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1822 Harper Avenue Redondo Beach, CA 90278

3 Beds 3 Baths 2,002 sqft Built 2000

$1,349,000

List Price

$4,610

$4.4K - $4.9K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $673.83
  • 3 Days on Market
  • MLS # : SB20239225
  • Updated Date : 11/13/2020 at 17:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,002 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Estate Properties

Listing Agent's Description

Pristine Golden Hills Home! Lovingly owned by a self-professed OCD owner, this home is spotless and meticulously cared for. Rare 3 bedroom PLUS an office! Walk in to be greeted by gleaming hardwood floors, foyer leads to an office/could be 4th bedroom, indoor laundry closet, full bathroom and 2 large bedrooms. One of the bedrooms leads to the tranquil recently landscaped backyard. Upstairs the spacious living room is light and bright and features extra high vaulted, open beam ceilings, an elegant fireplace and plantation shutters. Impressive mountain and city views as well as mature tropical landscaping. The kitchen is open to the dining area and living room making for a great open entertaining space. Kitchen features newer stainless steel appliances, double oven & breakfast bar. It also has a half bath off of the hallway perfect for your guests. The master suite has a custom built his and hers walk-in-closets, high ceilings, plenty of room for all of your furniture and a desk. Ensuite master bath has dual sinks, luxurious soaking tub, and a large shower. The 2-car garage is spotless and currently being used as a gym. Newer windows, shutters, interior & exterior paint, fixtures, appliances, water heater an So much More! Manhattan and Hermosa Beach Adjacent this home offers the best of beach living with close proximity to the beach, restaurants, and award winning schools.

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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
 

$1,214,100$1,483,900$1,349,000

PURCHASE PRICE

$4,149$5,071$4,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,610
EXPENSES Loan Payment -$4,977
Property Tax -$1,339
Property Insurance -$75
Property Management Fees -$226
CASH FLOW
-$2,007

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.

$1,349,000

PROJECTED PRICE

$4,610

PROJECTED RENT

0.34%

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$4.0M

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$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$363,235

INVESTMENT

$363,235

Down Payment
$337,250
Rehab Estimate
$5,750
Closing Costs
$20,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,977

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $337,250
Loan Amount $1,011,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$581

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,610

    LIST RENT
  • $2.3

    LIST RENT PER SQFT
  • $4,670

    COMP ESTIMATED VALUE
  • $2.33

    COMP AVG. RENT PER SQFT
Comps Range
$4,250
1$4,2502$4,5003$4,5004$4,6105$4,950
$4,950
RENT COMPS ANALYSIS
  • 1822 Harper Avenue Redondo Beach, CA 4
    • 3 beds 3 baths ∙ 2,002 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,002 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,610
    • $2.30
    •  
  • 1617 Wollacott Street Redondo Beach, CA 1
    • 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1982
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.33
    •  
  • 1713 Goodman Avenue Redondo Beach, CA 2
    • 3 beds 3 baths ∙ 1,980 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,980 Sqft ∙ Built 1985
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.27
    •  
  • 1115 Stanford Avenue Redondo Beach, CA 3
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 1989
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.42
    •  
  • 1617 Artesia Boulevard Manhattan Beach, CA 5
    • 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,140 Sqft ∙ Built 2008
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,950
    • $2.31
    •  
PROPERTY LISTING DETAILS
Rina Culligan
Re/max Estate Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB20239225
Last Updated: 11/13/2020
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