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2624 W Cherry Avenue Fullerton, CA 92833

3 Beds 2 Baths 1,123 sqft Built 1955

$624,900

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

February 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $556.46
  • 7 Days on Market
  • MLS # : IG21025904
  • Updated Date : 02/13/2021 at 16:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,123 sqft
  • Baths : 2 full
Listing Agent

Team Spirit Realty, Inc.

Listing Agent's Description

Located in a quiet and peaceful street in a VERY DESIRABLE neighborhood! Cozy and charming 3-bedroom, 2-full bath single family home in Fullerton. Home offers a warm and functional flowing floor plan with lots of natural light. Lovely wood flooring, double pane windows, and crown molding in the living room. Beautiful 4-panel sliding doors leading out to a covered patio overlooking a tranquil, grassy backyard. Ideal location with easy 91 Fwy, 5 Fwy access and close to shopping centers, restaurants, and schools. This is a great opportunity to get into a special home and neighborhood!

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

Zip Code: 92833

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $230k742k

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

Zip Code: 92833

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $15703345

* 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
Nicolas Junior High School Middle Regular 738 31 4
Buena Park High School High Regular 1,940 68 5

Nicolas Junior High School

  • Education Level: Middle
  • # of students: 738
  • # of teachers: 31
4
GreatSchools Rating

Buena Park High School

  • Education Level: High
  • # of students: 1,940
  • # of teachers: 68
5
GreatSchools Rating
 

$562,410$687,390$624,900

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$2,171
Property Tax -$619
Property Insurance -$54
Property Management Fees -$114
CASH FLOW
-$638

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.

$624,900

PROJECTED PRICE

$2,320

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,349

INVESTMENT

$171,349

Down Payment
$156,225
Rehab Estimate
$5,750
Closing Costs
$9,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $156,225
Loan Amount $468,675
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$2,753

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $2.07

    LIST RENT PER SQFT
  • $2,516

    COMP ESTIMATED VALUE
  • $2.24

    COMP AVG. RENT PER SQFT
Comps Range
$2,320
1$2,3202$2,5003$2,8004$2,8505$2,950
$2,950
RENT COMPS ANALYSIS
  • 2624 W Cherry Avenue Fullerton, CA 1
    • 3 beds 2 baths ∙ 1,123 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,123 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $2.07
    •  
  • 520 S Courtney Avenue Fullerton, CA 2
    • 3 beds 2 baths ∙ 1,123 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,123 Sqft ∙ Built 1953
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $2.23
    •  
  • 612 S Paula Drive Fullerton, CA 3
    • 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1952
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.33
    •  
  • 2455 W Cherry Avenue Fullerton, CA 4
    • 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,325 Sqft ∙ Built 1955
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.15
    •  
  • 1501 S Pacific Drive Fullerton, CA 5
    • 4 beds 2 baths ∙ 1,309 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,309 Sqft ∙ Built 1954
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.25
    •  
PROPERTY LISTING DETAILS
Yoonsook Kim
Team Spirit Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21025904
Last Updated: 02/13/2021
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