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589 N Garfield Avenue #1 Pasadena, CA 91101

3 Beds 2 Baths 1,324 sqft Built 1987

$599,000

List Price

$2,930

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $452.42
  • 6 Days on Market
  • MLS # : DW21006993
  • Updated Date : 01/15/2021 at 12:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,324 sqft
  • Baths : 2 full
Listing Agent

Conolan Realty

Listing Agent's Description

Nice two story unit. Freeway close and only blocks from Old Town. Across the street from a nice park. Easy access to transportation and shopping.

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: Villa Parke

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $153k855k

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

Neighborhood: Villa Parke

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800300032003400Rent in $14683569

* 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
Madison Elementary School Primary Regular 459 18 2
Washington Middle School Middle Regular 513 28 1
John Muir High School High Regular 919 55 3

Madison Elementary School

  • Education Level: Primary
  • # of students: 459
  • # of teachers: 18
2
GreatSchools Rating

Washington Middle School

  • Education Level: Middle
  • # of students: 513
  • # of teachers: 28
1
GreatSchools Rating

John Muir High School

  • Education Level: High
  • # of students: 919
  • # of teachers: 55
3
GreatSchools Rating
 

$539,100$658,900$599,000

PURCHASE PRICE

$2,637$3,223$2,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,930
EXPENSES Loan Payment -$2,081
Property Tax -$598
Property Insurance -$59
Property Management Fees -$144
CASH FLOW
$49

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.

$599,000

PROJECTED PRICE

$2,930

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.6%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,081

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$52,856

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,930

    LIST RENT
  • $2.21

    LIST RENT PER SQFT
  • $3,012

    COMP ESTIMATED VALUE
  • $2.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,930
1$2,9302$2,9503$3,2504$3,5005$3,600
$3,600
RENT COMPS ANALYSIS
  • 589 N Garfield Avenue Pasadena, CA 1
    • 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,324 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $2,930
    • $2.21
    •  
  • 128 N Oak Knoll Ave Pasadena, CA 2
    • 3 beds 3 baths ∙ 1,390 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,390 Sqft ∙ Built 2004
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.12
    •  
  • 330 Cordova Street Pasadena, CA 3
    • 3 beds 3 baths ∙ 1,463 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,463 Sqft ∙ Built 1981
    LEASED 12/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.22
    •  
  • 246 N Orange Grove Boulevard Pasadena, CA 4
    • 3 beds 3 baths ∙ 1,518 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,518 Sqft ∙ Built 1975
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.31
    •  
  • 80 N Raymond Avenue Pasadena, CA 5
    • 3 beds 2 baths ∙ 1,470 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,470 Sqft ∙ Built 1996
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.45
    •  
PROPERTY LISTING DETAILS
Armando Garcia
Conolan Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW21006993
Last Updated: 01/15/2021
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