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2614 Alvord Lane Redondo Beach, CA 90278

3 Beds 2 Baths 1,167 sqft Built 1953

$999,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $856.04
  • 7 Days on Market
  • MLS # : PV21014455
  • Updated Date : 01/29/2021 at 15:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,167 sqft
  • Baths : 2 full
Listing Agent

Merit Real Estate

Listing Agent's Description

Newly remodeled single-family home in a cozy section of Redondo Beach. Updates include new interior and exterior paint, new floors, and new kitchen appliances just to name a few. A spacious living room serves as the heart of the home, linking the three bedrooms, one-car garage, and kitchen. Long driveway leads to a wide backyard. You'll be close to: major streets for convenient commutes; parks; shops; and restaurants.

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100kPrice in $199k1143k

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

Neighborhood: North Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800400042004400Rent in $17844464

* 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
Washington Elementary School Primary Regular 725 29 8
Adams Middle School Middle Regular 982 32 8
Redondo Union High School High Regular 2,658 102 9

Washington Elementary School

  • Education Level: Primary
  • # of students: 725
  • # of teachers: 29
8
GreatSchools Rating

Adams Middle School

  • Education Level: Middle
  • # of students: 982
  • # of teachers: 32
8
GreatSchools Rating

Redondo Union High School

  • Education Level: High
  • # of students: 2,658
  • # of teachers: 102
9
GreatSchools Rating
 

$899,100$1,098,900$999,000

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$3,470
Property Tax -$991
Property Insurance -$55
Property Management Fees -$157
CASH FLOW
-$1,473

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.

$999,000

PROJECTED PRICE

$3,200

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$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$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$270,485

INVESTMENT

$270,485

Down Payment
$249,750
Rehab Estimate
$5,750
Closing Costs
$14,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,470

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $249,750
Loan Amount $749,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$158

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $2.74

    LIST RENT PER SQFT
  • $3,174

    COMP ESTIMATED VALUE
  • $2.72

    COMP AVG. RENT PER SQFT
Comps Range
$2,800
1$2,8002$2,9503$3,2004$3,2005$3,450
$3,450
RENT COMPS ANALYSIS
  • 2614 Alvord Lane Redondo Beach, CA 4
    • 3 beds 2 baths ∙ 1,167 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,167 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.74
    •  
  • 18104 Regina Avenue Torrance, CA 1
    • 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,100 Sqft ∙ Built 1950
    property image
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.55
    •  
  • 5050 Carmelynn Street Torrance, CA 2
    • 3 beds 1 baths ∙ 1,106 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,106 Sqft ∙ Built 1955
    property image
    LEASED 01/23/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.67
    •  
  • 20011 Bellemare Avenue Torrance, CA 3
    • 3 beds 1 baths ∙ 1,320 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,320 Sqft ∙ Built 1955
    property image
    LEASED 01/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.42
    •  
  • 1915 Condon Avenue Redondo Beach, CA 5
    • 3 beds 2 baths ∙ 1,066 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,066 Sqft ∙ Built 1950
    property image
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $3.24
    •  
PROPERTY LISTING DETAILS
Amir Amiri
Merit Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PV21014455
Last Updated: 01/29/2021
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