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1609 Somerton Drive Costa Mesa, CA 92627

3 Beds 4 Baths 1,896 sqft Built 2017

$1,199,000

List Price

$4,550

$4.3K - $4.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $632.38
  • 78 Days on Market
  • MLS # : OC20219889
  • Updated Date : 01/02/2021 at 15:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,896 sqft
  • Baths : 2 full , 2 half
Listing Agent

Compass

Listing Agent's Description

VIEWS!!! 1 of only 17 homes that enjoy the Front Row Views from multiple living spaces, the master bedroom and your roof top deck. Unrivaled and Unobstructed 360 degree Skyline views are the epitome of Luxury real estate. 1609 Somerton Drive is a Newly constructed modern masterpiece that offers just that. Complete with Private Roof Top deck nestled into an enclave of estates with community pool, spa, playground, Dog Park and all just a short distance to the coast and surrounding restaurants of Newport Beach and Costa Mesa. This Lighthouse model is ideal for the way people live and entertain today. Enter through your private garage into a work/live space on the first level with half bath. On the main floor experience hardwood floors, open concept living, stainless appliances, soft close cabinetry, gas cooktop and large kitchen island with sink. The ample cabinet space and built ins throughout add to this functional area with space for entertaining and dining. The main floor also boasts a separate laundry room and balcony to enjoy the ocean breezes. On the top floor find the Master Suite with dual vanity, 2 secondary bedrooms with upgraded bath, all with high ceilings and complete privacy. What many call the "Piece of Resistance" is the private, oversized ocean view roof top deck. Impossible to miss a sunset with views to the Pacific Ocean, Catalina, Mountains and more. Enjoy dinners, coffee, gatherings, and enjoy the meaning of why we love to call Southern California our Home.

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: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $212k841k

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

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21600180020002200240026002800300032003400Rent in $15943537

* 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
Newport Heights Elementary School Primary Regular 685 25 8
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Newport Heights Elementary School

  • Education Level: Primary
  • # of students: 685
  • # of teachers: 25
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
 

$1,079,100$1,318,900$1,199,000

PURCHASE PRICE

$4,095$5,005$4,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,550
EXPENSES Loan Payment -$4,424
Property Tax -$1,145
Property Insurance -$73
HOA -$189
Property Management Fees -$223
CASH FLOW
-$1,503

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$1,199,000

PROJECTED PRICE

$4,550

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
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$323,485

INVESTMENT

$323,485

Down Payment
$299,750
Rehab Estimate
$5,750
Closing Costs
$17,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,424

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $299,750
Loan Amount $899,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$3,928

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,550

    LIST RENT
  • $2.4

    LIST RENT PER SQFT
  • $4,541

    COMP ESTIMATED VALUE
  • $2.4

    COMP AVG. RENT PER SQFT
Comps Range
$4,250
1$4,2502$4,3953$4,4504$4,5505$4,850
$4,850
RENT COMPS ANALYSIS
  • 1609 Somerton Drive Costa Mesa, CA 4
    • 3 beds 4 baths ∙ 1,896 Sqft ∙ Built 2017 3 beds 4 baths ∙ 1,896 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,550
    • $2.40
    •  
  • 991 Somerton Drive Costa Mesa, CA 1
    • 3 beds 4 baths ∙ 1,896 Sqft ∙ Built 2017 3 beds 4 baths ∙ 1,896 Sqft ∙ Built 2017
    property image
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.24
    •  
  • 1006 Katama Bay Drive Costa Mesa, CA 2
    • 3 beds 4 baths ∙ 1,877 Sqft ∙ Built 2016 3 beds 4 baths ∙ 1,877 Sqft ∙ Built 2016
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,395
    • $2.34
    •  
  • 1015 Somerton Drive Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 1,877 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,877 Sqft ∙ Built 2017
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,450
    • $2.37
    •  
  • 1617 Somerton Drive Costa Mesa, CA 5
    • 3 beds 4 baths ∙ 1,842 Sqft ∙ Built 2018 3 beds 4 baths ∙ 1,842 Sqft ∙ Built 2018
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,850
    • $2.63
    •  
PROPERTY LISTING DETAILS
Stephen Hawn
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20219889
Last Updated: 01/02/2021
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