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151 23rd Street Costa Mesa, CA 92627

3 Beds 3 Baths 2,500 sqft Built 1990

$1,099,000

List Price

$4,070

$3.8K - $4.3K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $439.60
  • 3 Days on Market
  • MLS # : OC21000245
  • Updated Date : 01/01/2021 at 17:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,500 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Nestled in the heart of Eastside Costa Mesa, this stunning Beauty awaits its newer owners! This home sits on a desirable interior corner lot. Bright and exquisite, this home offers approximately 2,500 square feet of living space with three beds and two and one-half baths. This extensively remodeled home has a unique innovative floorplan offers a traditional lifestyle living with modern charm. The formal living room features a dramatic dual sided, stone lined gas fireplace that offers a seamless integration to the formal dining room. The gourmet kitchen has custom grey and white marble backsplash, quartz countertops, a center island peninsula with a convenient wash sink, white shaker cabinets and newer Bosch stainless steel appliances. The family room allows an outdoor/indoor transition great for entertaining guests with a custom built-in BBQ area in the private back yard. The master is a luxurious spacious suite, with a cozy travertine tiled trimmed fireplace. The newly updated master bath retreat features double sink vanity, tiled floors, a separate soaking tub and a shower and a walk-in closet. Other features include generous secondary bedrooms, a laundry room, grey oak hardwood floors, newer paint, spacious two car garage with cabinets, upgraded powder room & hall bathroom, and much more. Centrally located near Triangle Square, short distance to the beach and back bay, and highly rated Newport Mesa UD schools!

SEE MORE

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

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200kPrice in $272k1225k

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

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813867

* 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
Kaiser Elementary School Primary Regular 681 23 8
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Kaiser Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 23
8
GreatSchools Rating

Ensign Intermediate School

  • Education Level: Middle
  • # of students: 1,173
  • # of teachers: 42
8
GreatSchools Rating

Newport Harbor High School

  • Education Level: High
  • # of students: 2,355
  • # of teachers: 82
8
GreatSchools Rating
 

$989,100$1,208,900$1,099,000

PURCHASE PRICE

$3,663$4,477$4,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,070
EXPENSES Loan Payment -$4,055
Property Tax -$1,073
Property Insurance -$87
Property Management Fees -$199
CASH FLOW
-$1,345

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.

$1,099,000

PROJECTED PRICE

$4,070

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.5%
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$500k$1.0M$1.5M$2.0M$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$10k$0.0$10k$20k

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$296,985

INVESTMENT

$296,985

Down Payment
$274,750
Rehab Estimate
$5,750
Closing Costs
$16,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,055

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $274,750
Loan Amount $824,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,918

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,070

    LIST RENT
  • $1.63

    LIST RENT PER SQFT
  • $4,088

    COMP ESTIMATED VALUE
  • $1.64

    COMP AVG. RENT PER SQFT
Comps Range
$3,750
1$3,7502$3,9253$4,0704$4,2005$4,450
$4,450
RENT COMPS ANALYSIS
  • 151 23rd Street Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 2,500 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,500 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $4,070
    • $1.63
    •  
  • 209 Pauline Place Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 2,550 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,550 Sqft ∙ Built 2008
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $1.47
    •  
  • 305 Cutter Way Costa Mesa, CA 2
    • 4 beds 4 baths ∙ 2,495 Sqft ∙ Built 2002 4 beds 4 baths ∙ 2,495 Sqft ∙ Built 2002
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,925
    • $1.57
    •  
  • 191 Mesa Drive Costa Mesa, CA 4
    • 3 beds 4 baths ∙ 2,400 Sqft ∙ Built 2006 3 beds 4 baths ∙ 2,400 Sqft ∙ Built 2006
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.75
    •  
  • 2427 Vista Nobleza Newport Beach, CA 5
    • 3 beds 3 baths ∙ 2,548 Sqft ∙ Built 1972 3 beds 3 baths ∙ 2,548 Sqft ∙ Built 1972
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,450
    • $1.75
    •  
PROPERTY LISTING DETAILS
Stephanie Young
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21000245
Last Updated: 01/01/2021
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