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PROPERTY INFO
FACTS
- Single Family
- Built In 1980
- Price/Sqft : $829.72
- 5 Days on Market
- MLS # : SR21008059
- Updated Date : 01/13/2021 at 15:22
CONSTRUCTION
- Beds : 3
- Floor Size : 1,662 sqft
- Baths : 2 full
Listing Agent
Re/max One
Listing Agent's Description
Welcome to one of the hottest pockets in Los Angeles. Situated on 11th & Montana, location does not get more prime than this. Working from home just feels different when you are a few blocks off the beach. Walking distance to locally coveted restaurants and bars such as Father's Office, Sidecar Doughnuts, and The Bungalow. Step foot into this 3 bedroom unit and you will not want to leave. The seamless floor plan allows for a sun soaked space of comfort with new windows and a large wrap around balcony. The gorgeous oak flooring allows for any self-proclaimed interior designer to turn this into their own magazine style masterpiece. Perfect for entertaining with formal dining room and open floor plan kitchen concept. The unique features such as a separate office area, built-in shelving, and multiple fireplaces make this more than your average condo. Parking is no longer a friends and family battle with two car side by side parking situation and one additional covered space.
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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)
- 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)
PRICE & RENT TRENDS
Neighborhood: Wilshire-Montana
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Wilshire-Montana
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $4,830 |
| EXPENSES | Loan Payment | -$4,790 |
| Property Tax | -$1,460 | |
| Property Insurance | -$67 | |
| HOA | -$333 | |
| Property Management Fees | -$237 | |
|
CASH FLOW
-$2,057
|
||
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.
$1,379,000
PROJECTED PRICE
$4,830
PROJECTED RENT
0.35%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 7.0% |
| 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
$371,185
LOAN DETAILS
$4,790
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $344,750 |
| Loan Amount | $1,034,250 |
0.17
YEARS SAVED
$160
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$4,830
LIST RENT -
$2.91
LIST RENT PER SQFT
-
$4,828
COMP ESTIMATED VALUE -
$2.91
COMP AVG. RENT PER SQFT
Comps Range
-
851 11th Street Santa Monica, CA 5
- 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1980
![property image]()
- Rent
- Rent Per SQFT
- $4,830
- $2.91
-
813 15th Street Santa Monica, CA 1
- 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1964
![property image]()
LEASED 12/10/20- Rent
- Rent Per SQFT
- $4,000
- $2.94
-
929 Idaho Avenue Santa Monica, CA 2
- 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1960 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1960
![property image]()
LEASED 12/09/20- Rent
- Rent Per SQFT
- $4,100
- $2.93
-
1519 Stanford Street Santa Monica, CA 3
- 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1980
![property image]()
LEASED 07/21/20- Rent
- Rent Per SQFT
- $4,450
- $2.94
-
1438 15th Street Santa Monica, CA 4
- 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1962
![property image]()
LEASED 01/06/21- Rent
- Rent Per SQFT
- $4,500
- $2.81
PROPERTY LISTING DETAILS
Re/max One
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: SR21008059
Last Updated: 01/13/2021
