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2000 Voorhees Avenue #10 Redondo Beach, CA 90278

3 Beds 3 Baths 1,829 sqft Built 1976

$839,000

List Price

$3,440

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $458.72
  • 3 Days on Market
  • MLS # : SB20247328
  • Updated Date : 11/27/2020 at 17:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,829 sqft
  • Baths : 3 full
Listing Agent

West Shores Realty, Inc.

Listing Agent's Description

Welcome to 2000 Voorhees Ave. #10. This 1800+sq.' gem of a condominium features a contemporary open floorplan, multiple spacious balconies, downstairs powder room and a kitchen that is exceptionally large for any home. Light and bright is the ongoing theme throughout the property. Unit #10 enjoys the most favorable location within the complex. It is an end unit, furthest from the street than any of the other condominiums in the building. The downstairs' flooring is engineered hardwood while the bedrooms (all located upstairs) have high quality, contemporary Berber carpeting. The dining area easily accommodates a six to eight chair formal dining table. The huge balcony / patio extends from the living room and is spacious enough to accommodate a full set of patio furnishings. The master bedroom features an en-suite bathroom with built-in, lighted vanity and large balcony. One of the junior bedrooms also includes a large balcony. The guest bathroom is equipped with tub and shower. Local schools are among the highest rated in California. The Southbay lifestyle provides an exceptional quality of life in one of California's most sought after neighborhoods. North Redondo Beach property values have skyrocket over the recent years and this may be your last chance to purchase a home of this size and quality at the great price of $839,000. Feel free to call me for more information and a private tour of this beautiful home. You will not be disappointed!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Lincoln Elementary School Primary Regular 579 25 9
Lincoln Elementary School Middle Regular 579 25 9
Redondo Union High School High Regular 2,658 102 9

Lincoln Elementary School

  • Education Level: Primary
  • # of students: 579
  • # of teachers: 25
9
GreatSchools Rating

Lincoln Elementary School

  • Education Level: Middle
  • # of students: 579
  • # of teachers: 25
9
GreatSchools Rating

Redondo Union High School

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

$755,100$922,900$839,000

PURCHASE PRICE

$3,096$3,784$3,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,440
EXPENSES Loan Payment -$3,096
Property Tax -$833
Property Insurance -$71
HOA -$302
Property Management Fees -$169
CASH FLOW
-$1,030

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.

$839,000

PROJECTED PRICE

$3,440

PROJECTED RENT

0.41%

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

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$228,085

INVESTMENT

$228,085

Down Payment
$209,750
Rehab Estimate
$5,750
Closing Costs
$12,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,096

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $209,750
Loan Amount $629,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,368

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,440

    LIST RENT
  • $1.88

    LIST RENT PER SQFT
  • $4,426

    COMP ESTIMATED VALUE
  • $2.42

    COMP AVG. RENT PER SQFT
Comps Range
$3,440
1$3,4402$4,2503$4,2504$4,5005$4,500
$4,500
RENT COMPS ANALYSIS
  • 2000 Voorhees Avenue Redondo Beach, CA 1
    • 3 beds 3 baths ∙ 1,829 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,829 Sqft ∙ Built 1976
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,440
    • $1.88
    •  
  • 1617 Wollacott Street Redondo Beach, CA 2
    • 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
    •  
  • 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
    property image
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.54
    •  
  • 1713 Goodman Avenue Redondo Beach, CA 4
    • 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
    •  
  • 1739 Carver Street Redondo Beach, CA 5
    • 3 beds 3 baths ∙ 1,775 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,775 Sqft ∙ Built 1992
    property image
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.54
    •  
PROPERTY LISTING DETAILS
Richard Paoletti
West Shores Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB20247328
Last Updated: 11/27/2020
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