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3120 Promenade Costa Mesa, CA 92626

3 Beds 3 Baths 1,969 sqft Built 1996

$939,000

List Price

$3,680

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $476.89
  • 3 Days on Market
  • MLS # : OC21054255
  • Updated Date : 03/20/2021 at 05:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,969 sqft
  • Baths : 2 full , 1 half
Listing Agent

Capital Team Real Estate Svc

Listing Agent's Description

From a newly renovated interior and exterior to an enviable location, near many Orange County attractions, this home is one to consider. Located within the Lifestyles gated community, this home is both beautifully designed and spacious. With 18-foot ceilings and plenty of windows, natural light is abundant in the expansive family areas, equipped with a media niche and wood-burning fireplace. Other standout features include: an interior laundry room with built-in cabinetry, 3 bedrooms, 2 of which have attached bathrooms, an additional, separate half bathroom, newly laid tile flooring, dual pane windows, fresh concrete flooring in the backyard, and brand new recessed lights throughout the house. Master bedroom offers his and her large walk-in closets with mirrored doors. Outside of the gated community, this location boasts accessibility to the 405 freeway entrances, allowing for quick trips to nearby beaches, South Coast Plaza, Fashion Island, UC Irvine, Orange Coast College, and other shopping malls, and John Wayne Airport. It's a Must See property.

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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: SoBECA

NeighborhoodNIR Market*CityMarket2010Year20002019400k600k800k1000k1200k1400k1600k1800k2000k2200kPrice in $243k2377k

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

Neighborhood: SoBECA

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800300032003400Rent in $10763537

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

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$845,100$1,032,900$939,000

PURCHASE PRICE

$3,312$4,048$3,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,680
EXPENSES Loan Payment -$3,262
Property Tax -$913
Property Insurance -$75
HOA -$105
Property Management Fees -$180
CASH FLOW
-$854

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.

$939,000

PROJECTED PRICE

$3,680

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$254,585

INVESTMENT

$254,585

Down Payment
$234,750
Rehab Estimate
$5,750
Closing Costs
$14,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,262

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $234,750
Loan Amount $704,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$7,291

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,680

    LIST RENT
  • $1.87

    LIST RENT PER SQFT
  • $4,007

    COMP ESTIMATED VALUE
  • $2.04

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,6803$3,7504$4,2005$4,500
$4,500
RENT COMPS ANALYSIS
  • 3120 Promenade Costa Mesa, CA 2
    • 3 beds 3 baths ∙ 1,969 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,969 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $3,680
    • $1.87
    •  
  • 3462 Windsor Court Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1979
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.05
    •  
  • 3420 Summerset Circle Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 1978
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.14
    •  
  • 801 Megan Court Costa Mesa, CA 4
    • 4 beds 2 baths ∙ 2,160 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,160 Sqft ∙ Built 1996
    LEASED 01/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.94
    •  
  • 1044 Palmetto Way Costa Mesa, CA 5
    • 3 beds 3 baths ∙ 2,242 Sqft ∙ Built 2010 3 beds 3 baths ∙ 2,242 Sqft ∙ Built 2010
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.01
    •  
PROPERTY LISTING DETAILS
Tracy Chau
Capital Team Real Estate Svc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21054255
Last Updated: 03/20/2021
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