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1509 Avenue 56 N Highland Park, CA 90042

5 Beds 1 Baths 1,864 sqft Built 1913

$749,000

List Price

$3,550

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1913
  • Price/Sqft : $401.82
  • 3 Days on Market
  • MLS # : SR20251739
  • Updated Date : 12/05/2020 at 19:46
CONSTRUCTION
  • Beds : 5
  • Floor Size : 1,864 sqft
  • Baths : 1 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

ATTENTION ALL INVESTORS! This awesome home is located in the highly desired Highland Park area, and has is a gated 3 +2 on the top floor, and a 2+1 on the bottom floor. The home has beautiful panoramic views from the balcony, the back yard has two levels, including a second patio area, an above ground pool, and several fruit trees (orange, fig, pomegranate, cherry, and lime) This home is close to art galleries, cafes, shopping, restaurants, schools, and minutes from the freeway/public transit. Home has a newer roof, and the main sewer line has been replaced. This home will not last! Please feel free to contact me for more information.

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: Eagle Rock

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Eagle Rock

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843752

* 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
Buchanan Street Elementary School Primary Regular 508 23 5
Luther Burbank Middle School Middle Regular 883 36 5
Benjamin Franklin High School High Regular 1,460 56 6

Buchanan Street Elementary School

  • Education Level: Primary
  • # of students: 508
  • # of teachers: 23
5
GreatSchools Rating

Luther Burbank Middle School

  • Education Level: Middle
  • # of students: 883
  • # of teachers: 36
5
GreatSchools Rating

Benjamin Franklin High School

  • Education Level: High
  • # of students: 1,460
  • # of teachers: 56
6
GreatSchools Rating
 

$674,100$823,900$749,000

PURCHASE PRICE

$3,195$3,905$3,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,550
EXPENSES Loan Payment -$2,763
Property Tax -$768
Property Insurance -$72
Property Management Fees -$174
CASH FLOW
-$227

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.

$749,000

PROJECTED PRICE

$3,550

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 10.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,763

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$46,655

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,550

    LIST RENT
  • $1.9

    LIST RENT PER SQFT
  • $4,446

    COMP ESTIMATED VALUE
  • $2.39

    COMP AVG. RENT PER SQFT
Comps Range
$3,550
1$3,5502$3,8503$4,500
$4,500
RENT COMPS ANALYSIS
  • 1509 Avenue 56 N Highland Park, CA 1
    • 5 beds 1 baths ∙ 1,864 Sqft ∙ Built 1913 5 beds 1 baths ∙ 1,864 Sqft ∙ Built 1913
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.90
    •  
  • 430 N Avenue 54 Highland Park, CA 2
    • 4 beds 1 baths ∙ 1,576 Sqft ∙ Built 1908 4 beds 1 baths ∙ 1,576 Sqft ∙ Built 1908
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,850
    • $2.44
    •  
  • 5126 Hermosa Avenue Los Angeles, CA 3
    • 4 beds 2 baths ∙ 1,932 Sqft ∙ Built 1913 4 beds 2 baths ∙ 1,932 Sqft ∙ Built 1913
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.33
    •  
PROPERTY LISTING DETAILS
Tara Oates
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR20251739
Last Updated: 12/05/2020
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