $17844939

* 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
Grand View Boulevard Elementary School Primary Regular 642 31 6
Mark Twain Middle School Middle Regular 635 33 4
Venice Senior High School High Regular 2,109 95 7

Grand View Boulevard Elementary School

  • Education Level: Primary
  • # of students: 642
  • # of teachers: 31
6
GreatSchools Rating

Mark Twain Middle School

  • Education Level: Middle
  • # of students: 635
  • # of teachers: 33
4
GreatSchools Rating

Venice Senior High School

  • Education Level: High
  • # of students: 2,109
  • # of teachers: 95
7
GreatSchools Rating
 

$764,100$933,900$849,000

PURCHASE PRICE

$3,321$4,059$3,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,690
EXPENSES Loan Payment -$3,132
Property Tax -$855
Property Insurance -$59
HOA -$400
Property Management Fees -$181
CASH FLOW
-$937

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.

$849,000

PROJECTED PRICE

$3,690

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 12.2%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$230,735

INVESTMENT

$230,735

Down Payment
$212,250
Rehab Estimate
$5,750
Closing Costs
$12,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,132

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $212,250
Loan Amount $636,750
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$4,838

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,690

    LIST RENT
  • $2.77

    LIST RENT PER SQFT
  • $3,590

    COMP ESTIMATED VALUE
  • $2.7

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,6903$4,450
$4,450
RENT COMPS ANALYSIS
  • 12720 Venice Boulevard Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $3,690
    • $2.77
    •  
  • 12311 Pacific Avenue Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1992
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.35
    •  
  • 12515 Pacific Avenue Los Angeles, CA 3
    • 3 beds 3 baths ∙ 1,463 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,463 Sqft ∙ Built 1985
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,450
    • $3.04
    •  
PROPERTY LISTING DETAILS
Jesse Weinberg
Jesse Weinberg
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20665738
Last Updated: 12/05/2020
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