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PROPERTY INFO
FACTS
- Single Family
- Built In 1921
- Price/Sqft : $769.61
- 2 Days on Market
- MLS # : 21691114
- Updated Date : 02/20/2021 at 20:07
CONSTRUCTION
- Beds : 3
- Floor Size : 1,428 sqft
- Baths : 1 full
Listing Agent
Compass
Listing Agent's Description
Superbly updated California bungalow with oversized yard located on the border of Silver Lake and Echo Park. Concealed behind a privacy fence, this urban retreat is a hidden oasis in the middle of two vibrant neighborhoods. A sculptural front door reveals a bright and open floor plan with light wood floors that carry throughout the living, dining and office spaces. The kitchen, in a navy and white motif, features brass pulls, a Wolf range & direct access to the upper balcony, perfect for dining with friends. The primary bedroom suite is roomy and bright, with a pass-through closet and ensuite bath with dual sinks, marble counter and walk-in shower. A guest bath and laundry complete this level. Downstairs, you'll find two sizable bedrooms with tall ceilings and ample closet space. A covered patio leads to a secret garden with citrus and olive trees, fire pit and space to lounge and play. Word has it, the sellers often enjoyed outdoor movies with friends under the canopy of stars. A gated driveway and space for three cars make parking a breeze. Just blocks from all the action, this is urban living at its best!
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MARKET HIGHLIGHTS
- 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)
- 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)
- 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]
- Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
PRICE & RENT TRENDS
Neighborhood: Echo Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Echo Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $4,180 |
| EXPENSES | Loan Payment | -$3,817 |
| Property Tax | -$1,117 | |
| Property Insurance | -$61 | |
| Property Management Fees | -$205 | |
|
CASH FLOW
-$1,021
|
||
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.
$1,099,000
PROJECTED PRICE
$4,180
PROJECTED RENT
0.38%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.48% |
| Appreciation Year (1-5) | 11.5% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 4.69% |
| 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
$296,985
LOAN DETAILS
$3,817
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $274,750 |
| Loan Amount | $824,250 |
1.58
YEARS SAVED
$10,610
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$4,180
LIST RENT -
$2.93
LIST RENT PER SQFT
-
$4,205
COMP ESTIMATED VALUE -
$2.95
COMP AVG. RENT PER SQFT
Comps Range
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1530 Allesandro Street Los Angeles, CA 3
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- $3,600
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- 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1936 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1936
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- $3,995
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1310 N Coronado Street Los Angeles, CA 4
- 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
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1526 Allesandro Street Los Angeles, CA 5
- 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1920
LEASED 04/18/20- Rent
- Rent Per SQFT
- $4,400
- $3.22
PROPERTY LISTING DETAILS
Compass
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: 21691114
Last Updated: 02/20/2021
