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662 Alexander Street Glendale, CA 91203

3 Beds 1 Baths 1,022 sqft Built 1900

$749,000

List Price

$2,830

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1900
  • Price/Sqft : $732.88
  • 4 Days on Market
  • MLS # : SR21045232
  • Updated Date : 03/04/2021 at 15:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,022 sqft
  • Baths : 1 full
Listing Agent

Pinnacle Estate Properties

Listing Agent's Description

This charming craftsman style home is located in the sought-after Vineyard area of Glendale. With over a 1000 square foot of living space, this bright and sunny 3 bedrooms + 1 full bath home is a great alternative to condo/townhouse living. The home features an open concept living room and dining room with beautiful hardwood floors and recessed lights. The updated kitchen with stainless steel appliances is perfect for the chef in the family. The large grassy yard is your personal playground to relax or entertain your family and friends. The potential to convert the detached garage into an ADU is an added bonus to this wonderful property. Located in the highly desirable Glendale school district and in close proximity to the 134, 5 and 2 freeways, Downtown Glendale Business District, Downtown Los Angeles, Americana on Brand, Glendale Galleria, Griffith Park, Dodger Stadium, the LA Zoo, and near the beautiful hiking trails in Verdugo Mountain, makes this home is an absolute must see!

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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)
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Vineyard

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $183k865k

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

Neighborhood: Vineyard

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800Rent in $16353874

* 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
Christopher Columbus Elementary School Primary Regular 626 25 4
Eleanor J. Toll Middle School Middle Regular 1,156 44 7
Herbert Hoover Senior High School High Regular 1,719 70 7

Christopher Columbus Elementary School

  • Education Level: Primary
  • # of students: 626
  • # of teachers: 25
4
GreatSchools Rating

Eleanor J. Toll Middle School

  • Education Level: Middle
  • # of students: 1,156
  • # of teachers: 44
7
GreatSchools Rating

Herbert Hoover Senior High School

  • Education Level: High
  • # of students: 1,719
  • # of teachers: 70
7
GreatSchools Rating
 

$674,100$823,900$749,000

PURCHASE PRICE

$2,547$3,113$2,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,830
EXPENSES Loan Payment -$2,602
Property Tax -$720
Property Insurance -$52
Property Management Fees -$139
CASH FLOW
-$682

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.

$749,000

PROJECTED PRICE

$2,830

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 4.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

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$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,602

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$7,740

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,830

    LIST RENT
  • $2.77

    LIST RENT PER SQFT
  • $2,841

    COMP ESTIMATED VALUE
  • $2.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,800
1$2,8002$2,8303$3,4004$4,000
$4,000
RENT COMPS ANALYSIS
  • 662 Alexander Street Glendale, CA 2
    • 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1900 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1900
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,830
    • $2.77
    •  
  • 449 Vine Street Glendale, CA 1
    • 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 1920
    property image
    LEASED 01/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.55
    •  
  • 412 W Windsor Road Glendale, CA 3
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1909 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1909
    property image
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.83
    •  
  • 666 W Lexington Drive Glendale, CA 4
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1920
    property image
    LEASED 12/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.96
    •  
PROPERTY LISTING DETAILS
Ailine Vakian
Pinnacle Estate Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR21045232
Last Updated: 03/04/2021
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