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302 S Lucia Avenue Redondo Beach, CA 90277

3 Beds 1 Baths 1,348 sqft Built 1925

$1,199,000

List Price

$3,990

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1925
  • Price/Sqft : $889.47
  • 6 Days on Market
  • MLS # : 21679190
  • Updated Date : 01/12/2021 at 10:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,348 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Gorgeous 1920s Spanish Bungalow nestled in the heart of S. Redondo Beach! Exquisitely renovated & ideally situated near restaurants and shopping. This 3 bedroom/2 bath remodeled home acutely maintains the character details and romance of the style while accommodating modern and essential living. Abundant windows throughout allow streams of natural light and a fragrant breeze from the flowering fenced front yard. Front porch seating area leads to entry into a bright open floor plan with beautiful floors where living room with fireplace flows into dining and stylish chefs kitchen with chic cabinetry, granite countertops, white subway tile backsplash & new stainless steel appliances. 2 spacious bedrooms & hall bath with sleek spanish tile design. Master bdrm features mirrored closets & ensuite bth, boasting stunning tile work & frameless shower door. Fenced backyard with patio area perfect for dining alfresco & a sprawling grassy lawn. Finished garage makes for a great bonus room!

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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: South Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200kPrice in $199k1289k

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

Neighborhood: South Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000420044004600Rent in $17844794

* 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
Alta Vista Elementary School Primary Regular 645 26 10
Parras Middle School Middle Regular 1,097 37 9
Redondo Union High School High Regular 2,658 102 9

Alta Vista Elementary School

  • Education Level: Primary
  • # of students: 645
  • # of teachers: 26
10
GreatSchools Rating

Parras Middle School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 37
9
GreatSchools Rating

Redondo Union High School

  • Education Level: High
  • # of students: 2,658
  • # of teachers: 102
9
GreatSchools Rating
 

$1,079,100$1,318,900$1,199,000

PURCHASE PRICE

$3,591$4,389$3,990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,990
EXPENSES Loan Payment -$4,165
Property Tax -$1,141
Property Insurance -$60
Property Management Fees -$196
CASH FLOW
-$1,570

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.

$1,199,000

PROJECTED PRICE

$3,990

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$323,485

INVESTMENT

$323,485

Down Payment
$299,750
Rehab Estimate
$5,750
Closing Costs
$17,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,165

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $299,750
Loan Amount $899,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$1,016

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,990

    LIST RENT
  • $2.96

    LIST RENT PER SQFT
  • $4,790

    COMP ESTIMATED VALUE
  • $3.55

    COMP AVG. RENT PER SQFT
Comps Range
$3,950
1$3,9502$3,9903$4,2004$4,650
$4,650
RENT COMPS ANALYSIS
  • 302 S Lucia Avenue Redondo Beach, CA 2
    • 3 beds 1 baths ∙ 1,348 Sqft ∙ Built 1925 3 beds 1 baths ∙ 1,348 Sqft ∙ Built 1925
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,990
    • $2.96
    •  
  • 228 Avenue E Redondo Beach, CA 1
    • 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1929 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1929
    property image
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $3.29
    •  
  • 102 N Juanita Avenue Redondo Beach, CA 3
    • 3 beds 1 baths ∙ 1,127 Sqft ∙ Built 1928 3 beds 1 baths ∙ 1,127 Sqft ∙ Built 1928
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.73
    •  
  • 527 S Gertruda Avenue Redondo Beach, CA 4
    • 3 beds 2 baths ∙ 1,277 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,277 Sqft ∙ Built 1940
    property image
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,650
    • $3.64
    •  
PROPERTY LISTING DETAILS
Jessica Heredia
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21679190
Last Updated: 01/12/2021
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