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739 Lorraine #103 Los Angeles, CA 90005

3 Beds 3 Baths 1,802 sqft Built 1994

$935,000

List Price

$3,770

$3.5K - $4K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $518.87
  • 5 Days on Market
  • MLS # : 20658318
  • Updated Date : 11/11/2020 at 11:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,802 sqft
  • Baths : 2 full , 1 half
Listing Agent

Win Realty & Properties

Listing Agent's Description

GREAT LOCATION! Desirable condo complex conveniently located in the historic Windsor Village Area of Hancock Park. Easy access to Koreatown, downtown, USC, LA Museum, Grove, Beverly Hills and a block from HAROLD A HENRY PARK. This NORTH WEST CORNER UNIT has extra patios in the back. The Patio is accessed from the dining and living area. Very spacious open floor plan, cozy and quiet. This unit consists of 3 bedrooms and 2-1/2 baths. All rooms include wood floors. The large kitchen has lots of cabinet and marble flooring. Separate big sized laundry room has an extra storage space. Double entry door. **LOW HOA FEE** ** NO COMMON WALL** Reserved two tandem parking. PLEASE DO NOT DISTURB OCCUPANTS.

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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
 

$841,500$1,028,500$935,000

PURCHASE PRICE

$3,393$4,147$3,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,770
EXPENSES Loan Payment -$3,450
Property Tax -$942
Property Insurance -$70
HOA -$360
Property Management Fees -$185
CASH FLOW
-$1,236

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.

$935,000

PROJECTED PRICE

$3,770

PROJECTED RENT

0.40%

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-$20k-$15k-$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$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$253,525

INVESTMENT

$253,525

Down Payment
$233,750
Rehab Estimate
$5,750
Closing Costs
$14,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,450

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $233,750
Loan Amount $701,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,287

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,770

    LIST RENT
  • $2.09

    LIST RENT PER SQFT
  • $3,780

    COMP ESTIMATED VALUE
  • $2.1

    COMP AVG. RENT PER SQFT
Comps Range
$3,400
1$3,4002$3,5003$3,5004$3,5005$3,770
$3,770
RENT COMPS ANALYSIS
  • 739 Lorraine Los Angeles, CA 5
    • 3 beds 3 baths ∙ 1,802 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,802 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $3,770
    • $2.09
    •  
  • 926 S Manhattan Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 2005
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.19
    •  
  • 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
    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
    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
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.10
    •  
PROPERTY LISTING DETAILS
Yvonne Kim
Win Realty & Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20658318
Last Updated: 11/11/2020
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