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PROPERTY INFO
FACTS
- Single Family
- Built In 1963
- Price/Sqft : $517.36
- 2 Days on Market
- MLS # : PW20262774
- Updated Date : 12/26/2020 at 13:14
CONSTRUCTION
- Beds : 5
- Floor Size : 2,563 sqft
- Baths : 3 full
Listing Agent
Frontier Realty Inc
Listing Agent's Description
Gorgeous four bedrooms, three bathrooms, and a bonus room ( which can be converted into a 5 bedroom) home located in one of the most admired neighborhoods of Newport Beach is waiting for you to call HOME ! This property offers 2500+ square feet of living space rests on an almost 8000 square feet lot with the best parks, beaches, convenient shopping, and restaurants. But most importantly, the award-winning Newport Mesa Unified School District is the best school district for your little ones. The big windows provide all-natural sunlight throughout the open floor plans. The living room is warm and inviting, centered by a wood-burning fireplace with a gorgeous modern mantle. A beautiful kitchen looks out to the backyard features granite countertops replete with a built -in breakfast bar, ample storage space, and stainless steel appliances. The second floor features the master suite with a walk-in closet, double sink vanity, three additional bedrooms and a bathroom. the backyard with a beautiful landscape is perfect for you to host a family gathering or enjoy the peace it provides in this big city morning and night. So what are you waiting for ? Bring your coffee and wine and make this beauty your HOME. No showing until 1/2/2021. More photos are coming soon !
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MARKET HIGHLIGHTS
- 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)
- 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)
PRICE & RENT TRENDS
Neighborhood: Costa Mesa
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Costa Mesa
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $5,240 |
| EXPENSES | Loan Payment | -$4,892 |
| Property Tax | -$1,272 | |
| Property Insurance | -$89 | |
| Property Management Fees | -$257 | |
|
CASH FLOW
-$1,270
|
||
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.
$1,326,000
PROJECTED PRICE
$5,240
PROJECTED RENT
0.40%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.24% |
| Appreciation Year (1-5) | 4.0% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.38% |
| 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
$357,140
LOAN DETAILS
$4,892
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $331,500 |
| Loan Amount | $994,500 |
1.58
YEARS SAVED
$14,269
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$5,240
LIST RENT -
$2.04
LIST RENT PER SQFT
-
$5,049
COMP ESTIMATED VALUE -
$1.97
COMP AVG. RENT PER SQFT
Comps Range
-
20162 Redlands Drive Newport Beach, CA 5
- 5 beds 3 baths ∙ 2,563 Sqft ∙ Built 1963 5 beds 3 baths ∙ 2,563 Sqft ∙ Built 1963
![property image]()
- Rent
- Rent Per SQFT
- $5,240
- $2.04
-
2601 Raqueta Newport Beach, CA 1
- 4 beds 2 baths ∙ 2,458 Sqft ∙ Built 1972 4 beds 2 baths ∙ 2,458 Sqft ∙ Built 1972
![property image]()
LEASED 10/03/20- Rent
- Rent Per SQFT
- $4,600
- $1.87
-
2224 Windward Lane Newport Beach, CA 2
- 4 beds 3 baths ∙ 2,469 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,469 Sqft ∙ Built 1974
![property image]()
LEASED 08/25/19- Rent
- Rent Per SQFT
- $4,750
- $1.92
-
316 Otero Newport Beach, CA 3
- 4 beds 3 baths ∙ 2,257 Sqft ∙ Built 1970 4 beds 3 baths ∙ 2,257 Sqft ∙ Built 1970
![property image]()
LEASED 10/10/19- Rent
- Rent Per SQFT
- $4,900
- $2.17
-
2391 Orchid Hill Place Newport Beach, CA 4
- 5 beds 3 baths ∙ 2,595 Sqft ∙ Built 1967 5 beds 3 baths ∙ 2,595 Sqft ∙ Built 1967
![property image]()
LEASED 12/17/20- Rent
- Rent Per SQFT
- $4,995
- $1.92
PROPERTY LISTING DETAILS
Frontier Realty Inc
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW20262774
Last Updated: 12/26/2020
