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PROPERTY INFO
FACTS
- Single Family
- Built In 1984
- Price/Sqft : $509.67
- 8 Days on Market
- MLS # : PW21010737
- Updated Date : 01/22/2021 at 17:19
CONSTRUCTION
- Beds : 3
- Floor Size : 1,962 sqft
- Baths : 2 full , 1 half
Listing Agent
Redfin Corporation
Listing Agent's Description
Fully updated and move-in ready 3 bedroom unit in Redondo. This beautiful back unit (2 on a lot) is tucked away at the back of the lot providing a private feel. The entire home has been freshly painted, inside and out and all rooms and bathrooms have been updated delivering a contemporary feel. There are two comfortable living spaces downstairs, allowing for a formal sitting area and a family room as well, or you can have an open work from home space or a home classroom. There is a dedicated dining space, an updated kitchen, a lovely fireplace and a freshly re-designed powder room as well. Upstairs there are three full sized bedrooms with cathedral ceilings, including a spacious primary suite. This lovely home has an outdoor patio that is ideal for enjoying the ocean breeze, laundry in the attached, two car garage and a lovely outdoor space. Ideally located in Redondo Beach, close to the Ocean, award winning schools and trendy restaurants and shops. This home will sell fast!
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MARKET HIGHLIGHTS
- 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)
- 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]
PRICE & RENT TRENDS
Neighborhood: North Redondo Beach
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: North Redondo Beach
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $4,300 |
| EXPENSES | Loan Payment | -$3,473 |
| Property Tax | -$992 | |
| Property Insurance | -$74 | |
| Property Management Fees | -$211 | |
|
CASH FLOW
-$451
|
||
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.
$999,980
PROJECTED PRICE
$4,300
PROJECTED RENT
0.43%
PROJECTED RENT / PRICE RATIO
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$270,745
LOAN DETAILS
$3,473
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $249,995 |
| Loan Amount | $749,985 |
4
YEARS SAVED
$37,517
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$4,300
LIST RENT -
$2.19
LIST RENT PER SQFT
-
$4,709
COMP ESTIMATED VALUE -
$2.4
COMP AVG. RENT PER SQFT
Comps Range
-
2215 Huntington Lane Redondo Beach, CA 2
- 3 beds 3 baths ∙ 1,962 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,962 Sqft ∙ Built 1984
- Rent
- Rent Per SQFT
- $4,300
- $2.19
-
1617 Wollacott Street Redondo Beach, CA 1
- 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1982
LEASED 08/10/20- Rent
- Rent Per SQFT
- $4,250
- $2.33
-
1739 Carver Street Redondo Beach, CA 3
- 3 beds 3 baths ∙ 1,775 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,775 Sqft ∙ Built 1992
LEASED 11/03/20- Rent
- Rent Per SQFT
- $4,500
- $2.54
-
1115 Stanford Avenue Redondo Beach, CA 4
- 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 1989
LEASED 05/04/20- Rent
- Rent Per SQFT
- $4,500
- $2.42
-
1632 Nelson Avenue Manhattan Beach, CA 5
- 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 1968 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 1968
LEASED 02/24/20- Rent
- Rent Per SQFT
- $4,800
- $2.31
PROPERTY LISTING DETAILS
Redfin Corporation
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW21010737
Last Updated: 01/22/2021
