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2518 Virginia Avenue #C Santa Monica, CA 90404

3 Beds 2 Baths 1,160 sqft Built 1959

$699,000

List Price

$3,830

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $602.59
  • 6 Days on Market
  • MLS # : 20658364
  • Updated Date : 11/10/2020 at 20:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,160 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Prime Santa Monica location close to Santa Monica College, shopping and freeways. This 3 bed 2 bath two story condo has just been painted, new ceiling fans in all bedrooms & new window coverings. Secured/ gated parking with extra storage. Easy to show ! All offers due by November 17th. ( photos are virtually staged)

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Pico

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $199k1677k

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

Neighborhood: Pico

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000650070007500Rent in $17847744

* 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
Edison Elementary School Primary Regular 449 18 9
John Adams Middle School Middle Regular 1,030 46 7
Santa Monica High School High Regular 2,984 129 9

Edison Elementary School

  • Education Level: Primary
  • # of students: 449
  • # of teachers: 18
9
GreatSchools Rating

John Adams Middle School

  • Education Level: Middle
  • # of students: 1,030
  • # of teachers: 46
7
GreatSchools Rating

Santa Monica High School

  • Education Level: High
  • # of students: 2,984
  • # of teachers: 129
9
GreatSchools Rating
 

$629,100$768,900$699,000

PURCHASE PRICE

$3,447$4,213$3,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,830
EXPENSES Loan Payment -$2,579
Property Tax -$693
Property Insurance -$55
HOA -$325
Property Management Fees -$188
CASH FLOW
-$10

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.

$699,000

PROJECTED PRICE

$3,830

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 9.4%
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-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k$35k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,579

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$63,158

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,830

    LIST RENT
  • $3.3

    LIST RENT PER SQFT
  • $4,365

    COMP ESTIMATED VALUE
  • $3.76

    COMP AVG. RENT PER SQFT
Comps Range
$3,830
1$3,8302$4,2003$4,2504$4,5005$4,995
$4,995
RENT COMPS ANALYSIS
  • 2518 Virginia Avenue Santa Monica, CA 1
    • 3 beds 2 baths ∙ 1,160 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,160 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $3,830
    • $3.30
    •  
  • 1521 Michigan Avenue Santa Monica, CA 2
    • 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1961
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.82
    •  
  • 2825 Virginia Avenue Santa Monica, CA 3
    • 3 beds 1 baths ∙ 1,164 Sqft ∙ Built 1947 3 beds 1 baths ∙ 1,164 Sqft ∙ Built 1947
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $3.65
    •  
  • 1803 Euclid Street Santa Monica, CA 4
    • 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 1939
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $3.73
    •  
  • 1727 Franklin Street Santa Monica, CA 5
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1948
    LEASED 11/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,995
    • $3.85
    •  
PROPERTY LISTING DETAILS
Ryan Sokolowski
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20658364
Last Updated: 11/10/2020
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