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501 Lewis Street Los Angeles, CA 90042

3 Beds 1 Baths 1,124 sqft Built 1924

$878,000

List Price

$3,290

$3K - $3.5K

Rent Est.

PROPERTY INFO

December 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1924
  • Price/Sqft : $781.14
  • 4 Days on Market
  • MLS # : PW20258811
  • Updated Date : 12/17/2020 at 10:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,124 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker Alliance

Listing Agent's Description

Cozy hillside home located in the desired Garvanza area of Highland Park. Enjoy calming views from your front porch. This craftsman home features 3 bedrooms and 1 bath with 1,124 sq ft of living space, nice galley kitchen and central AC and heating. A comfortable backyard and long carport that can double as a patio. Home is in close proximity to fwys, schools, churches and is minutes away from Pasadena! Don't miss out on owning this gem of a home.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Garvanza

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800kPrice in $187k808k

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

Neighborhood: Garvanza

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400Rent in $16353436

* 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
Garvanza Elementary School Primary Regular 392 16 5
Garvanza Elementary School Middle Regular 392 16 5
Benjamin Franklin High School High Regular 1,460 56 6

Garvanza Elementary School

  • Education Level: Primary
  • # of students: 392
  • # of teachers: 16
5
GreatSchools Rating

Garvanza Elementary School

  • Education Level: Middle
  • # of students: 392
  • # of teachers: 16
5
GreatSchools Rating

Benjamin Franklin High School

  • Education Level: High
  • # of students: 1,460
  • # of teachers: 56
6
GreatSchools Rating
 

$790,200$965,800$878,000

PURCHASE PRICE

$2,961$3,619$3,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,290
EXPENSES Loan Payment -$3,239
Property Tax -$912
Property Insurance -$54
Property Management Fees -$161
CASH FLOW
-$1,077

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.

$878,000

PROJECTED PRICE

$3,290

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 9.7%
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

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$238,420

INVESTMENT

$238,420

Down Payment
$219,500
Rehab Estimate
$5,750
Closing Costs
$13,170

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,239

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $219,500
Loan Amount $658,500
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$3,193

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,290

    LIST RENT
  • $2.93

    LIST RENT PER SQFT
  • $3,305

    COMP ESTIMATED VALUE
  • $2.94

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,2903$3,5004$3,6005$3,800
$3,800
RENT COMPS ANALYSIS
  • 501 Lewis Street Los Angeles, CA 2
    • 3 beds 1 baths ∙ 1,124 Sqft ∙ Built 1924 3 beds 1 baths ∙ 1,124 Sqft ∙ Built 1924
    • Rent
    • Rent Per SQFT
    •  
    • $3,290
    • $2.93
    •  
  • 782 Monterey Road South Pasadena, CA 1
    • 3 beds 1 baths ∙ 1,137 Sqft ∙ Built 1936 3 beds 1 baths ∙ 1,137 Sqft ∙ Built 1936
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.81
    •  
  • 1051 Orange Grove Avenue South Pasadena, CA 3
    • 3 beds 2 baths ∙ 1,090 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,090 Sqft ∙ Built 1923
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $3.21
    •  
  • 1039 Adelaine Avenue South Pasadena, CA 4
    • 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1905 3 beds 2 baths ∙ 1,305 Sqft ∙ Built 1905
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.76
    •  
  • 5120 Baltimore Street Highland Park, CA 5
    • 3 beds 2 baths ∙ 1,276 Sqft ∙ Built 1922 3 beds 2 baths ∙ 1,276 Sqft ∙ Built 1922
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.98
    •  
PROPERTY LISTING DETAILS
Paul Echavarria
Coldwell Banker Alliance
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20258811
Last Updated: 12/17/2020
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