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PROPERTY INFO
FACTS
- Single Family
- Built In 1955
- Price/Sqft : $746.10
- 3 Days on Market
- MLS # : 320005141
- Updated Date : 03/06/2021 at 14:10
CONSTRUCTION
- Beds : 3
- Floor Size : 1,473 sqft
- Baths : 1 full
Listing Agent
Green World Realty
Listing Agent's Description
IN 1955 Mr and Mrs Durell constructed a Traditional 3 bedroom, 2 bathroom home nestled within the heart of Montecito Park in Glendale. The 1473 sqft home has been updated throughout the years to include an inviting open floorplan with a large living room and focal wood burning fireplace. The kitchen has granite counters and tile flooring and a large walk in pantry area. All three bedrooms are located off of the main hallway. The dining room has large sliding glass doors with views of the backyard. Step out to the backyard and be greeted with your own oasis. A newly plumbed pool, covered patio, lush gardens, a large flat grass area for play, and Citron, Japanese Persimmon and nectarine trees. The two car attached garage has been refinished and includes a EV charging station. The home has been updated for comfort with new insulation throughout and a Central HVAC. Amazing GUSD schools: Freemont Elementary, Rosemont Middle School and CVHS. Close to the Montrose Shopping Park, Montrose Community Park, USC Verdugo Hills Hospital and easy access to the 2 and 210 Freeways.
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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)
- 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]
- 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)
- Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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 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: Montecito Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Montecito Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,710 |
| EXPENSES | Loan Payment | -$3,817 |
| Property Tax | -$1,057 | |
| Property Insurance | -$63 | |
| Property Management Fees | -$182 | |
|
CASH FLOW
-$1,408
|
||
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
$3,710
PROJECTED RENT
0.34%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 5.1% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.05% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
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 |
0.42
YEARS SAVED
$1,181
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 -
$2.52
LIST RENT PER SQFT
-
$3,178
COMP ESTIMATED VALUE -
$2.16
COMP AVG. RENT PER SQFT
Comps Range
-
2021 Oak Valley Road Glendale, CA 5
- 3 beds 1 baths ∙ 1,473 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,473 Sqft ∙ Built 1955
- Rent
- Rent Per SQFT
- $3,710
- $2.52
-
1852 Alpha Road Glendale, CA 1
- 3 beds 1 baths ∙ 1,355 Sqft ∙ Built 1940 3 beds 1 baths ∙ 1,355 Sqft ∙ Built 1940
LEASED 07/14/20- Rent
- Rent Per SQFT
- $2,950
- $2.18
-
1935 Alpha Road Glendale, CA 2
- 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,437 Sqft ∙ Built 1969
LEASED 05/26/20- Rent
- Rent Per SQFT
- $3,000
- $2.09
-
2277 Waltonia Drive Montrose, CA 3
- 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1939
LEASED 10/30/20- Rent
- Rent Per SQFT
- $3,100
- $2.07
-
3426 Rosemary Avenue Glendale, CA 4
- 3 beds 2 baths ∙ 1,417 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,417 Sqft ∙ Built 1941
LEASED 12/30/19- Rent
- Rent Per SQFT
- $3,250
- $2.29
PROPERTY LISTING DETAILS
Green World Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: 320005141
Last Updated: 03/06/2021
