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538 Palm Drive Glendale, CA 91202

4 Beds 2 Baths 1,901 sqft Built 1922

$1,195,000

List Price

$4,100

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1922
  • Price/Sqft : $628.62
  • 7 Days on Market
  • MLS # : 320003876
  • Updated Date : 11/07/2020 at 05:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,901 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Hallmark Realt

Listing Agent's Description

Standard Sale - Serious Seller! Great Glendale Location - Zoned R4. Perfect to Build Multi-Residential Apartment Bldg.; Home Care or as Res. Home. One Level Home with Shiny Wood Flrs throughout & Cozy Fpl in L.R. 4BR/3.5BA (Single at rear with permit). Two Car detached Garage (ADU ready). Long Cemented Driveway for Addt'l 3-4 Parking Spaces. Enjoy nearby Shops; Restaurants & many Bus. establishments. Good Move-in Condition. To be Sold AS IS. Buyer is advised to do all inspections & investigations to satisfy themselves on all aspects of property - No guarantees & representations on any informations provided. A Must See! Don't Delay...Show Today!

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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: Glenwood

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $199k1022k

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

Neighborhood: Glenwood

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800Rent in $17843979

* 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
Balboa Elementary School Primary Regular 743 26 7
Balboa Elementary School Middle Regular 743 26 7
Herbert Hoover Senior High School High Regular 1,719 70 7

Balboa Elementary School

  • Education Level: Primary
  • # of students: 743
  • # of teachers: 26
7
GreatSchools Rating

Balboa Elementary School

  • Education Level: Middle
  • # of students: 743
  • # of teachers: 26
7
GreatSchools Rating

Herbert Hoover Senior High School

  • Education Level: High
  • # of students: 1,719
  • # of teachers: 70
7
GreatSchools Rating
 

$1,075,500$1,314,500$1,195,000

PURCHASE PRICE

$3,690$4,510$4,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,100
EXPENSES Loan Payment -$4,409
Property Tax -$1,149
Property Insurance -$73
Property Management Fees -$201
CASH FLOW
-$1,732

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.

$1,195,000

PROJECTED PRICE

$4,100

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 9.2%
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$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$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$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$322,425

INVESTMENT

$322,425

Down Payment
$298,750
Rehab Estimate
$5,750
Closing Costs
$17,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,409

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $298,750
Loan Amount $896,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$703

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,100

    LIST RENT
  • $2.16

    LIST RENT PER SQFT
  • $4,168

    COMP ESTIMATED VALUE
  • $2.19

    COMP AVG. RENT PER SQFT
Comps Range
$3,800
1$3,8002$4,1003$4,1004$4,2005$4,295
$4,295
RENT COMPS ANALYSIS
  • 538 Palm Drive Glendale, CA 3
    • 4 beds 2 baths ∙ 1,901 Sqft ∙ Built 1922 4 beds 2 baths ∙ 1,901 Sqft ∙ Built 1922
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.16
    •  
  • 805 Palm Drive Glendale, CA 1
    • 3 beds 2 baths ∙ 1,786 Sqft ∙ Built 1932 3 beds 2 baths ∙ 1,786 Sqft ∙ Built 1932
    LEASED 06/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.13
    •  
  • 1428 Graynold Avenue Glendale, CA 2
    • 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1931 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1931
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.28
    •  
  • 1101 N Kenilworth Avenue Glendale, CA 4
    • 4 beds 1 baths ∙ 1,863 Sqft ∙ Built 1924 4 beds 1 baths ∙ 1,863 Sqft ∙ Built 1924
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.25
    •  
  • 1254 Idlewood Road Glendale, CA 5
    • 3 beds 3 baths ∙ 2,033 Sqft ∙ Built 1938 3 beds 3 baths ∙ 2,033 Sqft ∙ Built 1938
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,295
    • $2.11
    •  
PROPERTY LISTING DETAILS
Roland Maclang
Coldwell Banker Hallmark Realt
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320003876
Last Updated: 11/07/2020
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