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1705 Herrin Street Redondo Beach, CA 90278

3 Beds 3 Baths 1,451 sqft Built 1967

$1,199,900

List Price

$3,880

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $826.95
  • 4 Days on Market
  • MLS # : 21676730
  • Updated Date : 01/07/2021 at 21:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,451 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

Situated in Redondo Beach just minutes from the pristine beaches of the South Bay, this newly renovated three-bedroom, three-bathroom home features bright, sunlit interiors to complement its coveted coastal setting. The 1,451 S.F. floor plan is replete with clean white oak floors, flowing from the garage entry into the open-concept living space, gourmet kitchen and dining room, where glass sliding doors open to a spacious patio embraced by foliage. The second level plays host to the homes three bedrooms, including the primary suite with its own bathroom and closet space. Mere moments from the vibrant Hermosa Pier and just a short drive away from Manhattan Beach, this home puts you at the threshold of Los Angeles most sought-after beach lifestyle.

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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
Birney Elementary School Primary Regular 451 18 8
Adams Middle School Middle Regular 982 32 8
Redondo Union High School High Regular 2,658 102 9

Birney Elementary School

  • Education Level: Primary
  • # of students: 451
  • # of teachers: 18
8
GreatSchools Rating

Adams Middle School

  • Education Level: Middle
  • # of students: 982
  • # of teachers: 32
8
GreatSchools Rating

Redondo Union High School

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

$1,079,910$1,319,890$1,199,900

PURCHASE PRICE

$3,492$4,268$3,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,880
EXPENSES Loan Payment -$4,168
Property Tax -$1,191
Property Insurance -$62
Property Management Fees -$190
CASH FLOW
-$1,731

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.

$1,199,900

PROJECTED PRICE

$3,880

PROJECTED RENT

0.32%

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$3.5M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$25k-$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$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$323,724

INVESTMENT

$323,724

Down Payment
$299,975
Rehab Estimate
$5,750
Closing Costs
$17,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,168

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $299,975
Loan Amount $899,925
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$237

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,880

    LIST RENT
  • $2.67

    LIST RENT PER SQFT
  • $3,994

    COMP ESTIMATED VALUE
  • $2.75

    COMP AVG. RENT PER SQFT
Comps Range
$3,700
1$3,7002$3,8803$4,2504$4,2505$4,595
$4,595
RENT COMPS ANALYSIS
  • 1705 Herrin Street Redondo Beach, CA 2
    • 3 beds 3 baths ∙ 1,451 Sqft ∙ Built 1967 3 beds 3 baths ∙ 1,451 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $3,880
    • $2.67
    •  
  • 1600 Ardmore Avenue Hermosa Beach, CA 1
    • 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1970 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1970
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.47
    •  
  • 1726 Dixon Street Redondo Beach, CA 3
    • 3 beds 3 baths ∙ 1,672 Sqft ∙ Built 1973 3 beds 3 baths ∙ 1,672 Sqft ∙ Built 1973
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.54
    •  
  • 1550 Ruhland Avenue Manhattan Beach, CA 4
    • 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
    •  
  • 1210 Steinhart Avenue Redondo Beach, CA 5
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1958 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1958
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,595
    • $2.87
    •  
PROPERTY LISTING DETAILS
David Berg
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21676730
Last Updated: 01/07/2021
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