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308 Cleveland Drive Huntington Beach, CA 92648

3 Beds 2 Baths 2,000 sqft Built 1961

$1,149,990

List Price

$3,800

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $575.00
  • 3 Days on Market
  • MLS # : PW21004485
  • Updated Date : 01/08/2021 at 15:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,000 sqft
  • Baths : 2 full
Listing Agent

Momentum Realty Group

Listing Agent's Description

Huntington Beach living at its finest! This one of a kind 3 bed, 3 bath Huntington Beach stunner was built in 1961 and went through complete frame up renovation in 2006. This beautiful home sits on a spacious 6,072 sq ft lot and boasts 2,000 sq ft of living space. The entry welcomes you to an open floor plan with tall 9 ft ceilings, natural light, fresh paint and recessed lighting throughout the entire home. Newly refinished wood floors, sturdy wall framing, bullnose corners & high-end crown molding reinforce the quality of this home. Spacious Family Room complete with coffered ceiling, wood burning fireplace, drybar and beautiful French doors leading to a fully hardscaped side yard. The kitchen features beautifully crafted cabinets, high quality Caeserstone™ countertops, stainless steel appliances, breakfast bar and natural travertine floors. The formal dining room features custom architectural detailing and skylights. A center hallway leads you to the Master Suite, with walk-in closet, master bath with dual sinks, soaking tub and walk-in shower. A full hallway bath, 2 additional bedrooms and laundry room with direct garage access completes the interior of this home. A beautiful paver driveway leads the way to the oversized 2-car garage complete with built in storage, workbench, spacious cabinets and a sink. Entertain outside on the hardscaped patio and fully landscaped yard. Close to prestigious schools, the beach, fine dining, entertainment. This home is a must-see!

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

Neighborhood: Garfield

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $212k831k

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

Neighborhood: Garfield

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q216001800200022002400260028003000320034003600Rent in $15863620

* 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
Joseph R. Perry Elementary School Primary Regular 468 19 6
Ethel Dwyer Middle School Middle Regular 1,243 43 8
Huntington Beach Adult School High Magnet 2,939 103 9

Joseph R. Perry Elementary School

  • Education Level: Primary
  • # of students: 468
  • # of teachers: 19
6
GreatSchools Rating

Ethel Dwyer Middle School

  • Education Level: Middle
  • # of students: 1,243
  • # of teachers: 43
8
GreatSchools Rating

Huntington Beach Adult School

  • Education Level: High
  • # of students: 2,939
  • # of teachers: 103
9
GreatSchools Rating
 

$1,034,991$1,264,989$1,149,990

PURCHASE PRICE

$3,420$4,180$3,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,800
EXPENSES Loan Payment -$3,994
Property Tax -$1,136
Property Insurance -$75
Property Management Fees -$186
CASH FLOW
-$1,592

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$1,149,990

PROJECTED PRICE

$3,800

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,497

INVESTMENT

$310,497

Down Payment
$287,498
Rehab Estimate
$5,750
Closing Costs
$17,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,994

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $287,498
Loan Amount $862,493
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$480

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,800

    LIST RENT
  • $1.9

    LIST RENT PER SQFT
  • $3,950

    COMP ESTIMATED VALUE
  • $1.98

    COMP AVG. RENT PER SQFT
Comps Range
$3,350
1$3,3502$3,8003$3,9004$4,0005$4,400
$4,400
RENT COMPS ANALYSIS
  • 308 Cleveland Drive Huntington Beach, CA 2
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1961 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.90
    •  
  • 2005 Delaware Street Huntington Beach, CA 1
    • 4 beds 3 baths ∙ 1,825 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,825 Sqft ∙ Built 1978
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.84
    •  
  • 19671 Elmcrest Lane Huntington Beach, CA 3
    • 4 beds 2 baths ∙ 1,844 Sqft ∙ Built 1978 4 beds 2 baths ∙ 1,844 Sqft ∙ Built 1978
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.11
    •  
  • 1852 Main Street Huntington Beach, CA 4
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 1976
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.93
    •  
  • 8352 Cade Circle Huntington Beach, CA 5
    • 4 beds 2 baths ∙ 2,173 Sqft ∙ Built 1978 4 beds 2 baths ∙ 2,173 Sqft ∙ Built 1978
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.02
    •  
PROPERTY LISTING DETAILS
Karl Parize
Momentum Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21004485
Last Updated: 01/08/2021
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