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255 Walnut Street Newport Beach, CA 92663

3 Beds 4 Baths 2,226 sqft Built 1967

$1,495,000

List Price

$5,730

$5.5K - $6K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $671.61
  • 7 Days on Market
  • MLS # : OC21026436
  • Updated Date : 02/12/2021 at 17:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,226 sqft
  • Baths : 3 full , 1 half
Listing Agent

Kase Real Estate

Listing Agent's Description

Welcome to the coastal community of Newport Shores! This house boasts California living with its distinct Spanish style and modern lines. Entering the home you are greeted by a sunfilled living room with vaulted ceilings, upper perimeter windows, and a gas fireplace. The kitchen provides plenty of counter space and storage for any cooking enthusiast to fall in love with. The downstairs bedroom with ensuite bathroom is great as a private guest room or additional bedroom. Upstairs you’re greeted by a landing ideal for a reading nook or small office. The wide hallway makes for an upstairs living space. An additional bedroom with ensuite bathroom and Master bedroom with balcony create a private, yet connected, second story. Lastly, as you make your way to the third floor you enter one of the tallest rooftop balconies in Newport Shores. It’s the perfect place for entertaining guests, sunbathing, watching the sunset, or simply living the California lifestyle. Newport Shores is a beachgoer’s dream within walking distance to the beach, coffee shops, restaurants, parks, etc. The community also has a clubhouse, pool, tennis court, sand volleyball court, basketball court, and a kids playground. What more could you want out of life?

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Newport Shores

NeighborhoodNIR Market*CityMarket2010Year20002019400k600k800k1000k1200k1400k1600k1800k2000kPrice in $272k2016k

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

Neighborhood: Newport Shores

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2200025003000350040004500500055006000Rent in $19816232

* 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
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

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
 

$1,345,500$1,644,500$1,495,000

PURCHASE PRICE

$5,157$6,303$5,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,730
EXPENSES Loan Payment -$5,193
Property Tax -$1,491
Property Insurance -$81
HOA -$46
Property Management Fees -$281
CASH FLOW
-$1,361

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.

$1,495,000

PROJECTED PRICE

$5,730

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 8.3%
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$1.0M$2.0M$3.0M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k$20k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$401,925

INVESTMENT

$401,925

Down Payment
$373,750
Rehab Estimate
$5,750
Closing Costs
$22,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$5,193

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $373,750
Loan Amount $1,121,250
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$9,516

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,730

    LIST RENT
  • $2.57

    LIST RENT PER SQFT
  • $4,563

    COMP ESTIMATED VALUE
  • $2.05

    COMP AVG. RENT PER SQFT
Comps Range
$4,000
1$4,0002$4,2503$4,3004$4,5005$5,730
$5,730
RENT COMPS ANALYSIS
  • 255 Walnut Street Newport Beach, CA 5
    • 3 beds 4 baths ∙ 2,226 Sqft ∙ Built 1967 3 beds 4 baths ∙ 2,226 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $5,730
    • $2.57
    •  
  • 19 Gretel Court Newport Beach, CA 1
    • 4 beds 3 baths ∙ 1,909 Sqft ∙ Built 1973 4 beds 3 baths ∙ 1,909 Sqft ∙ Built 1973
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.10
    •  
  • 491 62nd Street Newport Beach, CA 2
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1960 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1960
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.13
    •  
  • 262 Lugonia Street Newport Beach, CA 3
    • 4 beds 3 baths ∙ 2,057 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,057 Sqft ∙ Built 1963
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.09
    •  
  • 9132 Christine Drive Huntington Beach, CA 4
    • 4 beds 3 baths ∙ 2,387 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,387 Sqft ∙ Built 1963
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.89
    •  
PROPERTY LISTING DETAILS
Joshua Busch
Kase Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21026436
Last Updated: 02/12/2021
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