Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

600 S Ridgeley Drive #103 Los Angeles, CA 90036

3 Beds 3 Baths 1,750 sqft Built 2009

$1,150,000

List Price

$4,470

$4.2K - $4.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $657.14
  • 18 Days on Market
  • MLS # : 21680744
  • Updated Date : 01/30/2021 at 09:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,750 sqft
  • Baths : 3 full
Listing Agent

Compass

Listing Agent's Description

One of the largest floor plans available at Museo. Spacious three bedroom loft condo in the heart of Miracle Mile. Many updates throughout the unit-- abundant kitchen cabinets, remote control custom shades, recess lighting and extension of the loft space with wall to wall closets. The entry makes way to an open floor plan with high ceilings and living area which leads to a peaceful patio. Clean modern lines and white oak flooring throughout. The streamlined kitchen features all stainless steel appliances and dark wood cabinetry. Each of the three bedrooms have their own bath. The master bedroom, located on the main floor, has an ensuite bath with a dual sinks, large tub and separate shower. Additional bedroom downstairs and the loft upstairs can be the third bed or family room/den with adjoining office. Best of all, the location is within walking distance to prime LA destinations such as LACMA, The Grove, Farmer's Market and grocery store at the end of the block.

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: Mid - Wilshire

ZipNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $199k1785k

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

Neighborhood: Mid - Wilshire

ZipNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000Rent in $17846271

* 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
Hancock Park Elementary School Primary Regular 838 34 8
John Burroughs Middle School Middle Regular 1,849 66 6
Fairfax Senior High School High Regular 2,101 83 6

Hancock Park Elementary School

  • Education Level: Primary
  • # of students: 838
  • # of teachers: 34
8
GreatSchools Rating

John Burroughs Middle School

  • Education Level: Middle
  • # of students: 1,849
  • # of teachers: 66
6
GreatSchools Rating

Fairfax Senior High School

  • Education Level: High
  • # of students: 2,101
  • # of teachers: 83
6
GreatSchools Rating
 

$1,035,000$1,265,000$1,150,000

PURCHASE PRICE

$4,023$4,917$4,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,470
EXPENSES Loan Payment -$3,994
Property Tax -$1,158
Property Insurance -$69
HOA -$476
Property Management Fees -$219
CASH FLOW
-$1,447

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.

$1,150,000

PROJECTED PRICE

$4,470

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,500

INVESTMENT

$310,500

Down Payment
$287,500
Rehab Estimate
$5,750
Closing Costs
$17,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,994

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $287,500
Loan Amount $862,500
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,126

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,470

    LIST RENT
  • $2.55

    LIST RENT PER SQFT
  • $4,721

    COMP ESTIMATED VALUE
  • $2.7

    COMP AVG. RENT PER SQFT
Comps Range
$3,900
1$3,9002$4,2003$4,2004$4,4705$4,950
$4,950
RENT COMPS ANALYSIS
  • 600 S Ridgeley Drive Los Angeles, CA 4
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,470
    • $2.55
    •  
  • 118 N Kings Road Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 2013
    property image
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.76
    •  
  • 4630 W 18th Street Los Angeles, CA 2
    • 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 2019
    property image
    LEASED 12/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.63
    •  
  • 938 S Orange Grove Avenue Los Angeles, CA 3
    • 3 beds 3 baths ∙ 1,545 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,545 Sqft ∙ Built 2015
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.72
    •  
  • 155 N Hamilton Drive Beverly Hills, CA 5
    • 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,840 Sqft ∙ Built 2007
    property image
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,950
    • $2.69
    •  
PROPERTY LISTING DETAILS
Olivia Jane Noh
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21680744
Last Updated: 01/30/2021
BESbswy