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2824 Arizona Avenue #2 Santa Monica, CA 90404

3 Beds 3 Baths 1,868 sqft Built 1989

$1,350,000

List Price

$4,950

$4.7K - $5.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $722.70
  • 2 Days on Market
  • MLS # : 21697022
  • Updated Date : 03/06/2021 at 13:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,868 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Estate Properties

Listing Agent's Description

Wonderful contemporary 3bd2.5 bath Santa Monica Townhome with bonus loft and direct access garage. Small complex great location

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)
  • 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]
  • 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's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Sierra Vista Heights

ZipNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $199k1677k

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

Neighborhood: Sierra Vista Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000650070007500Rent in $17847744

* 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
Mckinley Elementary School Primary Regular 499 23 8
Lincoln Middle School Middle Regular 1,027 45 9
Santa Monica High School High Regular 2,984 129 9

Mckinley Elementary School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 23
8
GreatSchools Rating

Lincoln Middle School

  • Education Level: Middle
  • # of students: 1,027
  • # of teachers: 45
9
GreatSchools Rating

Santa Monica High School

  • Education Level: High
  • # of students: 2,984
  • # of teachers: 129
9
GreatSchools Rating
 

$1,215,000$1,485,000$1,350,000

PURCHASE PRICE

$4,455$5,445$4,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,950
EXPENSES Loan Payment -$4,689
Property Tax -$1,338
Property Insurance -$72
HOA -$471
Property Management Fees -$243
CASH FLOW
-$1,863

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.

$1,350,000

PROJECTED PRICE

$4,950

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.8%
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$3.5M$4.0M$4.5M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$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$3.5M$4.0M$4.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$363,500

INVESTMENT

$363,500

Down Payment
$337,500
Rehab Estimate
$5,750
Closing Costs
$20,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,689

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $337,500
Loan Amount $1,012,500
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$442

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,950

    LIST RENT
  • $2.65

    LIST RENT PER SQFT
  • $4,567

    COMP ESTIMATED VALUE
  • $2.45

    COMP AVG. RENT PER SQFT
Comps Range
$4,180
1$4,1802$4,2273$4,3004$4,7505$4,950
$4,950
RENT COMPS ANALYSIS
  • 2824 Arizona Avenue Santa Monica, CA 5
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $4,950
    • $2.65
    •  
  • 1530 S Centinela Avenue Los Angeles, CA 1
    • 3 beds 3 baths ∙ 1,771 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,771 Sqft ∙ Built 2007
    LEASED 03/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,180
    • $2.36
    •  
  • 1331 Amherst Avenue Los Angeles, CA 2
    • 4 beds 3 baths ∙ 1,802 Sqft ∙ Built 2009 4 beds 3 baths ∙ 1,802 Sqft ∙ Built 2009
    LEASED 03/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,227
    • $2.35
    •  
  • 11871 Iowa Avenue Los Angeles, CA 3
    • 3 beds 3 baths ∙ 1,775 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,775 Sqft ∙ Built 2001
    LEASED 02/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.42
    •  
  • 1409 Armacost Avenue Los Angeles, CA 4
    • 3 beds 3 baths ∙ 1,794 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,794 Sqft ∙ Built 2006
    LEASED 03/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,750
    • $2.65
    •  
PROPERTY LISTING DETAILS
Deborah Sarlo
Re/max Estate Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21697022
Last Updated: 03/06/2021
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