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2214 Plant Avenue #A Redondo Beach, CA 90278

3 Beds 3 Baths 1,548 sqft Built 1984

$899,000

List Price

$3,550

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $580.75
  • 4 Days on Market
  • MLS # : 21702084
  • Updated Date : 03/27/2021 at 09:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,548 sqft
  • Baths : 3 full
Listing Agent

Compass

Listing Agent's Description

Rarely available, Cape Cod Style, 3 bedrooms, 3 bathrooms, front-facing townhome located in a prime Redondo Beach neighborhood. This recently updated and light-filled home offers a great flow of indoor-outdoor living. Walk into a generous step-down living room with vaulted ceilings, a beautiful fireplace, and an oversized bay window. The open kitchen includes stainless steel appliances, spacious cabinetry, a cooking island, and a generous dining area that faces french doors that open to the outdoor patio and large private front yard. Recent updates include laminate, hardwood floors, and 2 modern, renovated bathrooms. This home is located on a treelined street and is within walking distance to Lincoln Elementary School, Anderson Park, and just 2.5 short miles to the beach!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Adams Middle School Middle Regular 982 32 8
Redondo Union High School High Regular 2,658 102 9

Adams Middle School

  • Education Level: Middle
  • # of students: 982
  • # of teachers: 32
8
GreatSchools Rating

Redondo Union High School

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

$809,100$988,900$899,000

PURCHASE PRICE

$3,195$3,905$3,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,550
EXPENSES Loan Payment -$3,123
Property Tax -$892
Property Insurance -$65
HOA -$250
Property Management Fees -$174
CASH FLOW
-$953

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.

$899,000

PROJECTED PRICE

$3,550

PROJECTED RENT

0.39%

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-$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$243,985

INVESTMENT

$243,985

Down Payment
$224,750
Rehab Estimate
$5,750
Closing Costs
$13,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,123

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $224,750
Loan Amount $674,250
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,959

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,550

    LIST RENT
  • $2.29

    LIST RENT PER SQFT
  • $3,537

    COMP ESTIMATED VALUE
  • $2.29

    COMP AVG. RENT PER SQFT
Comps Range
$3,250
1$3,2502$3,5503$3,6004$3,7005$3,800
$3,800
RENT COMPS ANALYSIS
  • 2214 Plant Avenue Redondo Beach, CA 2
    • 3 beds 3 baths ∙ 1,548 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,548 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $2.29
    •  
  • 2514 Mathews Avenue Redondo Beach, CA 1
    • 3 beds 3 baths ∙ 1,433 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,433 Sqft ∙ Built 1984
    property image
    LEASED 03/17/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.27
    •  
  • 2206 Aviation Way Redondo Beach, CA 3
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1989
    property image
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.25
    •  
  • 2312 Ruhland Avenue Redondo Beach, CA 4
    • 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1975
    property image
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.17
    •  
  • 2620 Gates Avenue Redondo Beach, CA 5
    • 3 beds 3 baths ∙ 1,552 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,552 Sqft ∙ Built 1979
    property image
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.45
    •  
PROPERTY LISTING DETAILS
Elizabeth Gottainer
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21702084
Last Updated: 03/27/2021
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