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302 Cabrillo Street Costa Mesa, CA 92627

4 Beds 3 Baths 2,442 sqft Built 2020

$1,350,000

List Price

$4,610

$4.4K - $4.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $552.83
  • 65 Days on Market
  • MLS # : OC20195836
  • Updated Date : 11/18/2020 at 11:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,442 sqft
  • Baths : 3 full
Listing Agent

Titan Pacific Group Inc

Listing Agent's Description

BRAND NEW CONSTRUCTION! Easily stroll to popular 17th Street restaurants and shops, or take your bike to the beaches and Back Bay, from this lovely cottage-style home in desirable Eastside Costa Mesa. Move-in ready, this four-bedroom, three-bath property is a new-build featuring everything brand new from top to bottom, with plenty of natural light throughout. There’s even central air-conditioning for those hot summer days, Don’t miss this amazing chance to make this your very own brand new home, complete with easy access to Sidecar Doughnuts, Eat Chow, Greenleaf Chopshop, Jan’s Health Bar, Coffee Dose, Playa Mesa Mexican restaurant, Haute Cakes Cafe, Kit coffeehouse, Sprouts Farmers Market and much more!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200kPrice in $272k1225k

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

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813867

* 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
Mariners Elementary School Primary Regular 742 29 8
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Mariners Elementary School

  • Education Level: Primary
  • # of students: 742
  • # of teachers: 29
8
GreatSchools Rating

Ensign Intermediate School

  • Education Level: Middle
  • # of students: 1,173
  • # of teachers: 42
8
GreatSchools Rating

Newport Harbor High School

  • Education Level: High
  • # of students: 2,355
  • # of teachers: 82
8
GreatSchools Rating
 

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

PURCHASE PRICE

$4,149$5,071$4,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,610
EXPENSES Loan Payment -$4,981
Property Tax -$1,305
Property Insurance -$86
Property Management Fees -$226
CASH FLOW
-$1,988

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$1,350,000

PROJECTED PRICE

$4,610

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 3.00%
Vacancy 5.81%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$359,750

INVESTMENT

$359,750

Down Payment
$337,500
Rehab Estimate
$2,000
Closing Costs
$20,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,981

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $337,500
Loan Amount $1,012,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$287

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,610

    LIST RENT
  • $1.89

    LIST RENT PER SQFT
  • $4,591

    COMP ESTIMATED VALUE
  • $1.88

    COMP AVG. RENT PER SQFT
Comps Range
$4,200
1$4,2002$4,4003$4,5004$4,6105$4,850
$4,850
RENT COMPS ANALYSIS
  • 302 Cabrillo Street Costa Mesa, CA 4
    • 4 beds 3 baths ∙ 2,442 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,442 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $4,610
    • $1.89
    •  
  • 1810 Pomona Avenue Costa Mesa, CA 1
    • 4 beds 4 baths ∙ 2,200 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,200 Sqft ∙ Built 2018
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.91
    •  
  • 738 Tustin Avenue Newport Beach, CA 2
    • 3 beds 3 baths ∙ 2,390 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,390 Sqft ∙ Built 2000
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $1.84
    •  
  • 219 E 16th Street Costa Mesa, CA 3
    • 4 beds 3 baths ∙ 2,378 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,378 Sqft ∙ Built 2003
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.89
    •  
  • 163 Flower Street Costa Mesa, CA 5
    • 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2018
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,850
    • $1.88
    •  
PROPERTY LISTING DETAILS
Omid Yousofi
Titan Pacific Group Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20195836
Last Updated: 11/18/2020
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