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7218 Hillside Avenue #304 Hollywood, CA 90046

3 Beds 3 Baths 1,707 sqft Built 1991

$919,000

List Price

$4,570

$4.3K - $4.8K

Rent Est.

PROPERTY INFO

November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $538.37
  • 7 Days on Market
  • MLS # : SR20240444
  • Updated Date : 11/16/2020 at 11:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,707 sqft
  • Baths : 3 full
Listing Agent

Amalfi Estates

Listing Agent's Description

Sitting just above Hollywood Blvd. within walking distance to fabulous restaurants, nightlife and Runyon Canyon, this super spacious 1,700 Sqft single level, 3-bedroom top-floor condo is the stunning one that you've been looking for! The unit is located in a newer open air 19-unit building with lushy landscaped courtyards. The high ceilings, classic hardwood floors and fireplace compliment the large living room as it opens up to a large wrap-around balcony. The unit features a spacious kitchen, a dedicated dining room, a wet bar and even an in-unit washer and dryer. The master suite has a large walk-in closet, fireplace and glass doors that open to the balcony. The master bath not only has both a shower and an oversized bathtub, but dual vanities, as well. Enjoy the incredible city views from almost all areas of the unit and relax with an evening cocktail on the large wrap-around balcony or hang out on the scenic rooftop deck with some friends. Say goodbye to tandem parking, as this unit comes with two separate parking spaces and your guests won’t have to drive in circles looking for street parking because the building has five dedicated guest parking spaces in a gated garage. Too good to be true? It will be if you don’t move quickly on this amazing unit!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Nichols Canyon

ZipNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200k1300kPrice in $199k1395k

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

Neighborhood: Nichols Canyon

ZipNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000650070007500Rent in $17847971

* 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
Gardner Street Elementary School Primary Regular 452 18 7
Gardner Street Elementary School Middle Regular 452 18 7
Hollywood Senior High School High Regular 1,552 67 6

Gardner Street Elementary School

  • Education Level: Primary
  • # of students: 452
  • # of teachers: 18
7
GreatSchools Rating

Gardner Street Elementary School

  • Education Level: Middle
  • # of students: 452
  • # of teachers: 18
7
GreatSchools Rating

Hollywood Senior High School

  • Education Level: High
  • # of students: 1,552
  • # of teachers: 67
6
GreatSchools Rating
 

$827,100$1,010,900$919,000

PURCHASE PRICE

$4,113$5,027$4,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,570
EXPENSES Loan Payment -$3,391
Property Tax -$1,053
Property Insurance -$68
HOA -$561
Property Management Fees -$224
CASH FLOW
-$726

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.

$919,000

PROJECTED PRICE

$4,570

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.9%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$249,285

INVESTMENT

$249,285

Down Payment
$229,750
Rehab Estimate
$5,750
Closing Costs
$13,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,391

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $229,750
Loan Amount $689,250
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$17,086

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,570

    LIST RENT
  • $2.68

    LIST RENT PER SQFT
  • $4,563

    COMP ESTIMATED VALUE
  • $2.67

    COMP AVG. RENT PER SQFT
Comps Range
$3,900
1$3,9002$4,5003$4,5704$4,900
$4,900
RENT COMPS ANALYSIS
  • 7218 Hillside Avenue Hollywood, CA 3
    • 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $4,570
    • $2.68
    •  
  • 1353 N Fuller Avenue Los Angeles, CA 1
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 2007
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.50
    •  
  • 7218 Hillside Avenue Los Angeles, CA 2
    • 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 1991
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.64
    •  
  • 1248 N Laurel West Hollywood, CA 4
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2007
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,900
    • $2.88
    •  
PROPERTY LISTING DETAILS
Chad Singer
Amalfi Estates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR20240444
Last Updated: 11/16/2020
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