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PROPERTY INFO
FACTS
- Single Family
- Built In 1962
- Price/Sqft : $847.66
- 2 Days on Market
- MLS # : SR21005107
- Updated Date : 01/09/2021 at 13:35
CONSTRUCTION
- Beds : 3
- Floor Size : 1,156 sqft
- Baths : 1 full
Listing Agent
Pinnacle Estate Properties, Inc.
Listing Agent's Description
Location! Location! Location! You won’t want to miss this delightful Santa Monica condo! Upon entering the home, you’re immediately greeted by the spacious and open floor plan, booming with ample natural light. You’ll enjoy the meticulously designed kitchen that is not only picturesque, but also boasts functionality with its open style and plenty of custom cabinets and countertop space. Off the living room, you’ll find the first bedroom. The beautiful french doors lead you into a master bedroom with a large walk-in closet. Down the hall, you’ll find 2 graciously sized bedrooms and updated bathroom with subway tile, large vanity and tub. Sharing a wall with only 1 neighbor and it’s close proximity to the laundry and pool, this unit is perfectly positioned within this pristine complex. Can’t forget to mention the large, 2-car garage and storage that come with this home. Just a few blocks from the beach, this home is close to everything Santa Monica and Venice have to offer. *A great opportunity for passive income as this home has been rented recently for $6,000-7,000 per month!* So whether you’re looking for yourself or as an investment, the feel of this home and it’s location make it a can’t miss!
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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: Ocean Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Ocean Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $4,070 |
| EXPENSES | Loan Payment | -$3,404 |
| Property Tax | -$971 | |
| Property Insurance | -$55 | |
| HOA | -$480 | |
| Property Management Fees | -$199 | |
|
CASH FLOW
-$1,039
|
||
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.
$979,900
PROJECTED PRICE
$4,070
PROJECTED RENT
0.42%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 6.3% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.05% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$265,424
LOAN DETAILS
$3,404
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $244,975 |
| Loan Amount | $734,925 |
1
YEARS SAVED
$3,898
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$4,070
LIST RENT -
$3.52
LIST RENT PER SQFT
-
$4,188
COMP ESTIMATED VALUE -
$3.62
COMP AVG. RENT PER SQFT
Comps Range
-
2002 4th Street Santa Monica, CA 1
- 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1962
- Rent
- Rent Per SQFT
- $4,070
- $3.52
-
1521 Michigan Avenue Santa Monica, CA 2
- 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1961
LEASED 05/09/20- Rent
- Rent Per SQFT
- $4,200
- $3.82
-
1252 11th Street Santa Monica, CA 3
- 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1973
LEASED 09/19/20- Rent
- Rent Per SQFT
- $4,300
- $3.48
-
1328 9th Street Santa Monica, CA 4
- 3 beds 3 baths ∙ 1,234 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,234 Sqft ∙ Built 1980
LEASED 09/24/20- Rent
- Rent Per SQFT
- $4,300
- $3.48
-
1808 Euclid Street Santa Monica, CA 5
- 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1955
LEASED 12/08/20- Rent
- Rent Per SQFT
- $4,900
- $3.71
PROPERTY LISTING DETAILS
Pinnacle Estate Properties, Inc.
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: SR21005107
Last Updated: 01/09/2021
