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1116 E Palmyra Avenue Orange, CA 92866

4 Beds 3 Baths 2,315 sqft Built 1952

$1,095,000

List Price

$3,630

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $473.00
  • 3 Days on Market
  • MLS # : PW21019641
  • Updated Date : 01/29/2021 at 18:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,315 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ricci Realty

Listing Agent's Description

THIS ESTATE STYLE HOME FEATURES 4 BEDROOMS, 3 BATHS ON OVER A 10,000 SQ,FT LOT WITH A SEMI CIRCULAR FRONT DRIVE, 2 CAR GARAGE AND RV ACCESS.BEAUTIFUL LANDSCAPE ACCENTS THE GROUNDS AS YOU ARRIVE AT THE FORMAL ENTRY. THE GOURMET KITCHEN FEATURES CUSTOM CABINETS W/GRANITE COUNTERS, STAINLESS APPLIANCES INCLUDING 5 BURNER STOVE, OTHER THE RANGE MICROWAVE, STAINLESS SINK AND DISHWASHER, BREAKFAST BAR, BULTERS PANTRY INCLUDING A WINE REFRIGERATOR. AN INFORMAL AND FORMAL DINING AREA OPEN TO A LARGE LIVING ROOM W/ A FIRE AND ICE TRAVERTINE FIREPLACE AND BUILT-IN ENTERTAINMENT AREA. CROWN MODING, CUSTOM FLOORING LED LIGHTING AND SOLATUBES LIGHT UP THE ROOMS. 2 BEDROOMS ON ONE WING OF THE HOME, DIRECT ACCESS TO THE GARAGE OR THE LARGE ALUMAWOOD COVERED PATIO. CEILING FANS, PLANTATION SHUTTERS AND WAINSCOTTING ACCENT THE ROOMS. 3 BATHS, ONE FOR THE GUESTS, A MAIN BATH WTH A TUB SHOWER AND A STALL SHOWER AND THE MASTER BATHROOM THAT HAS DUAL BODY SPRAY SHOWERS SURROUNDED BY GLASS AND TILE, TOWEL WARMER, PLUS DUAL VANITY SINKS W/QUARTZ COUNTERS. THE MASTER BEDROOM HAS VAULTED CEILIGS, LARGE WALK IN CLOSET W/DESIGNER GLASS DOORS, CUSTOM CLOSET SYSTEM AND FRENCH DOORS OUT TO A PARKLIKE REAR YARD. ENJOY THE COVERED PATIO OR RELAX IN THE CABANA OR ENJOY A MEAL IN THE OUTDOOR KITCHEN SITTING BY THE FIREPIT OR WHILE WAITING FOR THE SPA TO HEAT UP. MATURE SHADE TREES, FRUIT TREES AND EXOTIC PLANTS ACCENT YOUR OUTDOOR VACATION OPPORTUNITY. 2 CAR GARAGE HAS EXPXY FLOORS AND A LARGE STORAGE LOFT.

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MARKET HIGHLIGHTS

  • 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)
  • 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)
  • 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, Orange County market inherits all the benefits from the area.
  • 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]
  • 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

Zip Code: 92866

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $240k742k

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

Zip Code: 92866

ZipNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200Rent in $16793345

* 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
Yorba Middle School Middle Regular 582 26 5
Orange High School High Regular 1,927 79 4
Orange High School High Unknown NA

Yorba Middle School

  • Education Level: Middle
  • # of students: 582
  • # of teachers: 26
5
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students: 1,927
  • # of teachers: 79
4
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$985,500$1,204,500$1,095,000

PURCHASE PRICE

$3,267$3,993$3,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,630
EXPENSES Loan Payment -$3,803
Property Tax -$1,072
Property Insurance -$82
Property Management Fees -$178
CASH FLOW
-$1,505

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.

$1,095,000

PROJECTED PRICE

$3,630

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
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$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$295,925

INVESTMENT

$295,925

Down Payment
$273,750
Rehab Estimate
$5,750
Closing Costs
$16,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,803

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $273,750
Loan Amount $821,250
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.

  • $3,630

    LIST RENT
  • $1.57

    LIST RENT PER SQFT
  • $3,623

    COMP ESTIMATED VALUE
  • $1.57

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,6003$3,6304$3,8755$3,995
$3,995
RENT COMPS ANALYSIS
  • 1116 E Palmyra Avenue Orange, CA 3
    • 4 beds 3 baths ∙ 2,315 Sqft ∙ Built 1952 4 beds 3 baths ∙ 2,315 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $3,630
    • $1.57
    •  
  • 1210 Joana Drive Santa Ana, CA 1
    • 4 beds 2 baths ∙ 2,008 Sqft ∙ Built 1968 4 beds 2 baths ∙ 2,008 Sqft ∙ Built 1968
    LEASED 08/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.59
    •  
  • 645 S Yorba St Orange, CA 2
    • 4 beds 2 baths ∙ 2,456 Sqft ∙ Built 1962 4 beds 2 baths ∙ 2,456 Sqft ∙ Built 1962
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.47
    •  
  • 234 S Rosalind Drive Orange, CA 4
    • 4 beds 2 baths ∙ 2,312 Sqft ∙ Built 1963 4 beds 2 baths ∙ 2,312 Sqft ∙ Built 1963
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,875
    • $1.68
    •  
  • 2619 E Palmyra Avenue Orange, CA 5
    • 3 beds 2 baths ∙ 2,631 Sqft ∙ Built 1963 3 beds 2 baths ∙ 2,631 Sqft ∙ Built 1963
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $1.52
    •  
PROPERTY LISTING DETAILS
Albert Ricci
Ricci Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21019641
Last Updated: 01/29/2021
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