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217 S Meyler Street San Pedro, CA 90731

3 Beds 3 Baths 1,628 sqft Built 1990

$599,000

List Price

$3,090

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $367.94
  • 4 Days on Market
  • MLS # : SB21038796
  • Updated Date : 02/25/2021 at 15:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,628 sqft
  • Baths : 3 full
Listing Agent

Buckingham Investments, Inc

Listing Agent's Description

Location, value, and the opportunity at a fresh start - this is your chance to add value and to polish this home to your liking! This large Stand-Alone home consists of everything you are looking for; three bedrooms, three bathrooms, master suite, attached two-car garage, laundry room, no shared common walls, and more. Ample sunlight can be found throughout a highly functional layout that provides plenty of space, perfect for entertaining family and guests – see for yourself with the Virtual Tour. Being built in 1990 is a bonus for anyone looking for modern building systems and minimal deferred maintenance. Plus, the entire exterior of the building was just recently painted and new exterior lighting installed. Located within the Holy Trinity community, this home is conveniently located in close proximity to the best San Pedro has to offer. Los Angeles Maritime Museum, Battleship Iowa, San Pedro & Peninsula YMCA, plenty of local parks for the kids, grocery stores, and other valuable community amenities like local shops, restaurants, and downtown. Top rated schools: Mary Star of the Sea, Port of Los Angeles, and Holy Trinity are close by as well. Plus, the Ports O’ Call redevelopment and West Harbor 42-acre retail center will be opened soon and enjoyed by all. This blank canvas is a perfect starter home for any family or value-add investor! The possibilities are endless with this opportunity, so don’t miss out!

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MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Northwest San Pedro

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Northwest San Pedro

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17133697

* 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
Cabrillo Avenue Elementary School Primary Regular 420 18 3
Richard Henry Dana Middle School Middle Regular 1,528 59 2
San Pedro Senior High School High Regular 2,668 104 6

Cabrillo Avenue Elementary School

  • Education Level: Primary
  • # of students: 420
  • # of teachers: 18
3
GreatSchools Rating

Richard Henry Dana Middle School

  • Education Level: Middle
  • # of students: 1,528
  • # of teachers: 59
2
GreatSchools Rating

San Pedro Senior High School

  • Education Level: High
  • # of students: 2,668
  • # of teachers: 104
6
GreatSchools Rating
 

$539,100$658,900$599,000

PURCHASE PRICE

$2,781$3,399$3,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,090
EXPENSES Loan Payment -$2,081
Property Tax -$644
Property Insurance -$66
HOA -$464
Property Management Fees -$151
CASH FLOW
-$316

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.

$599,000

PROJECTED PRICE

$3,090

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.8%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,081

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$15,627

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,090

    LIST RENT
  • $1.9

    LIST RENT PER SQFT
  • $3,476

    COMP ESTIMATED VALUE
  • $2.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,975
1$2,9752$3,0903$3,2504$3,4005$4,300
$4,300
RENT COMPS ANALYSIS
  • 217 S Meyler Street San Pedro, CA 2
    • 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 1990
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,090
    • $1.90
    •  
  • 953 W 19th Street San Pedro, CA 1
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 2000
    property image
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,975
    • $2.30
    •  
  • 1129 W Capitol Drive San Pedro, CA 3
    • 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 1995
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.93
    •  
  • 28627 Mount Hood Court Rancho Palos Verdes, CA 4
    • 4 beds 2 baths ∙ 1,624 Sqft ∙ Built 1974 4 beds 2 baths ∙ 1,624 Sqft ∙ Built 1974
    property image
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.09
    •  
  • 310 Dave Drive San Pedro, CA 5
    • 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 1974
    property image
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.22
    •  
PROPERTY LISTING DETAILS
Matthew Mahowald
Buckingham Investments, Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB21038796
Last Updated: 02/25/2021
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