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2707 Mathews Avenue #B Redondo Beach, CA 90278

3 Beds 2 Baths 1,673 sqft Built 1989

$835,000

List Price

$3,910

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

December 02, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $499.10
  • 6 Days on Market
  • MLS # : SB20246862
  • Updated Date : 12/02/2020 at 08:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,673 sqft
  • Baths : 2 full
Listing Agent

Beach City Brokers

Listing Agent's Description

Come check out this great townhome at a fantastic price! Only 4 units in the complex and exceptionally low HOAs. Renovated kitchen with recessed lighting and granite counter tops. Directly off the kitchen upstairs is a living area with vaulted ceilings creating a large open space that flows. Relaxing outdoor deck off the living area to enjoy your morning coffee or Indian Summer nights. Spacious master bedroom with high ceilings also has an open feel to it. An ensuite master bath with separate toilet area, and a large sky light in to keep it bright. Add to that an extra large walk in closet and you may never want to leave the master suite. All bedrooms, stairs, and living room have updated flooring. Large 2 car garage has direct entry into the property. The separate laundry area is located inside the property right next to a large storage area. Great location in the award winning Redondo Beach School District, minutes from the beach, great shopping, and the 405 freeway. Come take a look!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Madison Elementary School Primary Regular 451 18 8
Adams Middle School Middle Regular 982 32 8
Redondo Union High School High Regular 2,658 102 9

Madison Elementary School

  • Education Level: Primary
  • # of students: 451
  • # of teachers: 18
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
 

$751,500$918,500$835,000

PURCHASE PRICE

$3,519$4,301$3,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,910
EXPENSES Loan Payment -$3,081
Property Tax -$829
Property Insurance -$68
HOA -$175
Property Management Fees -$192
CASH FLOW
-$433

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.

$835,000

PROJECTED PRICE

$3,910

PROJECTED RENT

0.47%

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

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$227,025

INVESTMENT

$227,025

Down Payment
$208,750
Rehab Estimate
$5,750
Closing Costs
$12,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$3,081

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $208,750
Loan Amount $626,250
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$34,202

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,910

    LIST RENT
  • $2.34

    LIST RENT PER SQFT
  • $3,911

    COMP ESTIMATED VALUE
  • $2.34

    COMP AVG. RENT PER SQFT
Comps Range
$3,700
1$3,7002$3,7503$3,8004$3,9105$4,700
$4,700
RENT COMPS ANALYSIS
  • 2707 Mathews Avenue Redondo Beach, CA 4
    • 3 beds 2 baths ∙ 1,673 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,673 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $3,910
    • $2.34
    •  
  • 2312 Ruhland Avenue Redondo Beach, CA 1
    • 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,704 Sqft ∙ Built 1975
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.17
    •  
  • 2603 Vanderbilt Lane Redondo Beach, CA 2
    • 3 beds 2 baths ∙ 1,589 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,589 Sqft ∙ Built 1988
    LEASED 08/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.36
    •  
  • 2620 Gates Avenue Redondo Beach, CA 3
    • 3 beds 3 baths ∙ 1,552 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,552 Sqft ∙ Built 1979
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.45
    •  
  • 2200 Graham Avenue Redondo Beach, CA 5
    • 3 beds 3 baths ∙ 1,981 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,981 Sqft ∙ Built 1985
    LEASED 07/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,700
    • $2.37
    •  
PROPERTY LISTING DETAILS
Gina Ladinig
Beach City Brokers
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB20246862
Last Updated: 12/02/2020
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