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2042 Lake Shore Avenue Los Angeles, CA 90039

3 Beds 2 Baths 1,226 sqft Built 1905

$1,100,000

List Price

$3,920

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1905
  • Price/Sqft : $897.23
  • 3 Days on Market
  • MLS # : 20659106
  • Updated Date : 11/13/2020 at 15:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,226 sqft
  • Baths : 2 full
Listing Agent

Sotheby's International Realty

Listing Agent's Description

Recently renovated, this Echo Park home offers high ceilings, great light, large windows on almost 1/4 of an acre of land. Large kitchen offers vaulted ceilings, stainless steel appliances, quartz countertops and lots of cabinet space. Living-room offers a large picture window, great light and privacy. Three bedrooms and 2 renovated bathrooms. The oversized tranquil terraced lot lets you escape the city and offers incredible potential.

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: Echo Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $187k925k

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

Neighborhood: Echo Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800Rent in $16353867

* 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
Elysian Heights Elementary School Primary Regular 246 10 3
Thomas Starr King Middle School Magnet- Film And Media Middle Regular 1,811 72 7
Belmont Senior High School High Regular 978 49 4

Elysian Heights Elementary School

  • Education Level: Primary
  • # of students: 246
  • # of teachers: 10
3
GreatSchools Rating

Thomas Starr King Middle School Magnet- Film And Media

  • Education Level: Middle
  • # of students: 1,811
  • # of teachers: 72
7
GreatSchools Rating

Belmont Senior High School

  • Education Level: High
  • # of students: 978
  • # of teachers: 49
4
GreatSchools Rating
 

$990,000$1,210,000$1,100,000

PURCHASE PRICE

$3,528$4,312$3,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,920
EXPENSES Loan Payment -$4,059
Property Tax -$1,118
Property Insurance -$57
Property Management Fees -$192
CASH FLOW
-$1,505

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.

$1,100,000

PROJECTED PRICE

$3,920

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

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

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$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$297,250

INVESTMENT

$297,250

Down Payment
$275,000
Rehab Estimate
$5,750
Closing Costs
$16,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,059

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $275,000
Loan Amount $825,000
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,411

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,920

    LIST RENT
  • $3.2

    LIST RENT PER SQFT
  • $3,905

    COMP ESTIMATED VALUE
  • $3.19

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$3,6003$3,9204$4,3505$4,400
$4,400
RENT COMPS ANALYSIS
  • 2042 Lake Shore Avenue Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,226 Sqft ∙ Built 1905 3 beds 2 baths ∙ 1,226 Sqft ∙ Built 1905
    • Rent
    • Rent Per SQFT
    •  
    • $3,920
    • $3.20
    •  
  • 2639 Rich Street Los Angeles, CA 1
    • 3 beds 2 baths ∙ 896 Sqft ∙ Built 1923 3 beds 2 baths ∙ 896 Sqft ∙ Built 1923
    LEASED 11/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.90
    •  
  • 2250 N Alvarado Street Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1925 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1925
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $3.00
    •  
  • 1442 Mohawk Street Silver Lake, CA 4
    • 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1922 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1922
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,350
    • $3.63
    •  
  • 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
Eric Mccollum
Sotheby's International Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20659106
Last Updated: 11/13/2020
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