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1043 6th Street Norco, CA 92860

4 Beds 2 Baths 1,500 sqft Built 1957

$699,000

List Price

$2,380

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $466.00
  • 94 Days on Market
  • MLS # : OC20212952
  • Updated Date : 10/09/2020 at 10:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,500 sqft
  • Baths : 2 full
Listing Agent

Colonial Realty Group, Inc

Listing Agent's Description

Perfect LOCATION for your business! Norco is on the rise with many businesses making this their home. Be part of the buzz and get into this prime location. All eyes will be on your business as this property is nestled in the middle of booming Down Town Norco. You will be part of a historic time of which this city is becoming a growing and thriving community!! Property is Zoned C-4 (Commercial). Main house consists of 2 separate living spaces with additional second house on property which can be used as a rental or guest quarters. All in all a total of 3 separate living areas. Square Footage provided by the seller and needs to be verified. Must call or text listing agent for showing.

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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)
  • 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's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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)
  • 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]
  • 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)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k643k

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

Neighborhood: Norco Farms

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822630

* 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
Riverview Elementary School Primary Regular 319 12 5
Norco Intermediate School Middle Regular 751 31 7
John F. Kennedy Middle College High School High Magnet 646 22 7

Riverview Elementary School

  • Education Level: Primary
  • # of students: 319
  • # of teachers: 12
5
GreatSchools Rating

Norco Intermediate School

  • Education Level: Middle
  • # of students: 751
  • # of teachers: 31
7
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$629,100$768,900$699,000

PURCHASE PRICE

$2,142$2,618$2,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$2,428
Property Tax -$651
Property Insurance -$64
Property Management Fees -$140
CASH FLOW
-$902

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.

$699,000

PROJECTED PRICE

$2,380

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,428

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$270

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $1.59

    LIST RENT PER SQFT
  • $2,333

    COMP ESTIMATED VALUE
  • $1.56

    COMP AVG. RENT PER SQFT
Comps Range
$2,380
1$2,3802$2,4503$2,6004$2,6005$2,700
$2,700
RENT COMPS ANALYSIS
  • 1043 6th Street Norco, CA 1
    • 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.59
    •  
  • 1020 Carriage Drive Norco, CA 2
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1967
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.41
    •  
  • 2948 Sierra Avenue Norco, CA 3
    • 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,618 Sqft ∙ Built 1955
    LEASED 07/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.61
    •  
  • 3416 Corona Avenue Norco, CA 4
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1972
    LEASED 06/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.66
    •  
  • 283 8th Street Norco, CA 5
    • 3 beds 3 baths ∙ 1,754 Sqft ∙ Built 1971 3 beds 3 baths ∙ 1,754 Sqft ∙ Built 1971
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.54
    •  
PROPERTY LISTING DETAILS
Carrie Esqueda
Colonial Realty Group, Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20212952
Last Updated: 10/09/2020
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