After a busy Spring season, July was a slightly slower month for real estate on the Westside, with fewer listings and stabilizing prices. Part of this is due to summer, when many people are on vacation, but it also shows that our market is leveling out from the exponential rise in prices the past two years.
The one aspect of the market that hasn’t slowed down is rental prices on the Westside. With increased jobs, more infrastructure, and an overall high quality of life, more and more people want to live and work on the Westside. As a result, rental prices are continuing to climb and they aren’t showing any signs of slowing down.
Consequently, rental properties on the Westside are increasing in demand and this week’s top property is a terrific opportunity to buy a relatively affordable property. 2415 Glyndon Ave is a charming duplex located in the East of Lincoln neighborhood of Venice and is listed for $1,079,000. The duplex has a 2 bedroom, 1 bath front house, a 1 bedroom, 1 bath back house, and is set on a 5,800 square foot lot.
Both units are in livable shape and have charm, but with minimal cleaning up and updating, they could be very nice. Each unit has multiple off street parking spots, as well as good-sized yards, which is near impossible to find on the Westside. The property is also located on a quiet street without much through traffic, so it is a property that figures to appreciate well moving forward. With this combination, it should always be easy to find a tenant (or two).
If the property sells at the asking price of $1,079,000 then it is about at break even with the current rents – the front house rents for $2,800 a month and the back unit is owner occupied, but should rent in the $2,300 to $2,500 a month range. However, if both units were to be updated, and if the rental market continues to rise, this property figures to be a great investment moving forward.
Both units are also very private from each other, so it does makes sense for an owner-user who is looking to have about half their monthly cost of ownership paid for by a tenant.
If you have any questions about this top property, or the market in general please do not hesitate to contact me.