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739 Lorraine Boulevard #B01(201) Los Angeles, CA 90005

3 Beds 3 Baths 1,711 sqft Built 1994

$949,000

List Price

$3,730

$3.5K - $4K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $554.65
  • 8 Days on Market
  • MLS # : 20652058
  • Updated Date : 10/29/2020 at 16:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,711 sqft
  • Baths : 3 full
Listing Agent

Dream Realty Asset Mgt, Inc.

Listing Agent's Description

Spacious and bright southeast facing 3 Bedroom 3 Bath Condo is ideally located in the heart of Windsor Village and minutes from Harold A. Henry Community Park. The spacious living room has a fireplace and opens to a large patio. The large kitchen features granite countertops and stainless steel appliances. There's a gracious master suite with walking closets and a Huge master bathroom featuring a spa tub, dual vanities, and a separate shower. Hardwood floor throughout.Good size of 2nd bedroom and 2nd bath. Separate laundry room for side by side washer and dryer. Southeast Corner Unit. Double French Door Entry W/Marble Floors. This is truly a great opportunity to own a beautiful condo in a wonderful neighborhood, centrally located, and close to all that LA has to offer!3D Link : https://my.matterport.com/show/?m=8wPVjtmjcnB

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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: Mid - Wilshire

ZipNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100kPrice in $199k1122k

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

Neighborhood: Mid - Wilshire

ZipNIR Market*CityMarket2010Year2000 Q42019 Q22000250030003500400045005000550060006500Rent in $17846601

* 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
Wilshire Park Elementary School Primary Regular 564 24 6
John Burroughs Middle School Middle Regular 1,849 66 6
Los Angeles Senior High High Regular 1,422 76 3

Wilshire Park Elementary School

  • Education Level: Primary
  • # of students: 564
  • # of teachers: 24
6
GreatSchools Rating

John Burroughs Middle School

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

Los Angeles Senior High

  • Education Level: High
  • # of students: 1,422
  • # of teachers: 76
3
GreatSchools Rating
 

$854,100$1,043,900$949,000

PURCHASE PRICE

$3,357$4,103$3,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,730
EXPENSES Loan Payment -$3,501
Property Tax -$956
Property Insurance -$68
HOA -$360
Property Management Fees -$183
CASH FLOW
-$1,338

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.

$949,000

PROJECTED PRICE

$3,730

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

PROJECTED ANNUAL CASH FLOW

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,235

INVESTMENT

$257,235

Down Payment
$237,250
Rehab Estimate
$5,750
Closing Costs
$14,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,501

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $237,250
Loan Amount $711,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$583

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,730

    LIST RENT
  • $2.18

    LIST RENT PER SQFT
  • $3,482

    COMP ESTIMATED VALUE
  • $2.03

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,5003$3,5004$3,5005$3,730
$3,730
RENT COMPS ANALYSIS
  • 739 Lorraine Boulevard Los Angeles, CA 5
    • 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,711 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,730
    • $2.18
    •  
  • 739 Lorraine Los Angeles, CA 1
    • 3 beds 3 baths ∙ 1,802 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,802 Sqft ∙ Built 1994
    property image
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.94
    •  
  • 429 S St Andrews Place Los Angeles, CA 2
    • 3 beds 4 baths ∙ 1,731 Sqft ∙ Built 2007 3 beds 4 baths ∙ 1,731 Sqft ∙ Built 2007
    property image
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.02
    •  
  • 709 S Manhattan Place Los Angeles, CA 3
    • 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2013
    property image
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.08
    •  
  • 722 S Oxford Avenue Los Angeles, CA 4
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2007
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.10
    •  
PROPERTY LISTING DETAILS
Kay Kyung Park
Dream Realty Asset Mgt, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20652058
Last Updated: 10/29/2020
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