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224 Thompson Avenue Glendale, CA 91201

3 Beds 2 Baths 1,590 sqft Built 1945

$939,000

List Price

$3,590

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

November 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1945
  • Price/Sqft : $590.57
  • 2 Days on Market
  • MLS # : 20664588
  • Updated Date : 11/28/2020 at 14:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,590 sqft
  • Baths : 2 full
Listing Agent

Property Concierge

Listing Agent's Description

Exclusive Rancho Equestrian District. Enter the living room of this meticulously maintained home with a brick accented wood burning fireplace and Bamboo Hardwood Flooring. The dining room is bright with natural light leading to a classic kitchen with stainless steel appliances. 3 bedrooms, 1 used as den with French doors leading to a quant private backyard. 2 bathes, 1 with Japanese cedar soaking tub. Large garage. Laundry room. Lush front yard. Close to trails, Griffith Park, Equestrian Center, boarding and riding facilities. Where else in town can you come home and be pleasantly treated to neighboring horses out for a stroll trotting past your front lawn. Close proximity to studios: Disney, Warner Bros, Universal/NBC, Nickelodeon, Cartoon Network. All information stated here deemed to be reliable however Buyers are advised to do their own due diligence to verify the accuracy of all information including equestrian zoning

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Riverside Rancho

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $181k865k

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

Neighborhood: Riverside Rancho

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200340036003800Rent in $15053874

* 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
Balboa Elementary School Primary Regular 743 26 7
Balboa Elementary School Middle Regular 743 26 7
Herbert Hoover Senior High School High Regular 1,719 70 7

Balboa Elementary School

  • Education Level: Primary
  • # of students: 743
  • # of teachers: 26
7
GreatSchools Rating

Balboa Elementary School

  • Education Level: Middle
  • # of students: 743
  • # of teachers: 26
7
GreatSchools Rating

Herbert Hoover Senior High School

  • Education Level: High
  • # of students: 1,719
  • # of teachers: 70
7
GreatSchools Rating
 

$845,100$1,032,900$939,000

PURCHASE PRICE

$3,231$3,949$3,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,590
EXPENSES Loan Payment -$3,464
Property Tax -$903
Property Insurance -$66
Property Management Fees -$176
CASH FLOW
-$1,019

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.

$939,000

PROJECTED PRICE

$3,590

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.0%
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$20k

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$254,585

INVESTMENT

$254,585

Down Payment
$234,750
Rehab Estimate
$5,750
Closing Costs
$14,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,464

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $234,750
Loan Amount $704,250
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$7,461

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,590

    LIST RENT
  • $2.26

    LIST RENT PER SQFT
  • $3,744

    COMP ESTIMATED VALUE
  • $2.36

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,2003$3,4504$3,4955$3,590
$3,590
RENT COMPS ANALYSIS
  • 224 Thompson Avenue Glendale, CA 5
    • 3 beds 2 baths ∙ 1,590 Sqft ∙ Built 1945 3 beds 2 baths ∙ 1,590 Sqft ∙ Built 1945
    • Rent
    • Rent Per SQFT
    •  
    • $3,590
    • $2.26
    •  
  • 1168 Irving Avenue Glendale, CA 1
    • 3 beds 3 baths ∙ 1,250 Sqft ∙ Built 1931 3 beds 3 baths ∙ 1,250 Sqft ∙ Built 1931
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.40
    •  
  • 1304 W Morningside Drive Burbank, CA 2
    • 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1941
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.38
    •  
  • 1617 Riverside Drive Glendale, CA 3
    • 3 beds 2 baths ∙ 1,614 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,614 Sqft ∙ Built 1939
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.14
    •  
  • 232 W Linden Avenue Burbank, CA 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $2.50
    •  
PROPERTY LISTING DETAILS
Victor Migenes
Property Concierge
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20664588
Last Updated: 11/28/2020
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