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1202 Harper Avenue Redondo Beach, CA 90278

3 Beds 2 Baths 1,256 sqft Built 1956

$949,000

List Price

$3,750

$3.5K - $4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $755.57
  • 18 Days on Market
  • MLS # : SB21018499
  • Updated Date : 02/11/2021 at 07:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,256 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Opportunity knocks for First Time Home Buyers! This property offers a rare chance to own a charming fixer on the border of Hermosa Beach and is a great opportunity to create your own dream home in the highly sought-after Golden Hill Neighborhood of Redondo Beach. Not a skinny lot, this 3,739 square foot lot offers a large front yard perfect for gardening or enjoying the soft breezes from the Pacific Ocean that is approximately one mile away. This property is in mostly original condition and is ready for the savvy buyer to express their own tastes or for an investor to remodel; with potential ocean views from a second story addition along with all the amazing amenities already included: close to award winning Jefferson Elementary School, great beaches, restaurants, shopping and easy freeway access. If you ever wanted to own your own single family home in Redondo Beach and didn’t think it was possible, now is your chance! Property to be sold in its current "AS-IS" condition without any warranties, expressed or implied by Seller and/or Seller's agent.

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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)
  • 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]
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100kPrice in $199k1143k

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

Neighborhood: North Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800400042004400Rent in $17844464

* 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
Parras Middle School Middle Regular 1,097 37 9
Redondo Union High School High Regular 2,658 102 9

Parras Middle School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 37
9
GreatSchools Rating

Redondo Union High School

  • Education Level: High
  • # of students: 2,658
  • # of teachers: 102
9
GreatSchools Rating
 

$854,100$1,043,900$949,000

PURCHASE PRICE

$3,375$4,125$3,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,750
EXPENSES Loan Payment -$3,296
Property Tax -$942
Property Insurance -$57
Property Management Fees -$184
CASH FLOW
-$729

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.

$949,000

PROJECTED PRICE

$3,750

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.7%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$257,235

INVESTMENT

$257,235

Down Payment
$237,250
Rehab Estimate
$5,750
Closing Costs
$14,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,296

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,250
Loan Amount $711,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$16,062

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,750

    LIST RENT
  • $2.99

    LIST RENT PER SQFT
  • $3,762

    COMP ESTIMATED VALUE
  • $3

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,5003$3,7504$4,1005$4,250
$4,250
RENT COMPS ANALYSIS
  • 1202 Harper Avenue Redondo Beach, CA 3
    • 3 beds 2 baths ∙ 1,256 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,256 Sqft ∙ Built 1956
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.99
    •  
  • 1706 Speyer Lane Redondo Beach, CA 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1969
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.36
    •  
  • 1711 Speyer Lane Redondo Beach, CA 2
    • 3 beds 2 baths ∙ 1,086 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,086 Sqft ∙ Built 1957
    LEASED 01/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $3.22
    •  
  • 635 Prospect Avenue Hermosa Beach, CA 4
    • 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1968
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $3.27
    •  
  • 1550 Ruhland Avenue Manhattan Beach, CA 5
    • 4 beds 2 baths ∙ 1,358 Sqft ∙ Built 1952 4 beds 2 baths ∙ 1,358 Sqft ∙ Built 1952
    LEASED 12/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $3.13
    •  
PROPERTY LISTING DETAILS
Mercedes Van Pelt
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB21018499
Last Updated: 02/11/2021
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