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8800 S Van Ness Avenue Los Angeles, CA 90047

3 Beds 2 Baths 1,474 sqft Built 1948

$799,000

List Price

$3,070

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $542.06
  • 3 Days on Market
  • MLS # : 21680818
  • Updated Date : 01/16/2021 at 18:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,474 sqft
  • Baths : 2 full
Listing Agent

New Vision Real Estate Investm

Listing Agent's Description

COMING SOON! This beautifully remodeled home on a corner lot is almost ready for its new owner. First showings will begin 1/23. Meticulously renovated with a new roof, new windows, distressed flooring, and recessed lighting throughout the home. The open-floor concept is great for entertaining and offers a seamless transition between the living, dining and kitchen spaces. The mixed-materials kitchen proudly displays shaker cabinets with soft-close features, sparking white countertops, stainless-steel appliances, a built-in microwave and island with a wine cooler. The lovely French doors from the master bedroom lead to a covered patio that is also a great space for entertaining. Located in one of LA's most popular neighborhood, this is a property that shouldn't be missed.

SEE MORE

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: Gramercy Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $146k725k

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

Neighborhood: Gramercy Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $17183316

* 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
La Salle Avenue Elementary School Primary Regular 439 19 1
Animo Phillis Wheatley Charter Middle School Middle Charter 623 34 2
George Washington Preparatory Senior High School High Regular 1,175 64 2

La Salle Avenue Elementary School

  • Education Level: Primary
  • # of students: 439
  • # of teachers: 19
1
GreatSchools Rating

Animo Phillis Wheatley Charter Middle School

  • Education Level: Middle
  • # of students: 623
  • # of teachers: 34
2
GreatSchools Rating

George Washington Preparatory Senior High School

  • Education Level: High
  • # of students: 1,175
  • # of teachers: 64
2
GreatSchools Rating
 

$719,100$878,900$799,000

PURCHASE PRICE

$2,763$3,377$3,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,070
EXPENSES Loan Payment -$2,775
Property Tax -$861
Property Insurance -$62
Property Management Fees -$150
CASH FLOW
-$779

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$799,000

PROJECTED PRICE

$3,070

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 10.0%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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

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$217,485

INVESTMENT

$217,485

Down Payment
$199,750
Rehab Estimate
$5,750
Closing Costs
$11,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,775

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $199,750
Loan Amount $599,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$6,029

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,070

    LIST RENT
  • $2.08

    LIST RENT PER SQFT
  • $3,084

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,0703$3,2004$3,4505$3,495
$3,495
RENT COMPS ANALYSIS
  • 8800 S Van Ness Avenue Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,474 Sqft ∙ Built 1948
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,070
    • $2.08
    •  
  • 9906 Haas Avenue Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,594 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,594 Sqft ∙ Built 1949
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.88
    •  
  • 2116 W 93rd Street Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,545 Sqft ∙ Built 1941
    property image
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.07
    •  
  • 2916 W 79th Street Inglewood, CA 4
    • 4 beds 2 baths ∙ 1,538 Sqft ∙ Built 1936 4 beds 2 baths ∙ 1,538 Sqft ∙ Built 1936
    property image
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.24
    •  
  • 2704 84th Place Inglewood, CA 5
    • 4 beds 2 baths ∙ 1,600 Sqft ∙ Built 1938 4 beds 2 baths ∙ 1,600 Sqft ∙ Built 1938
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $2.18
    •  
PROPERTY LISTING DETAILS
Arlett Hamilton
New Vision Real Estate Investm
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21680818
Last Updated: 01/16/2021
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