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200 S Manhattan Place #402 Los Angeles, CA 90004

3 Beds 2 Baths 1,750 sqft Built 2009

$899,000

List Price

$3,710

$3.5K - $4K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $513.71
  • 6 Days on Market
  • MLS # : TR20237366
  • Updated Date : 11/11/2020 at 05:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,750 sqft
  • Baths : 2 full
Listing Agent

Irn Realty

Listing Agent's Description

Welcome to this beautiful top floor condominium unit with a northern view of the Hollywood Sign and Griffith Observatory located a few blocks from Larchmont Village & Hancock Park. Located on the top floor of a 4-story building (8 units), the home is freshly painted (new) and is beautifully laid out featuring an open floor plan with living room, dining room leading to the kitchen. Home comes featured with hardwood flooring in living room, tile in kitchen/bath and NEW carpet in all bedrooms and a cozy gas fireplace with automatic switch. Natural light and an open layout allow for great airflow and light throughout the home. The entire home is energy efficient equipped with dual-pane glass windows reducing both your energy bill and noise. The condo shares one common wall at the fireplace. The master bedroom is wonderfully sized featuring a walk-in closet + 2nd closet. The master bathroom has his and her sinks with a shower and jacuzzi bathtub. The bedroom #2 #3 each come equipped with a closet with mirror track doors and each have their own southern views of Los Angeles. The condo comes with a brand new 3rd gen Nest thermostat, in-suite laundry room with gas and vent connection. Recessed lighting is in the living room. The condo is also wired with ethernet wiring for each bedroom Underground parking with two car parking spaces (tandem). You also have a keyed private storage room located in the garage. Next door to private school.

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
Charles H Kim Elementary School Primary Regular 700 26 6
John Burroughs Middle School Middle Regular 1,849 66 6
Los Angeles Senior High High Regular 1,422 76 3

Charles H Kim Elementary School

  • Education Level: Primary
  • # of students: 700
  • # of teachers: 26
6
GreatSchools Rating

John Burroughs Middle School

  • Education Level: Middle
  • # of students: 1,849
  • # of teachers: 66
6
GreatSchools Rating

Los Angeles Senior High

  • Education Level: High
  • # of students: 1,422
  • # of teachers: 76
3
GreatSchools Rating
 

$809,100$988,900$899,000

PURCHASE PRICE

$3,339$4,081$3,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,710
EXPENSES Loan Payment -$3,317
Property Tax -$899
Property Insurance -$69
HOA -$400
Property Management Fees -$182
CASH FLOW
-$1,157

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.

$899,000

PROJECTED PRICE

$3,710

PROJECTED RENT

0.41%

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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$243,985

INVESTMENT

$243,985

Down Payment
$224,750
Rehab Estimate
$5,750
Closing Costs
$13,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,317

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $224,750
Loan Amount $674,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,512

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,710

    LIST RENT
  • $2.12

    LIST RENT PER SQFT
  • $3,732

    COMP ESTIMATED VALUE
  • $2.13

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,5003$3,6004$3,7105$3,800
$3,800
RENT COMPS ANALYSIS
  • 200 S Manhattan Place Los Angeles, CA 4
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,710
    • $2.12
    •  
  • 709 S Manhattan Place Los Angeles, CA 1
    • 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2013
    property image
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.08
    •  
  • 722 S Oxford Avenue Los Angeles, CA 2
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2007
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.10
    •  
  • 311 S Gramercy Place Los Angeles, CA 3
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2010
    property image
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.25
    •  
  • 5057 Maplewood Avenue Los Angeles, CA 5
    • 3 beds 3 baths ∙ 1,810 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,810 Sqft ∙ Built 2008
    property image
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.10
    •  
PROPERTY LISTING DETAILS
Chris Li
Irn Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20237366
Last Updated: 11/11/2020
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