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5706 Airdrome Street Los Angeles, CA 90019

3 Beds 3 Baths 1,976 sqft Built 1946

$1,195,000

List Price

$4,450

$4.2K - $4.7K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 1946
  • Price/Sqft : $604.76
  • 7 Days on Market
  • MLS # : 20649898
  • Updated Date : 10/31/2020 at 12:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,976 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Beverly Hills

Listing Agent's Description

Stunning Contemporary home located on a tree lined street in trendy Picfair Village neighborhood. This charming, spaciously designed home features 3 bedrooms + 2.5 bathrooms. Inviting open living room with cozy fireplace leads to an elegant formal dining area. Spacious kitchen features top of the line stainless steel appliances, Granite countertops, and cherry cabinetry. Home offers a great volume of space and an abundance of natural lighting. The home has been designed to address today's modern needs: newer systems throughout, mostly drought tolerant landscaping, NEST "Smart" Thermostat and open floor plan. Soaring high ceilings and open layout, this home is perfect for entertaining. Second level consists of two bedrooms that share a Jack-and-Jill bath, and the primary bedroom has a Juliet balcony, plenty of closets, and an ensuite bath with a deep soaking tub. Cute seating, cafe string lighting outside and a converted garage make for wonderful indoor-outdoor living.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Picfair Village

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $187k1036k

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

Neighborhood: Picfair Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800400042004400Rent in $16354533

* 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
Crescent Heights Boulevard Elementary School Primary Alternative 377 17 4
Daniel Webster Middle School Middle Regular 454 30 3
Alexander Hamilton Senior High School High Magnet 2,941 121 6

Crescent Heights Boulevard Elementary School

  • Education Level: Primary
  • # of students: 377
  • # of teachers: 17
4
GreatSchools Rating

Daniel Webster Middle School

  • Education Level: Middle
  • # of students: 454
  • # of teachers: 30
3
GreatSchools Rating

Alexander Hamilton Senior High School

  • Education Level: High
  • # of students: 2,941
  • # of teachers: 121
6
GreatSchools Rating
 

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

PURCHASE PRICE

$4,005$4,895$4,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,450
EXPENSES Loan Payment -$4,409
Property Tax -$1,203
Property Insurance -$74
Property Management Fees -$218
CASH FLOW
-$1,455

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

$4,450

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 11.7%
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$3.5M$4.0M$4.5M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$10k$0.0$10k$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$3.5M$4.0M$4.5M

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 65% 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

0.75

YEARS SAVED

$4,862

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,450

    LIST RENT
  • $2.25

    LIST RENT PER SQFT
  • $4,453

    COMP ESTIMATED VALUE
  • $2.25

    COMP AVG. RENT PER SQFT
Comps Range
$4,165
1$4,1652$4,2503$4,4004$4,450
$4,450
RENT COMPS ANALYSIS
  • 5706 Airdrome Street Los Angeles, CA 4
    • 3 beds 3 baths ∙ 1,976 Sqft ∙ Built 1946 3 beds 3 baths ∙ 1,976 Sqft ∙ Built 1946
    • Rent
    • Rent Per SQFT
    •  
    • $4,450
    • $2.25
    •  
  • 1213 S Orange Drive Los Angeles, CA 1
    • 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1926 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1926
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,165
    • $2.25
    •  
  • 1323 S Burnside Avenue Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1936 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1936
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.31
    •  
  • 1158 S Cochran Avenue Los Angeles, CA 3
    • 3 beds 3 baths ∙ 1,998 Sqft ∙ Built 1935 3 beds 3 baths ∙ 1,998 Sqft ∙ Built 1935
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.20
    •  
PROPERTY LISTING DETAILS
Benjamin Bellet
Keller Williams Beverly Hills
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20649898
Last Updated: 10/31/2020
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