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1280 W 8th Street San Pedro, CA 90731

3 Beds 2 Baths 1,428 sqft Built 1923

$849,999

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1923
  • Price/Sqft : $595.24
  • 2 Days on Market
  • MLS # : PW21025090
  • Updated Date : 02/06/2021 at 17:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,428 sqft
  • Baths : 2 full
Listing Agent

Vestis Properties Inc.

Listing Agent's Description

Gorgeous Spanish style home in coveted Vista Del Oro. The exterior charm of 1923 architecture greets you upon arrival, but once you step inside, you'll be amazed to find the modern open-concept floorplan. The chef's kitchen will impress with neutral sand colored granite counter tops and custom wood cabinets, stainless appliances, and an abundance of cabinet space. Just off the kitchen is a large floor to ceiling pantry as well as a separate enclosed laundry area. Major renovations include but are not limited to updated electrical, copper plumbing, dual pane windows, doors, forced air heating, central air conditioning, drywall, lighting, roofing, custom cabinetry, custom neutral tone stone counter tops, travertine flooring, custom plantation shutters, new interior and exterior paint, new sod and landscaping, new exterior light fixtures, new plumbing fixtures, refinished hardwood flooring, and new carpet. The rear gated yard with fresh grass and ample patio space is a wonderful spot to unwind and watch your kids and pets play safely. Oversized 1 car garage with workshop area and ample driveway parking. This lovely Southern California light and bright beach home is move-in ready and waiting for new owners! It's an easy walk to Weymouth Corner and Averill Park and just a 10-minute drive to the newly renovated Ports O' Call Village.

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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: Northwest San Pedro

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Northwest San Pedro

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17133697

* 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
7th Street Elementary School Primary Regular 518 22 3
Richard Henry Dana Middle School Middle Regular 1,528 59 2
San Pedro Senior High School High Regular 2,668 104 6

7th Street Elementary School

  • Education Level: Primary
  • # of students: 518
  • # of teachers: 22
3
GreatSchools Rating

Richard Henry Dana Middle School

  • Education Level: Middle
  • # of students: 1,528
  • # of teachers: 59
2
GreatSchools Rating

San Pedro Senior High School

  • Education Level: High
  • # of students: 2,668
  • # of teachers: 104
6
GreatSchools Rating
 

$764,999$934,999$849,999

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 -$2,952
Property Tax -$871
Property Insurance -$62
Property Management Fees -$145
CASH FLOW
-$1,080

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.

$849,999

PROJECTED PRICE

$2,950

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$231,000

INVESTMENT

$231,000

Down Payment
$212,500
Rehab Estimate
$5,750
Closing Costs
$12,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,500
Loan Amount $637,499
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$924

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
  • $2.07

    LIST RENT PER SQFT
  • $3,142

    COMP ESTIMATED VALUE
  • $2.2

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,9503$2,9954$3,0005$3,300
$3,300
RENT COMPS ANALYSIS
  • 1280 W 8th Street San Pedro, CA 2
    • 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1923
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.07
    •  
  • 649 W 8th Street San Pedro, CA 1
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1911 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1911
    property image
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.06
    •  
  • 1256 Big Canyon Place San Pedro, CA 3
    • 3 beds 1 baths ∙ 1,328 Sqft ∙ Built 1940 3 beds 1 baths ∙ 1,328 Sqft ∙ Built 1940
    property image
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.26
    •  
  • 1274 W 3rd Street San Pedro, CA 4
    • 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1922 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1922
    property image
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.19
    •  
  • 759 W 17th Street San Pedro, CA 5
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1941
    property image
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.29
    •  
PROPERTY LISTING DETAILS
David Montgomery
Vestis Properties Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21025090
Last Updated: 02/06/2021
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