Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

12 Latitude Court #21 Newport Beach, CA 92663

3 Beds 3 Baths 1,129 sqft Built 1973

$625,000

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $553.59
  • 3 Days on Market
  • MLS # : PW21009751
  • Updated Date : 01/16/2021 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,129 sqft
  • Baths : 2 full , 1 half
Listing Agent

Villa Realty Group

Listing Agent's Description

Secluded location in Newport Beach adjacent to the Talbert Nature Reserve and just 2 miles to the beach. Enjoy the Ocean Air and living close to nature with a hiking and biking path that leads directly to the sand. This recently updated townhouse is 3 bedrooms with 2 full baths upstairs and a 1/2 bath downstairs. The spacious living room features a fireplace and the master bedroom includes vaulted ceilings and 2 spacious closets. Peek a boo view from bedroom window, great spot for a home office. Inside laundry space for side by side. Private patio with direct access from the garage and carport. Newport Terrace has resort like amenities with pool, spa, BBQ areas an a sport court. There is plenty of guest parking throughout the complex. (Unit is now painted white including Cabinetry.)

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Newport Condominiums

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600k1800k2000kPrice in $197k2016k

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

Neighborhood: Newport Condominiums

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21500200025003000350040004500500055006000Rent in $12556232

* 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
Victoria Elementary School Primary Regular 360 17 4
Tewinkle Middle School Middle Regular 654 29 4
Estancia High School High Regular 1,335 52 6

Victoria Elementary School

  • Education Level: Primary
  • # of students: 360
  • # of teachers: 17
4
GreatSchools Rating

Tewinkle Middle School

  • Education Level: Middle
  • # of students: 654
  • # of teachers: 29
4
GreatSchools Rating

Estancia High School

  • Education Level: High
  • # of students: 1,335
  • # of teachers: 52
6
GreatSchools Rating
 

$562,500$687,500$625,000

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,171
Property Tax -$597
Property Insurance -$54
HOA -$550
Property Management Fees -$145
CASH FLOW
-$567

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$625,000

PROJECTED PRICE

$2,950

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$2,379

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $2.61

    LIST RENT PER SQFT
  • $3,020

    COMP ESTIMATED VALUE
  • $2.68

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$2,9503$2,9504$3,2005$3,300
$3,300
RENT COMPS ANALYSIS
  • 12 Latitude Court Newport Beach, CA 3
    • 3 beds 3 baths ∙ 1,129 Sqft ∙ Built 1973 3 beds 3 baths ∙ 1,129 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.61
    •  
  • 2020 Republic Avenue Costa Mesa, CA 1
    • 3 beds 1 baths ∙ 1,265 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,265 Sqft ∙ Built 1954
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.33
    •  
  • 6 Latitude Court Newport Beach, CA 2
    • 3 beds 2 baths ∙ 1,129 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,129 Sqft ∙ Built 1973
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.61
    •  
  • 944 Oak Street Costa Mesa, CA 4
    • 3 beds 1 baths ∙ 1,034 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,034 Sqft ∙ Built 1954
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $3.09
    •  
  • 959 Arbor Street Costa Mesa, CA 5
    • 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 1954
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.67
    •  
PROPERTY LISTING DETAILS
Linda Corpuz
Villa Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21009751
Last Updated: 01/16/2021
BESbswy