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1613 Somerton Drive Costa Mesa, CA 92627

3 Beds 4 Baths 1,877 sqft Built 2017

$1,295,000

List Price

$4,500

$4.3K - $4.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $689.93
  • 4 Days on Market
  • MLS # : PW21051290
  • Updated Date : 03/12/2021 at 12:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,877 sqft
  • Baths : 2 full , 2 half
Listing Agent

Kase Real Estate

Listing Agent's Description

Panoramic ocean views in this modern tri-level residence located in beautiful Costa Mesa. In addition to being one of the sixteen front row homes with uninterrupted views, this warm home is a jewel box of natural light. The first level features a work space with direct access to the 2-car garage with electric car charging and WiFi garage door. With no zoning restrictions, you are also able to use this space for an extra bedroom, home gym or media room. Entertain guests in the open concept second level with a gourmet kitchen, large island with seating, formal dining area and spacious ocean-view balcony. The upper level features three bedrooms and two bathrooms, including a master suite with large walk-in closet, twin vanities and majestic ocean views. A rooftop deck with 360-degree views from the city to the ocean ensure you never miss a sunrise or sunset. Other features include a whole-house water filtration system, built-in sound system, and personal sauna. The Lighthouse Community with pool, spa, dog park, and playground encompass beachside luxury living all just a short walk away from Outpost Kitchen, MoonGoat Coffee, Day Dream Surf Shop, RVCA headquarters, and more. *Banning Ranch Conservancy has a goal to conserve the undeveloped property, restore it, improve it, put some amenities on it like trails and overlooks and educational facilities"

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

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
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

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
 

$1,165,500$1,424,500$1,295,000

PURCHASE PRICE

$4,050$4,950$4,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,500
EXPENSES Loan Payment -$4,498
Property Tax -$1,236
Property Insurance -$72
HOA -$189
Property Management Fees -$221
CASH FLOW
-$1,716

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.

$1,295,000

PROJECTED PRICE

$4,500

PROJECTED RENT

0.35%

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$3.5M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$348,925

INVESTMENT

$348,925

Down Payment
$323,750
Rehab Estimate
$5,750
Closing Costs
$19,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,498

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $323,750
Loan Amount $971,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$896

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,500

    LIST RENT
  • $2.4

    LIST RENT PER SQFT
  • $4,495

    COMP ESTIMATED VALUE
  • $2.4

    COMP AVG. RENT PER SQFT
Comps Range
$4,250
1$4,2502$4,3953$4,4504$4,5005$4,850
$4,850
RENT COMPS ANALYSIS
  • 1613 Somerton Drive Costa Mesa, CA 4
    • 3 beds 4 baths ∙ 1,877 Sqft ∙ Built 2017 3 beds 4 baths ∙ 1,877 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $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
    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
    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
    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
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,850
    • $2.63
    •  
PROPERTY LISTING DETAILS
Keven Stirdivant
Kase Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21051290
Last Updated: 03/12/2021
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