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350 S Norton Avenue #4 Los Angeles, CA 90020

3 Beds 3 Baths 1,778 sqft Built 1997

$899,000

List Price

$3,550

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $505.62
  • 3 Days on Market
  • MLS # : 21685270
  • Updated Date : 01/29/2021 at 15:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,778 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bee Investment, Inc.

Listing Agent's Description

Amazing Location in the Hancock Park. Desirable 3rd Street School District. The Opportunity to Purchase a Townhome Style Penthouse on on the Corner of South East Unit. Neighborhood is Very Quiet and Peaceful. The Convenient Location between Koreatown and Larchmont Village. The Spacious 1778 sf. Unit Features a Large kitchen by a Formal Dining Room and a Breakfast Nook on the either side. Charming Fireplace in the Living Room and Guest Bathroom in the Entry Way. Fresh Air, Sunshine, Beautiful a City View of Day and Night at The Private Sundeck on the 3rd Floor.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Windsor Square

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600k1800k2000k2200k2400k2600kPrice in $199k2763k

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

Neighborhood: Windsor Square

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q22000250030003500400045005000550060006500700075008000Rent in $17848262

* 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
3rd Street Elementary School Primary Regular 715 29 8
John Burroughs Middle School Middle Regular 1,849 66 6
Fairfax Senior High School High Regular 2,101 83 6

3rd Street Elementary School

  • Education Level: Primary
  • # of students: 715
  • # of teachers: 29
8
GreatSchools Rating

John Burroughs Middle School

  • Education Level: Middle
  • # of students: 1,849
  • # of teachers: 66
6
GreatSchools Rating

Fairfax Senior High School

  • Education Level: High
  • # of students: 2,101
  • # of teachers: 83
6
GreatSchools Rating
 

$809,100$988,900$899,000

PURCHASE PRICE

$3,195$3,905$3,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,550
EXPENSES Loan Payment -$3,123
Property Tax -$905
Property Insurance -$70
HOA -$400
Property Management Fees -$174
CASH FLOW
-$1,122

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.

$899,000

PROJECTED PRICE

$3,550

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$243,985

INVESTMENT

$243,985

Down Payment
$224,750
Rehab Estimate
$5,750
Closing Costs
$13,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,123

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $224,750
Loan Amount $674,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$906

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,550

    LIST RENT
  • $2

    LIST RENT PER SQFT
  • $3,809

    COMP ESTIMATED VALUE
  • $2.14

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,5003$3,5004$3,5505$3,650
$3,650
RENT COMPS ANALYSIS
  • 350 S Norton Avenue Los Angeles, CA 4
    • 3 beds 3 baths ∙ 1,778 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,778 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $2.00
    •  
  • 345 S Gramercy Place Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2013
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.12
    •  
  • 709 S Manhattan Place Los Angeles, CA 2
    • 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2013
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.08
    •  
  • 722 S Oxford Avenue Los Angeles, CA 3
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2007
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.10
    •  
  • 201 N Manhattan Place Los Angeles, CA 5
    • 3 beds 2 baths ∙ 1,610 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,610 Sqft ∙ Built 2008
    LEASED 12/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.27
    •  
PROPERTY LISTING DETAILS
Sook Won Hwang
Bee Investment, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21685270
Last Updated: 01/29/2021
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