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324 33rd Ave Santa Cruz, CA 95062

2 Beds 1 Baths 1,064 sqft Built 1965

$1,200,000

List Price

$3,190

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $1,127.82
  • 6 Days on Market
  • MLS # : ML81819813
  • Updated Date : 11/13/2020 at 11:02
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,064 sqft
  • Baths : 1 full
Listing Agent

Indigo Beach Properties, Inc.

Listing Agent's Description

In the heart of Pleasure Point, this newly remodeled cozy beach cottage is ready for you. The beach lifestyle begins here where you can walk to everything from surfing, to the promenade or beaches along East Cliff Drive. This coastal beach neighborhood provides a carefree range of restaurants, coffee shops, breweries and retail stores.Completely remodeled and updated this cottage shows like a new home. A kitchen where you'll find Stainless appliances, Thermador Dishwasher, Quartzite kitchen counters and Subway tile backsplash, custom cabinets and under-cabinet LED lighting, making this a fantastic new turnkey kitchen. The bathroom, with a custom vanity, marble top, Kaldewei Cayano shower over tub and custom touches is ready for you to pamper yourself with unlimited hot water via a tankless water heater. The list of completed improvements for the remodel makes this feel like a brand new home. You'll have much to enjoy from this location and special cozy beach cottage.

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MARKET HIGHLIGHTS

  • North Central Coast, CA area contributes to 10.2% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Santa Cruz is the 6th best city for future job growth (Forbes, 2019)
  • North Central Coast, CA area has 62.2% labor force participation rate; within this area, Salinas, CA metro has 62.5% and Santa Cruz-Watsonville, CA metro has 61.8% labor force participation rate (USMayors.org, 2018)
  • Santa Cruz is the headquarters to technology companies: Looker.com, Plantronics, FileOpen and major university system - University of California, Santa Cruz (Santa Cruz Economic Development, 2019)

PRICE & RENT TRENDS

Zip Code: 95062

ZipNIR Market*CityMarket2010Year20002019350k400k450k500k550k600k650k700k750k800k850k900kPrice in $335k941k

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

Zip Code: 95062

No Data Available.

* 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
Mission Hill Middle School Middle Regular 641 26 6
Harbor High School High Regular 1,032 42 8
Cypress Charter High School High Charter 152 10 6

Mission Hill Middle School

  • Education Level: Middle
  • # of students: 641
  • # of teachers: 26
6
GreatSchools Rating

Harbor High School

  • Education Level: High
  • # of students: 1,032
  • # of teachers: 42
8
GreatSchools Rating

Cypress Charter High School

  • Education Level: High
  • # of students: 152
  • # of teachers: 10
6
GreatSchools Rating
 

$1,080,000$1,320,000$1,200,000

PURCHASE PRICE

$2,871$3,509$3,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,190
EXPENSES Loan Payment -$4,427
Property Tax -$1,267
Property Insurance -$58
Property Management Fees -$129
CASH FLOW
-$2,692

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,200,000

PROJECTED PRICE

$3,190

PROJECTED RENT

0.27%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
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-$40k-$30k-$20k-$10k$0.0

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$323,750

INVESTMENT

$323,750

Down Payment
$300,000
Rehab Estimate
$5,750
Closing Costs
$18,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$4,427

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $300,000
Loan Amount $900,000
See What Happens When You Reinvest Cash Flow

-0.25

YEARS SAVED

-$179

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $3,278

    COMP ESTIMATED VALUE
  • $2.71

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,9003$2,950
$2,950
RENT COMPS ANALYSIS
  • 324 33rd Ave Santa Cruz, CA 1
    • 2 beds 1 baths ∙ 1,212 Sqft ∙ Built 1965 2 beds 1 baths ∙ 1,212 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2250 Harper St Santa Cruz, CA 2
    • 2 beds 1 baths ∙ 1,200 Sqft ∙ Built 1948 2 beds 1 baths ∙ 1,200 Sqft ∙ Built 1948
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.42
    •  
  • 1170 Whitewater Cv Santa Cruz, CA 3
    • 2 beds 1 baths ∙ 987 Sqft ∙ Built 1982 2 beds 1 baths ∙ 987 Sqft ∙ Built 1982
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.99
    •  
PROPERTY LISTING DETAILS
Paula Woods
Indigo Beach Properties, Inc.
BESbswy