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3108 Bellevue Avenue Los Angeles, CA 90026

3 Beds 1 Baths 1,296 sqft Built 1906

$1,099,000

List Price

$3,740

$3.5K - $4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1906
  • Price/Sqft : $847.99
  • 102 Days on Market
  • MLS # : 20639788
  • Updated Date : 01/08/2021 at 06:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,296 sqft
  • Baths : 1 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

BACK ON THE MARKET! BUYER FAILED TO PERFORM. A great opportunity to own. Circa 1906 CA Bungalow w/ a studio apt. in the converted garage. This urban oasis offers many surprises beyond the privacy fence & gated driveway. A serene front yard w/ citrus trees & a shaded porch welcomes you into this charming home. Inside, you are greeted w/ high ceilings, a barrel-walled living room, spacious dining area, dry bar & wine fridge. The 2 guest bedrooms share an updated 3/4 bathroom. Master bdr. has a full bath, views & direct access to the backyard. The lush backyard features a patio, an avocado tree & a spa. The separate studio apartment/home office has its own private outdoor space. Close to downtown, Sunset Junction, Silver Lake Reservoir, cafes, & shopping. Buyers/agents advised to verify all aspects of the property to their satisfaction. Studio recently rented for $2K monthly. House & studio delivered vacant. Seller financing may be available. Contact LA for details.

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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
Camino Nuevo Academy 4 Primary Charter 614 26 NA
Virgil Middle School Middle Regular 904 43 5
Belmont Senior High School High Regular 978 49 4

Camino Nuevo Academy 4

  • Education Level: Primary
  • # of students: 614
  • # of teachers: 26
NA
GreatSchools Rating

Virgil Middle School

  • Education Level: Middle
  • # of students: 904
  • # of teachers: 43
5
GreatSchools Rating

Belmont Senior High School

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

$989,100$1,208,900$1,099,000

PURCHASE PRICE

$3,366$4,114$3,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,740
EXPENSES Loan Payment -$3,817
Property Tax -$1,117
Property Insurance -$58
Property Management Fees -$183
CASH FLOW
-$1,436

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

$3,740

PROJECTED RENT

0.34%

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-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

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$296,985

INVESTMENT

$296,985

Down Payment
$274,750
Rehab Estimate
$5,750
Closing Costs
$16,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,817

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $274,750
Loan Amount $824,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$905

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,740

    LIST RENT
  • $2.89

    LIST RENT PER SQFT
  • $3,198

    COMP ESTIMATED VALUE
  • $2.47

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,7403$3,9004$3,9955$4,200
$4,200
RENT COMPS ANALYSIS
  • 3108 Bellevue Avenue Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1906 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1906
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,740
    • $2.89
    •  
  • 110 S Virgil Avenue Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1923
    property image
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.14
    •  
  • 1125 N Heliotrope Drive Los Angeles, CA 3
    • 4 beds 2 baths ∙ 1,617 Sqft ∙ Built 1919 4 beds 2 baths ∙ 1,617 Sqft ∙ Built 1919
    property image
    LEASED 11/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.41
    •  
  • 218 N Serrano Avenue Los Angeles, CA 4
    • 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1917 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1917
    property image
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $2.53
    •  
  • 1310 N Coronado Street Los Angeles, CA 5
    • 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1922 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1922
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.79
    •  
PROPERTY LISTING DETAILS
Colin Hoffmeister
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20639788
Last Updated: 01/08/2021
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