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4017 Berenice Place Los Angeles, CA 90031

4 Beds 3 Baths 2,654 sqft Built 1996

$989,000

List Price

$3,800

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $372.65
  • 3 Days on Market
  • MLS # : P1-3931
  • Updated Date : 03/27/2021 at 14:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,654 sqft
  • Baths : 2 full , 1 half
Listing Agent

Sabatella & Associates, Inc.

Listing Agent's Description

Hillside Gem with Views of Landmarks and Fireworks! This spacious hillside traditional with four bedrooms and ~2654sf nestled in the hills of Montecito Heights is a perfect home for indoor-outdoor entertaining with spectacular views that span from Elysian Park & Griffith Observatory to Southwest Museum & San Gabriel Mountains including Dodger Stadium fireworks! The expansive upper & lower balconies are interconnected to offer access to all levels of the home including a rare gated flat side yard with concrete pad & lemon, orange, and avocado trees. Amenities include a living room with cathedral ceiling & gas fireplace, formal dining room, open layout kitchen with vented range hood, breakfast bar, lots of counter & cabinet space, family room with cathedral ceiling & balcony access, main floor bedroom & powder room, three lower level bedrooms including a master suite with two closets & dual sinks, plus two more bedrooms & bath, all with individual glass sliders to access the lower balcony, a wine cellar, huge basement with expansion potential & lush terraced landscaped backyard with stone path. Direct access two car garage with laundry, central HVAC & copper. This location offers a unique plus of curbed streets and sidewalks with parking on both sides, very hard to find in these hills! Close to Gold Line, Highland Park Farmer's Market & restaurants, neighborhood parks, USC Health Sciences Campus, DTLA & Pasadena. Some photos virtually staged, see 3D tour for unstaged home.

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: Montecito Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $173k725k

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

Neighborhood: Montecito Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $16353316

* 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
Florence Nightingale Middle School Middle Regular 716 41 4
Puc Early College Academy For Leaders And Scholars High Charter 446 20 6
Woodrow Wilson Senior High School High Regular 1,624 88 4

Florence Nightingale Middle School

  • Education Level: Middle
  • # of students: 716
  • # of teachers: 41
4
GreatSchools Rating

Puc Early College Academy For Leaders And Scholars

  • Education Level: High
  • # of students: 446
  • # of teachers: 20
6
GreatSchools Rating

Woodrow Wilson Senior High School

  • Education Level: High
  • # of students: 1,624
  • # of teachers: 88
4
GreatSchools Rating
 

$890,100$1,087,900$989,000

PURCHASE PRICE

$3,420$4,180$3,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,800
EXPENSES Loan Payment -$3,435
Property Tax -$1,028
Property Insurance -$91
Property Management Fees -$186
CASH FLOW
-$940

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.

$989,000

PROJECTED PRICE

$3,800

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 9.5%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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$15k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$267,835

INVESTMENT

$267,835

Down Payment
$247,250
Rehab Estimate
$5,750
Closing Costs
$14,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,435

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $247,250
Loan Amount $741,750
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$8,442

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,800

    LIST RENT
  • $1.43

    LIST RENT PER SQFT
  • $4,034

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$3,800
1$3,8002$4,400
$4,400
RENT COMPS ANALYSIS
  • 4017 Berenice Place Los Angeles, CA 1
    • 4 beds 3 baths ∙ 2,654 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,654 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.43
    •  
  • 959 Oneonta Drive Los Angeles, CA 2
    • 4 beds 4 baths ∙ 2,904 Sqft ∙ Built 2008 4 beds 4 baths ∙ 2,904 Sqft ∙ Built 2008
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $1.52
    •  
PROPERTY LISTING DETAILS
Stephen Sabatella
Sabatella & Associates, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: P1-3931
Last Updated: 03/27/2021
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