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2524 King Way Claremont, CA 91711

3 Beds 2 Baths 1,984 sqft Built 1977

$899,000

List Price

$3,110

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $453.13
  • 4 Days on Market
  • MLS # : CV21031997
  • Updated Date : 02/26/2021 at 08:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,984 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Covina

Listing Agent's Description

Welcome home to this Santa Fe Style beauty located in the highly desirable North Claremont community. Just beneath the foothills, this single story home offers many upgrades and renovations. Enter in through the front door and find yourself in the foyer leading into the wet bar and living room area. Find serenity while sitting in the living room as you take in the beautiful view of the surrounding mountain range. Adjacent to the living room you will find the formal dining room with access to the kitchen. The kitchen offers updated granite countertops, recessed lighting, and newer appliances. The eating area faces the sliding glass doors that lead to the backyard and patio. Continue through the home and find yourself in the family room/den with vaulted ceilings and access to the wet bar. This home offers 3 bedrooms and 2 bathrooms. The master bedroom features a walk in closet and an ensuite bathroom, complete with double sinks. The second bathroom has been fully remodeled and updated. The 3 car garage offers plenty of storage space as well as roll up doors, automatic garage door opener and direct access into the home through the laundry room. All windows in this home are energy efficient, vinyl, and double pane. Don’t miss your chance to make this home yours.

SEE MORE

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: North Claremont

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: North Claremont

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $16653697

* 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
El Roble Intermediate School Middle Regular 1,068 43 7
Claremont High School High Regular 2,423 92 9
El Roble Intermediate School Middle Unknown NA

El Roble Intermediate School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 43
7
GreatSchools Rating

Claremont High School

  • Education Level: High
  • # of students: 2,423
  • # of teachers: 92
9
GreatSchools Rating

El Roble Intermediate School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

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

PURCHASE PRICE

$2,799$3,421$3,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,110
EXPENSES Loan Payment -$3,123
Property Tax -$948
Property Insurance -$75
Property Management Fees -$152
CASH FLOW
-$1,188

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

$3,110

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.5%
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-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

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 70% 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

0.33

YEARS SAVED

$559

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,110

    LIST RENT
  • $1.57

    LIST RENT PER SQFT
  • $2,946

    COMP ESTIMATED VALUE
  • $1.48

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,1003$3,1104$3,2005$3,400
$3,400
RENT COMPS ANALYSIS
  • 2524 King Way Claremont, CA 3
    • 3 beds 2 baths ∙ 1,984 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,984 Sqft ∙ Built 1977
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,110
    • $1.57
    •  
  • 2473 Bonnie Brae Avenue Claremont, CA 1
    • 4 beds 2 baths ∙ 2,155 Sqft ∙ Built 1978 4 beds 2 baths ∙ 2,155 Sqft ∙ Built 1978
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.44
    •  
  • 2785 Westfield Place Claremont, CA 2
    • 4 beds 2 baths ∙ 2,160 Sqft ∙ Built 1977 4 beds 2 baths ∙ 2,160 Sqft ∙ Built 1977
    property image
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.44
    •  
  • 709 W Silver Tree Street Claremont, CA 4
    • 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1961 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1961
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.48
    •  
  • 122 W Fairfield Drive Claremont, CA 5
    • 4 beds 2 baths ∙ 2,146 Sqft ∙ Built 1977 4 beds 2 baths ∙ 2,146 Sqft ∙ Built 1977
    property image
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.58
    •  
PROPERTY LISTING DETAILS
Aron Hayes
Keller Williams Covina
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21031997
Last Updated: 02/26/2021
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