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1861 Veteran Avenue #PH2 Los Angeles, CA 90025

3 Beds 3 Baths 2,090 sqft Built 2002

$1,149,000

List Price

$4,770

$4.5K - $5K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $549.76
  • 3 Days on Market
  • MLS # : 20656538
  • Updated Date : 11/06/2020 at 12:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,090 sqft
  • Baths : 2 full , 1 half
Listing Agent

Douglas Elliman

Listing Agent's Description

Incredible 3 bed/2.5 bath front-facing corner PENTHOUSE filled w/ natural light and spacious 2,000+sf floor plan. Feels like a home w/ inviting formal entry w/ marble flooring, crown molding, 3 closets & powder room. Ideal open floor plan w/ 12 ft vaulted ceilings in living rm (w/ fireplace), dining area & spacious family room with niches & large walls for art. French doors open to slate tiled patio capturing peek-a-boo Century City, Wilshire Corridor & treetop views. Open kitchen w/ breakfast bar, granite countertops, & stainless steel appl. Primary suite w/ gas fireplace, large walk-in closet & beautiful marble finished full bath w/ dual basins, sep bath & shower & built-ins. Features include newer hardwood flooring throughout, central ac/heat, laundry room w/ storage, full bath in hallway w/ dual basins. Pets Ok, 2-tandem secured parking & guest parking. Prime location close to Century City Mall, Westwood Blvd. retails & restaurants, UCLA & Westwood Village. Westwood Charter School.

SEE MORE

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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Westside

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200k1300k1400kPrice in $199k1406k

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

Neighborhood: Westside

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q220002500300035004000450050005500Rent in $17845611

* 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
Westwood Charter Elementary School Primary Charter 883 36 9
Emerson Community Charter School Middle Regular 533 23 5
University Senior High School High Regular 1,763 72 7

Westwood Charter Elementary School

  • Education Level: Primary
  • # of students: 883
  • # of teachers: 36
9
GreatSchools Rating

Emerson Community Charter School

  • Education Level: Middle
  • # of students: 533
  • # of teachers: 23
5
GreatSchools Rating

University Senior High School

  • Education Level: High
  • # of students: 1,763
  • # of teachers: 72
7
GreatSchools Rating
 

$1,034,100$1,263,900$1,149,000

PURCHASE PRICE

$4,293$5,247$4,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,770
EXPENSES Loan Payment -$4,239
Property Tax -$1,157
Property Insurance -$77
HOA -$500
Property Management Fees -$234
CASH FLOW
-$1,437

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.

$1,149,000

PROJECTED PRICE

$4,770

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$10k$0.0$10k$20k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,235

INVESTMENT

$310,235

Down Payment
$287,250
Rehab Estimate
$5,750
Closing Costs
$17,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$4,239

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $287,250
Loan Amount $861,750
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$2,694

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,770

    LIST RENT
  • $2.28

    LIST RENT PER SQFT
  • $4,821

    COMP ESTIMATED VALUE
  • $2.31

    COMP AVG. RENT PER SQFT
Comps Range
$4,150
1$4,1502$4,3003$4,7704$4,995
$4,995
RENT COMPS ANALYSIS
  • 1861 Veteran Avenue Los Angeles, CA 3
    • 3 beds 3 baths ∙ 2,090 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,090 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $4,770
    • $2.28
    •  
  • 1742 Federal Avenue Los Angeles, CA 1
    • 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 2009
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,150
    • $2.22
    •  
  • 1246 Armacost Avenue Los Angeles, CA 2
    • 3 beds 3 baths ∙ 1,740 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,740 Sqft ∙ Built 2005
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.47
    •  
  • 11547 Rochester Avenue Los Angeles, CA 4
    • 3 beds 3 baths ∙ 2,235 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,235 Sqft ∙ Built 2003
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,995
    • $2.23
    •  
PROPERTY LISTING DETAILS
Chad Lund
Douglas Elliman
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20656538
Last Updated: 11/06/2020
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