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441 N Westlake Avenue Los Angeles, CA 90026

3 Beds 2 Baths 1,168 sqft Built 1923

$839,000

List Price

$3,440

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1923
  • Price/Sqft : $718.32
  • 4 Days on Market
  • MLS # : SR21018653
  • Updated Date : 01/29/2021 at 16:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,168 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Updated Bungalow located in the Hip and Revived Echo Park neighborhood, this c.1923 dwelling has been updated to modern standards. Behind a fenced front yard sits a wide front porch with columns and overhanging eaves that hint of the home's period Craftsman style. The property's original story is preserved in beautiful window casings and crown molding seen throughout. Newer flooring and light-filled living/dining spaces flow into a new kitchen with stainless steel appliances incl. gas range, subway tile backsplashes, quartz tops and a big farm sink. The main floor has 2 bedrooms and 2 fresh new bathrooms. Downstairs offers a sunny family room, bedroom and full bath. French doors open to a spacious wrap-around veranda with treetop views and a private fenced backyard. Wow friends with the spectacular cityscape views and entertain large gatherings on the lower patio and gazebo surrounded by landscape. This street to street lot is zoned R2 RD2. Unique opportunity to build a second home on the lot (with an address of 440 N. Mountain View) or a garage to add to the existing structure...the possibilities are endless! https://my.matterport.com/show/?m=CoTccUhJRkx&mls=1

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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: Historic Filipinotown

ZipNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $153k957k

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

Neighborhood: Historic Filipinotown

ZipNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000Rent in $17184126

* 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
Belmont Senior High School High Regular 978 49 4

Belmont Senior High School

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

$755,100$922,900$839,000

PURCHASE PRICE

$3,096$3,784$3,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,440
EXPENSES Loan Payment -$2,914
Property Tax -$845
Property Insurance -$55
Property Management Fees -$169
CASH FLOW
-$543

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$839,000

PROJECTED PRICE

$3,440

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 11.2%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$228,085

INVESTMENT

$228,085

Down Payment
$209,750
Rehab Estimate
$5,750
Closing Costs
$12,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,914

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $209,750
Loan Amount $629,250
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$20,103

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,440

    LIST RENT
  • $2.95

    LIST RENT PER SQFT
  • $3,440

    COMP ESTIMATED VALUE
  • $2.95

    COMP AVG. RENT PER SQFT
Comps Range
$3,440
1$3,4402$3,6003$3,9954$4,2005$4,400
$4,400
RENT COMPS ANALYSIS
  • 441 N Westlake Avenue Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1923
    • Rent
    • Rent Per SQFT
    •  
    • $3,440
    • $2.95
    •  
  • 1416 Glendale Boulevard Los Angeles, CA 2
    • 4 beds 1 baths ∙ 1,332 Sqft ∙ Built 1920 4 beds 1 baths ∙ 1,332 Sqft ∙ Built 1920
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.70
    •  
  • 1119 Logan Street Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1936 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1936
    LEASED 12/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $3.07
    •  
  • 1310 N Coronado Street Los Angeles, CA 4
    • 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1922 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1922
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.79
    •  
  • 1526 Allesandro Street Los Angeles, CA 5
    • 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1920
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $3.22
    •  
PROPERTY LISTING DETAILS
Stefanie Kahn
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR21018653
Last Updated: 01/29/2021
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