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2402 W Glendale Los Angeles, CA 90039

3 Beds 2 Baths 1,858 sqft Built 2018

$1,129,000

List Price

$4,390

$4.1K - $4.6K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $607.64
  • 6 Days on Market
  • MLS # : 21676580
  • Updated Date : 01/06/2021 at 20:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,858 sqft
  • Baths : 1 full , 1 half
Listing Agent

Craft & Bauer Real Estate Co.

Listing Agent's Description

LOCATED IN THE HEART OF SILVER LAKE, LOS ANGELES, CA., GLENDALE 5 IS DESIGNED BY AWARD-WINNING WILLIAM ADAMS ARCHITECTS WITH THE LOS ANGELES PROFESSIONAL IN MIND. ONLY THE MOST PREMIUM QUALITY FINISHES ARE CHOSEN TO COMPLIMENT EACH RESIDENCE. FROM EUROPEAN OAK FLOORING AND CABINETRY TO UP-SCALE KITCHEN AND BATH FIXTURES. EACH RESIDENCE IS DESIGNED WITH AN ELEGANT OPEN CONCEPT LIVING ROOM AND 2 LARGE AND EXTRAVAGANT MASTER SUITES. ADDITIONALLY, EACH HOME FEATURES A CHARMING MEZZANINE, WHICH CAN BE USED FOR 3RD BEDROOM OR OFFICE, THAT OVERLOOKS THE OPEN LIVING AND DINING ROOM WITH PRIVATE ROOFTOP DECKS 35 FEET UP WITH SPECTACULAR VIEWS OF SILVER LAKE. TOTAL DEVELOPMENT WILL CONSIST OF 5 SINGLE FAMILY RESIDENCES. AGENT DOES NOT GUARANTEE SQUARE FOOTAGE. BUYER AND BUYER'S AGENT TO DO OWN DUE DILIGENCE. BUYER AND BUYER'S AGENT TO FOLLOW SOCIAL DISTANCING GUIDELINES.

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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: Silver Lake

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100kPrice in $199k1127k

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

Neighborhood: Silver Lake

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800400042004400Rent in $17844570

* 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
Clifford Street Math And Technology Magnet Primary Regular 127 6 8
Clifford Street Math And Technology Magnet Middle Regular 127 6 8
John Marshall Senior High High Regular 2,463 91 8

Clifford Street Math And Technology Magnet

  • Education Level: Primary
  • # of students: 127
  • # of teachers: 6
8
GreatSchools Rating

Clifford Street Math And Technology Magnet

  • Education Level: Middle
  • # of students: 127
  • # of teachers: 6
8
GreatSchools Rating

John Marshall Senior High

  • Education Level: High
  • # of students: 2,463
  • # of teachers: 91
8
GreatSchools Rating
 

$1,016,100$1,241,900$1,129,000

PURCHASE PRICE

$3,951$4,829$4,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,390
EXPENSES Loan Payment -$3,921
Property Tax -$1,148
Property Insurance -$72
HOA -$188
Property Management Fees -$215
CASH FLOW
-$1,154

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.

$1,129,000

PROJECTED PRICE

$4,390

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.8%
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$304,935

INVESTMENT

$304,935

Down Payment
$282,250
Rehab Estimate
$5,750
Closing Costs
$16,935

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,921

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $282,250
Loan Amount $846,750
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$6,608

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,390

    LIST RENT
  • $2.36

    LIST RENT PER SQFT
  • $4,450

    COMP ESTIMATED VALUE
  • $2.4

    COMP AVG. RENT PER SQFT
Comps Range
$3,950
1$3,9502$4,3903$4,500
$4,500
RENT COMPS ANALYSIS
  • 2402 W Glendale Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,390
    • $2.36
    •  
  • 2980 Ripple Place Los Angeles, CA 1
    • 4 beds 3 baths ∙ 1,840 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,840 Sqft ∙ Built 2016
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.15
    •  
  • 2874 Allesandro Street Los Angeles, CA 3
    • 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 2016
    property image
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.64
    •  
PROPERTY LISTING DETAILS
Justin Naoe
Craft & Bauer Real Estate Co.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21676580
Last Updated: 01/06/2021
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