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2622 Sovereign Way 
Riverside, CA
92506
4 Beds 2 Baths 2,202 sqft
Built 1985
INVESTimate
$699,000
List Price
$190,985
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PROPERTY INFO
FACTS
- Built In 1985
- Price/Sqft : $317.44
- 2 Days on Market
- MLS # : IV20172220
- Updated Date : 08/25/2020 at 16:23
CONSTRUCTION
- Beds : 4
- Floor Size : 2,202 sqft
- Baths : 2 full
Listing Agent
Realty Masters & Associates
Listing Agent's Description
THIS IS YOUR OPPORTUNITY to own a beautifully updated Hawarden Hills home! Pride of ownership abounds in this lovingly maintained family home, which is now offered on the market for the first time ever at an incredible price! Inside you will find brand new water resistant engineered hardwood flooring throughout. Completely remodeled chef’s kitchen with eat-in center island, quartz countertops, custom pendant lighting, farmhouse sink, & stainless steel appliances…ALL BRAND NEW! The home has 3 completely remodeled bathrooms that boast quartz counters, updated flooring, custom sink fixtures, & rainfall shower heads. Updated 21st century tech includes smart home compatible switches, plugs, & wifi-controlled recessed LED lighting in the majority of the home. A cool, crisp Bogner pool & spa beckons refreshingly on warm summer days…re-plastered <1 year ago, re-tiled, & new Pentair energy saver pump. The back yard is home to mature fruit trees, a comfy covered patio, basketball court pad & solid block fencing all around. The side yard has gated access for potential RV storage! Both garage doors & openers are brand new! Exterior painted within the past year! Tile roof recently serviced! Ultra-desirable South of Victoria Ave neighborhood with close proximity to Gage Canal & Victoria jogging & bike paths, yet still convenient to local restaurants, shopping and freeways. An amazing value, this home is sure to impress…so DON’T WAIT, make it yours before it’s gone!
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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)
- 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)
- 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]
- 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, Inland Empire market inherits all the benefits from the area.
PRICE & RENT TRENDS
Neighborhood: Hawarden Hills
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Hawarden Hills
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,620 |
| EXPENSES | Loan Payment | -$2,579 |
| Property Tax | -$676 | |
| Property Insurance | -$81 | |
| Property Management Fees | -$155 | |
|
CASH FLOW
-$870
|
||
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
$2,620
PROJECTED RENT
0.37%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 8.11% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.35% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$190,985
LOAN DETAILS
$2,579
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $174,750 |
| Loan Amount | $524,250 |
0.42
YEARS SAVED
$996
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,620
LIST RENT -
$1.19
LIST RENT PER SQFT
-
$2,606
COMP ESTIMATED VALUE -
$1.18
COMP AVG. RENT PER SQFT
Comps Range
-
2622 Sovereign Way Riverside, 3
- 4 beds 2 baths ∙ 2,202 Sqft ∙ Built 1985 4 beds 2 baths ∙ 2,202 Sqft ∙ Built 1985
- Rent
- Rent Per SQFT
- $2,620
- $1.19
-
2647 Cortina Drive Riverside, 1
- 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1974 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 1974
LEASED 03/31/19- Rent
- Rent Per SQFT
- $2,250
- $1.13
-
1526 Tonia Court Riverside, 2
- 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,961 Sqft ∙ Built 1987
LEASED 02/15/20- Rent
- Rent Per SQFT
- $2,400
- $1.22
-
1537 Tonia Court Riverside, 4
- 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987
LEASED 03/20/20- Rent
- Rent Per SQFT
- $2,650
- $1.21
PROPERTY LISTING DETAILS
Realty Masters & Associates
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV20172220
Last Updated: 08/25/2020
