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627 N Vendome Street Silver Lake, CA 90026

4 Beds 3 Baths 1,956 sqft Built 1948

$1,399,900

List Price

$4,660

$4.4K - $4.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $715.70
  • 3 Days on Market
  • MLS # : CV21040693
  • Updated Date : 02/27/2021 at 05:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,956 sqft
  • Baths : 3 full
Listing Agent

Cal American Homes And Realty

Listing Agent's Description

Newly renovated Mid Century modern home in the heart of Silver lake. This 3BR/2BA home has been restored from top to bottom and also features a 454 sq ft 1BR/1BA guest suite underneath with its own private entrance, full kitchen + Washer/Dryer hook ups + independent AC/Heating unit. Ideal for extra income, extended family or even a home office/studio. Main level features an open floor plan with white oak flooring, multiple windows throughout provide plenty of natural lighting. Upgrades include new 200 AMP panel upgrade + full re wire, new plumbing & waste lines, new windows, tankless water heater, upgraded HVAC system with NEST, fully insulated, new smooth stucco exterior, cement tile in hall bath & balcony and much more! Remodeled kitchen features new stainless steel appliances, large island with double waterfall Calcutta countertops and semi-custom made cabinets. Large master suite features its own bathroom and walk in closet. Double French doors open up to the private balcony off of the master, ideal for enjoying your morning coffee or catching the sunset over the hillside. Spacious backyard with tons of potential for adding an ADU or pool in the future. Walking distance to all the shops off of Sunset including the Erewon market, Whole Foods, Cafe Stella, Silver lake dog park and Sunset Junction. Projected rents for guest house=$2500/mo.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Silver Lake

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100kPrice in $199k1127k

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

Neighborhood: Silver Lake

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800400042004400Rent in $17844570

* 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
Micheltorena Street Elementary School Primary Regular 328 16 6
Virgil Middle School Middle Regular 904 43 5
Belmont Senior High School High Regular 978 49 4

Micheltorena Street Elementary School

  • Education Level: Primary
  • # of students: 328
  • # of teachers: 16
6
GreatSchools Rating

Virgil Middle School

  • Education Level: Middle
  • # of students: 904
  • # of teachers: 43
5
GreatSchools Rating

Belmont Senior High School

  • Education Level: High
  • # of students: 978
  • # of teachers: 49
4
GreatSchools Rating
 

$1,259,910$1,539,890$1,399,900

PURCHASE PRICE

$4,194$5,126$4,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,660
EXPENSES Loan Payment -$4,862
Property Tax -$1,429
Property Insurance -$74
Property Management Fees -$228
CASH FLOW
-$1,933

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.

$1,399,900

PROJECTED PRICE

$4,660

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.8%
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$1.0M$2.0M$3.0M$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$1.0M$2.0M$3.0M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$376,724

INVESTMENT

$376,724

Down Payment
$349,975
Rehab Estimate
$5,750
Closing Costs
$20,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,862

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $349,975
Loan Amount $1,049,925
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$564

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,660

    LIST RENT
  • $2.38

    LIST RENT PER SQFT
  • $5,438

    COMP ESTIMATED VALUE
  • $2.78

    COMP AVG. RENT PER SQFT
Comps Range
$4,660
1$4,6602$4,995
$4,995
RENT COMPS ANALYSIS
  • 627 N Vendome Street Silver Lake, CA 1
    • 4 beds 3 baths ∙ 1,956 Sqft ∙ Built 1948 4 beds 3 baths ∙ 1,956 Sqft ∙ Built 1948
    • Rent
    • Rent Per SQFT
    •  
    • $4,660
    • $2.38
    •  
  • 1954 Lemoyne Street Los Angeles, CA 2
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1961 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1961
    LEASED 01/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,995
    • $2.78
    •  
PROPERTY LISTING DETAILS
Matthew Salib
Cal American Homes And Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21040693
Last Updated: 02/27/2021
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