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138 N Manhattan Place Los Angeles, CA 90004

4 Beds 2 Baths 2,772 sqft Built 1911

$1,285,000

List Price

$5,420

$5.2K - $5.7K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1911
  • Price/Sqft : $463.56
  • 4 Days on Market
  • MLS # : 20666960
  • Updated Date : 12/05/2020 at 18:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,772 sqft
  • Baths : 2 full
Listing Agent

Premier Agent Network Inc.

Listing Agent's Description

.Incredible light FIXER opportunity to own a two-story historic original brick neo-classical style house in great neighborhood. Designed by famous architect Edward J. Borgmeyer, known for his numerous theater designs, who himself lived in this property from 1912 to 1962. Featuring 5 bedrooms, 2 bathrooms in the main house, kitchen plus butler room, formal large dining room, living room, large attic room with possibility to add even more living space, original crown molding throughout the main house. Fresh painted recently in and outside. Furthermore, you can find a 738 sqft guesthouse including 2 bedrooms and 1 bathroom, built a long time ago without permit. Conversion into an ADU possible , ready for you to bring in your own touch with endless opportunities, huge attic to add 1 bed /1 bath , good size basement .Don't let this pass by. Zoned LAR3 (HPOZ) and easy to show

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: Greater Wilshire

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $199k1717k

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

Neighborhood: Greater Wilshire

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q220002500300035004000450050005500Rent in $17845646

* 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
Van Ness Avenue Elementary School Primary Regular 263 14 6
John Burroughs Middle School Middle Regular 1,849 66 6
Fairfax Senior High School High Regular 2,101 83 6

Van Ness Avenue Elementary School

  • Education Level: Primary
  • # of students: 263
  • # of teachers: 14
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
 

$1,156,500$1,413,500$1,285,000

PURCHASE PRICE

$4,878$5,962$5,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,420
EXPENSES Loan Payment -$4,741
Property Tax -$1,285
Property Insurance -$93
Property Management Fees -$266
CASH FLOW
-$965

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.

$1,285,000

PROJECTED PRICE

$5,420

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.4%
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$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$10k$0.0$10k$20k$30k$40k

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$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$346,275

INVESTMENT

$346,275

Down Payment
$321,250
Rehab Estimate
$5,750
Closing Costs
$19,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,741

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $321,250
Loan Amount $963,750
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$31,990

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,420

    LIST RENT
  • $1.96

    LIST RENT PER SQFT
  • $4,879

    COMP ESTIMATED VALUE
  • $1.76

    COMP AVG. RENT PER SQFT
Comps Range
$4,400
1$4,4002$4,7003$5,420
$5,420
RENT COMPS ANALYSIS
  • 138 N Manhattan Place Los Angeles, CA 3
    • 4 beds 2 baths ∙ 2,772 Sqft ∙ Built 1911 4 beds 2 baths ∙ 2,772 Sqft ∙ Built 1911
    • Rent
    • Rent Per SQFT
    •  
    • $5,420
    • $1.96
    •  
  • 651 N Mariposa Los Angeles, CA 1
    • 4 beds 2 baths ∙ 2,579 Sqft ∙ Built 1917 4 beds 2 baths ∙ 2,579 Sqft ∙ Built 1917
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $1.71
    •  
  • 464 N Orange Drive Los Angeles, CA 2
    • 3 beds 2 baths ∙ 2,600 Sqft ∙ Built 1927 3 beds 2 baths ∙ 2,600 Sqft ∙ Built 1927
    LEASED 10/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,700
    • $1.81
    •  
PROPERTY LISTING DETAILS
Dimitri Chami
Premier Agent Network Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20666960
Last Updated: 12/05/2020
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