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2463 Irvine Avenue #B2 Costa Mesa, CA 92627

3 Beds 2 Baths 1,853 sqft Built 1983

$858,000

List Price

$3,990

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1983
  • Price/Sqft : $463.03
  • 81 Days on Market
  • MLS # : OC20169681
  • Updated Date : 11/03/2020 at 14:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,853 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Gorgeous 3 bedroom, 2 bath townhome in coveted East-side Costa Mesa. Directly across from Newport Back Bay! This architectural beauty welcomes you inside with a formal foyer and stunning, winding staircase. Natural light floods through a generous skylight set high above in Cathedral ceilings. Elegantly tucked behind the staircase lies a curved hallway coaxing you toward a stately Master Suite with full bath, walk-in closet & dual sinks. This expansive bedroom is large enough for king size furniture. You will also find a cozy fireside retreat with room for romantic seating. Notice your access to a private patio complete with bubbling hot tub, a fountain and outdoor living area. Sneak up the private back staircase to a charming balcony. Step inside to the brightly lit office near the kitchen. The gourmet kitchen offers myriad cabinetry, drawers, a mini butler’s pantry, roomy tile counters with matching back-splashes & a handsome granite bar. Appliances include a four-burner gas range with center griddle, stainless steel built-in oven/ microwave, fridge with water/ice dispenser, dishwasher, trash compactor & washer/dryer. The lovely dining room is nestled between the kitchen & living rooms. The spacious, bright living room with charming fireplace has access to a front balcony perfect for water views of Upper Newport Harbor. 2nd & 3rd bedrooms are spacious with large closets and located near the second full bath. Two car, direct access garage completes the package. Welcome home!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200kPrice in $272k1225k

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

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813867

* 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
Kaiser Elementary School Primary Regular 681 23 8
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Kaiser Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 23
8
GreatSchools Rating

Ensign Intermediate School

  • Education Level: Middle
  • # of students: 1,173
  • # of teachers: 42
8
GreatSchools Rating

Newport Harbor High School

  • Education Level: High
  • # of students: 2,355
  • # of teachers: 82
8
GreatSchools Rating
 

$772,200$943,800$858,000

PURCHASE PRICE

$3,591$4,389$3,990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,990
EXPENSES Loan Payment -$3,166
Property Tax -$820
Property Insurance -$72
HOA -$250
Property Management Fees -$196
CASH FLOW
-$513

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$858,000

PROJECTED PRICE

$3,990

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
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-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$233,120

INVESTMENT

$233,120

Down Payment
$214,500
Rehab Estimate
$5,750
Closing Costs
$12,870

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$3,166

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $214,500
Loan Amount $643,500
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$21,959

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,990

    LIST RENT
  • $2.15

    LIST RENT PER SQFT
  • $4,035

    COMP ESTIMATED VALUE
  • $2.18

    COMP AVG. RENT PER SQFT
Comps Range
$3,550
1$3,5502$3,8003$3,9904$4,1005$4,500
$4,500
RENT COMPS ANALYSIS
  • 2463 Irvine Avenue Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,853 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,853 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $3,990
    • $2.15
    •  
  • 2474 Rue De Cannes Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1964
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.99
    •  
  • 2166 Vista Entrada Newport Beach, CA 2
    • 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 1969
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.30
    •  
  • 309 Vista Suerte Newport Beach, CA 4
    • 3 beds 3 baths ∙ 1,849 Sqft ∙ Built 1970 3 beds 3 baths ∙ 1,849 Sqft ∙ Built 1970
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.22
    •  
  • 2300 La Linda Place Newport Beach, CA 5
    • 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 1965 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 1965
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.20
    •  
PROPERTY LISTING DETAILS
Jeanette Wayland
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20169681
Last Updated: 11/03/2020
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