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2002 4th Street #109 Santa Monica, CA 90405

3 Beds 1 Baths 1,156 sqft Built 1962

$979,900

List Price

$4,070

$3.8K - $4.3K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
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

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $199k1677k

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

Neighborhood: Ocean Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000650070007500Rent in $17847744

* 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
John Muir Elementary School Primary Regular 265 13 4
John Adams Middle School Middle Regular 1,030 46 7
Santa Monica High School High Regular 2,984 129 9

John Muir Elementary School

  • Education Level: Primary
  • # of students: 265
  • # of teachers: 13
4
GreatSchools Rating

John Adams Middle School

  • Education Level: Middle
  • # of students: 1,030
  • # of teachers: 46
7
GreatSchools Rating

Santa Monica High School

  • Education Level: High
  • # of students: 2,984
  • # of teachers: 129
9
GreatSchools Rating
 

$881,910$1,077,890$979,900

PURCHASE PRICE

$3,663$4,477$4,070

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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
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$20k

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$265,424

INVESTMENT

$265,424

Down Payment
$244,975
Rehab Estimate
$5,750
Closing Costs
$14,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,404

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $244,975
Loan Amount $734,925
See What Happens When You Reinvest Cash Flow

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
$4,070
1$4,0702$4,2003$4,3004$4,3005$4,900
$4,900
RENT COMPS ANALYSIS
  • 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
George Kpachavi
Pinnacle Estate Properties, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR21005107
Last Updated: 01/09/2021
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