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18622 Park Glen Lane Huntington Beach, CA 92648

3 Beds 3 Baths 1,647 sqft Built 1998

$875,000

List Price

$3,400

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $531.27
  • 4 Days on Market
  • MLS # : OC20232392
  • Updated Date : 11/05/2020 at 08:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,647 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Charming home located in the desirable gated Greystone Keys community. This home is currently a 2 bedroom/ 2.5 bath with a loft that can easily be converted to a third bedroom (was a builder option). This home has been freshened up with new paint, carpet and porcelain wood tile in the bathrooms. Other features of this home include hardwood floors downstairs, air conditioning, recessed lighting, stainless steel appliances, a designated upstairs laundry room and an oversized patio with hardscape and lush landscaping. The community offers a resort style pool and spa, walking paths and tot lot. It is also conveniently located to Peter Green park, 5 points shopping center and is within the Seacliff Elementary school boundary.

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: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k844k

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

Neighborhood: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21800200022002400260028003000320034003600Rent in $17803620

* 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
Agnes L Smith Elementary School Primary Regular 806 27 9
Ethel Dwyer Middle School Middle Regular 1,243 43 8
Huntington Beach Adult School High Magnet 2,939 103 9

Agnes L Smith Elementary School

  • Education Level: Primary
  • # of students: 806
  • # of teachers: 27
9
GreatSchools Rating

Ethel Dwyer Middle School

  • Education Level: Middle
  • # of students: 1,243
  • # of teachers: 43
8
GreatSchools Rating

Huntington Beach Adult School

  • Education Level: High
  • # of students: 2,939
  • # of teachers: 103
9
GreatSchools Rating
 

$787,500$962,500$875,000

PURCHASE PRICE

$3,060$3,740$3,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,400
EXPENSES Loan Payment -$3,228
Property Tax -$882
Property Insurance -$67
HOA -$145
Property Management Fees -$167
CASH FLOW
-$1,088

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.

$875,000

PROJECTED PRICE

$3,400

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$237,625

INVESTMENT

$237,625

Down Payment
$218,750
Rehab Estimate
$5,750
Closing Costs
$13,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,228

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $218,750
Loan Amount $656,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,506

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,400

    LIST RENT
  • $2.06

    LIST RENT PER SQFT
  • $3,508

    COMP ESTIMATED VALUE
  • $2.13

    COMP AVG. RENT PER SQFT
Comps Range
$3,400
1$3,4002$3,9003$3,9854$4,2505$4,250
$4,250
RENT COMPS ANALYSIS
  • 18622 Park Glen Lane Huntington Beach, CA 1
    • 3 beds 3 baths ∙ 1,647 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,647 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.06
    •  
  • 19671 Elmcrest Lane Huntington Beach, CA 2
    • 4 beds 2 baths ∙ 1,844 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,844 Sqft ∙ Built 1978
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.11
    •  
  • 6222 Moonfield Drive Huntington Beach, CA 3
    • 3 beds 3 baths ∙ 1,927 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,927 Sqft ∙ Built 1980
    property image
    LEASED 10/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,985
    • $2.07
    •  
  • 416 16th Street Huntington Beach, CA 4
    • 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 1980
    property image
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.17
    •  
  • 419 16th Street Huntington Beach, CA 5
    • 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 1980
    property image
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.17
    •  
PROPERTY LISTING DETAILS
Jeb Smith
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20232392
Last Updated: 11/05/2020
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