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PROPERTY INFO
FACTS
- Single Family
- Built In 2000
- Price/Sqft : $1,017.54
- 3 Days on Market
- MLS # : 21692296
- Updated Date : 02/19/2021 at 13:21
CONSTRUCTION
- Beds : 3
- Floor Size : 1,425 sqft
- Baths : 2 full
Listing Agent
Bulldog Realtors, Inc.
Listing Agent's Description
Looking for a bright, spacious, single level, open plan condo in Santa Monica with a first floor location? This newly renovated 3BR+2BA unit delivers with expansive living and dining rooms plus French doors that lead to 2 private patios. Exceptional features include beautiful limestone and wood flooring throughout, wood shutters, new kitchen appliances, central heat/AC, in unit laundry and a fireplace. Ideally located in the prime area of Santa Monica: 1 block to 3rd Street Promenade and the Farmers Market, 3 blocks to Montana, 4 blocks to the bluffs, Palisades Park and the BEACH! 2 side-by-side gated, covered parking spots plus low HOAs (including earthquake insurance) make this pristine condo a standout.
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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)
- 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]
- Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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 | $5,860 |
| EXPENSES | Loan Payment | -$5,036 |
| Property Tax | -$1,450 | |
| Property Insurance | -$62 | |
| HOA | -$388 | |
| Property Management Fees | -$287 | |
|
CASH FLOW
-$1,363
|
||
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.
$1,450,000
PROJECTED PRICE
$5,860
PROJECTED RENT
0.40%
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
$390,000
LOAN DETAILS
$5,036
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $362,500 |
| Loan Amount | $1,087,500 |
1.5
YEARS SAVED
$12,254
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$5,860
LIST RENT -
$4.11
LIST RENT PER SQFT
-
$4,731
COMP ESTIMATED VALUE -
$3.32
COMP AVG. RENT PER SQFT
Comps Range
-
1018 4th Street Santa Monica, CA 3
- 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 2000
- Rent
- Rent Per SQFT
- $5,860
- $4.11
-
1328 9th Street Santa Monica, CA 1
- 3 beds 3 baths ∙ 1,234 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,234 Sqft ∙ Built 1980
LEASED 09/24/20- Rent
- Rent Per SQFT
- $4,300
- $3.48
-
1020 Ocean Park Boulevard Santa Monica, CA 2
- 3 beds 3 baths ∙ 1,676 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,676 Sqft ∙ Built 1981
LEASED 11/07/19- Rent
- Rent Per SQFT
- $5,300
- $3.16
PROPERTY LISTING DETAILS
Bulldog Realtors, Inc.
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: 21692296
Last Updated: 02/19/2021
