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2590 Wellesley Avenue Los Angeles, CA 90064

3 Beds 2 Baths 1,606 sqft Built 1937

$1,499,900

List Price

$5,170

$4.9K - $5.4K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1937
  • Price/Sqft : $933.94
  • 95 Days on Market
  • MLS # : 20612356
  • Updated Date : 10/29/2020 at 17:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,606 sqft
  • Baths : 1 full , 1 half
Listing Agent

Compass

Listing Agent's Description

Open by appointment 12-2pm Sunday Nov. 1st. .Call for appointment. Stylish upgrades that complement the traditional style of this wonderful West LA home. So many features that were carefully thought out for the owners' comfort. Be pleasantly surprised with all this 3bed/2.5 bath, meticulously maintained home, has to offer. Gorgeous kitchen w/soft close drawers, SS appliances, instant hot water, glass backsplash and beautiful unique countertops that need to be seen to appreciate. Lrg master bed and beautiful remodeled master bath. Den/ office ideal for working remotely. HW floors throughout, newer amenities include HVAC, plumbing/sewer line, newer roof, double pane windows, Nest, Ring, security system and many others. Relax in the inviting backyard under the covered patio-great for entertaining or enjoying a peaceful afternoon. 2-car garage with bonus storage/ tool room attached. Area for RV prk or replace w/ grass. Highly desirable location, 3 miles to beach.

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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: North Westdale

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200kPrice in $199k1220k

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

Neighborhood: North Westdale

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800400042004400Rent in $17844571

* 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
Richland Avenue Elementary School Primary Regular 223 11 8
Richland Avenue Elementary School Middle Regular 223 11 8
University Senior High School High Regular 1,763 72 7

Richland Avenue Elementary School

  • Education Level: Primary
  • # of students: 223
  • # of teachers: 11
8
GreatSchools Rating

Richland Avenue Elementary School

  • Education Level: Middle
  • # of students: 223
  • # of teachers: 11
8
GreatSchools Rating

University Senior High School

  • Education Level: High
  • # of students: 1,763
  • # of teachers: 72
7
GreatSchools Rating
 

$1,349,910$1,649,890$1,499,900

PURCHASE PRICE

$4,653$5,687$5,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,170
EXPENSES Loan Payment -$5,534
Property Tax -$1,510
Property Insurance -$66
Property Management Fees -$253
CASH FLOW
-$2,193

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.

$1,499,900

PROJECTED PRICE

$5,170

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 9.2%
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$1.0M$2.0M$3.0M$4.0M$5.0M

PROJECTED ANNUAL CASH FLOW

11530-$40k-$30k-$20k-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$403,224

INVESTMENT

$403,224

Down Payment
$374,975
Rehab Estimate
$5,750
Closing Costs
$22,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$5,534

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $374,975
Loan Amount $1,124,925
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$804

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,170

    LIST RENT
  • $3.22

    LIST RENT PER SQFT
  • $5,175

    COMP ESTIMATED VALUE
  • $3.22

    COMP AVG. RENT PER SQFT
Comps Range
$4,700
1$4,7002$4,7003$4,8504$4,9505$5,170
$5,170
RENT COMPS ANALYSIS
  • 2590 Wellesley Avenue Los Angeles, CA 5
    • 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1937
    • Rent
    • Rent Per SQFT
    •  
    • $5,170
    • $3.22
    •  
  • 3304 Virginia Avenue Santa Monica, CA 1
    • 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1954
    LEASED 10/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,700
    • $3.24
    •  
  • 3376 Colonial Avenue Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1945 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1945
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,700
    • $3.04
    •  
  • 2584 Amherst Avenue Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1936 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1936
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,850
    • $3.24
    •  
  • 3017 Urban Avenue Santa Monica, CA 4
    • 3 beds 2 baths ∙ 1,467 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,467 Sqft ∙ Built 1947
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,950
    • $3.37
    •  
PROPERTY LISTING DETAILS
Leah Melika
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20612356
Last Updated: 10/29/2020
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