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PROPERTY INFO
FACTS
- Single Family
- Built In 1944
- Price/Sqft : $1,081.77
- 2 Days on Market
- MLS # : OC21038494
- Updated Date : 02/27/2021 at 10:48
CONSTRUCTION
- Beds : 3
- Floor Size : 1,015 sqft
- Baths : 1 full
Listing Agent
The Associates Realty Group
Listing Agent's Description
Welcome to 6515 W 87 Pl., a quintessential home in Westchester. This property has been completely remodeled in 2021 and features an open floor-plan with quality finishes throughout. All the systems in the house, electrical, hvac, appliances, floors, garage door, entry doors, bathroom, kitchen, windows, and roof are brand new. The entire lot has been beautifully landscaped with new sod and a new fire pit in the backyard with a concrete patio. The lush landscaping, mature trees, and crisp green grass create a magical oasis, just minutes away from the 405 and LAX. The garage has been fully insulated and covered with new drywall. This spectacular ‘COVID’ space is a perfect area for a game room, home office, additional family room, gym, study, or even a garage. Intelligent design, scrupulous attention to detail, and no expense spared in this Westchester property. This home is an absolute, must see!
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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: Westchester
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Westchester
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,500 |
| EXPENSES | Loan Payment | -$3,814 |
| Property Tax | -$1,126 | |
| Property Insurance | -$51 | |
| Property Management Fees | -$172 | |
|
CASH FLOW
-$1,663
|
||
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.
$1,098,000
PROJECTED PRICE
$3,500
PROJECTED RENT
0.32%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 10.4% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.05% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$296,720
LOAN DETAILS
$3,814
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $274,500 |
| Loan Amount | $823,500 |
0.17
YEARS SAVED
$120
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,500
LIST RENT -
$3.45
LIST RENT PER SQFT
-
$3,278
COMP ESTIMATED VALUE -
$3.23
COMP AVG. RENT PER SQFT
Comps Range
-
6515 W 87th Place Los Angeles, CA 1
- 3 beds 1 baths ∙ 1,015 Sqft ∙ Built 1944 3 beds 1 baths ∙ 1,015 Sqft ∙ Built 1944
- Rent
- Rent Per SQFT
- $3,500
- $3.45
-
6764 W 87th Street Los Angeles, CA 2
- 3 beds 1 baths ∙ 1,210 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,210 Sqft ∙ Built 1948
LEASED 04/17/20- Rent
- Rent Per SQFT
- $3,800
- $3.14
-
8006 Osage Avenue Los Angeles, CA 3
- 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 1950
LEASED 09/01/20- Rent
- Rent Per SQFT
- $4,200
- $3.24
-
6511 W 87th Place Los Angeles, CA 4
- 4 beds 2 baths ∙ 1,358 Sqft ∙ Built 1944 4 beds 2 baths ∙ 1,358 Sqft ∙ Built 1944
LEASED 05/20/20- Rent
- Rent Per SQFT
- $4,500
- $3.31
PROPERTY LISTING DETAILS
The Associates Realty Group
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC21038494
Last Updated: 02/27/2021
