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344 Pomona Ave Coronado, CA 92118

3 Beds 2 Baths 1,453 sqft Built 1931

$1,550,000

List Price

$4,210

$4K - $4.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1931
  • Price/Sqft : $1,066.76
  • 4 Days on Market
  • MLS # : 210019547
  • Updated Date : 07/12/2021 at 23:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,453 sqft
  • Baths : 2 full
Listing Agent

Homesmart Realty West

Listing Agent's Description

Excellent opportunity to own this beautiful detached two story home with a rooftop deck in Coronado. This updated 1453sf home features 3 bedrooms, 2 bathrooms with upgraded chef's kitchen, granite countertops, recessed lighting, crown molding, plantation shutters and beautiful original hardwood flooring. Enjoy Coronado living without the added expense of a HOA. Master suite has a private deck to enjoy your morning coffee viewing San Diego downtown. This home's amazing 3rd story roof top deck has excellent panoramic views of San Diego Harbor, beach and city night lights. Property has a great walk score with walking distance to Ferry Landing, parks, golf course, restaurants and shops. Easy bridge access. HURRY! WON'T LAST! This is the best deal on the island!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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 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)
  • As part of Southern California area, San Diego 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]

PRICE & RENT TRENDS

Neighborhood: Coronado Beach South Island

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200k1300k1400k1500k1600kPrice in $240k1663k

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

Neighborhood: Coronado Beach South Island

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q22000250030003500400045005000Rent in $16275173

* 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
Coronado Village Elementary School Primary Regular 841 32 8
Coronado Middle School Middle Regular 750 30 10
Coronado High School High Regular 1,193 54 9

Coronado Village Elementary School

  • Education Level: Primary
  • # of students: 841
  • # of teachers: 32
8
GreatSchools Rating

Coronado Middle School

  • Education Level: Middle
  • # of students: 750
  • # of teachers: 30
10
GreatSchools Rating

Coronado High School

  • Education Level: High
  • # of students: 1,193
  • # of teachers: 54
9
GreatSchools Rating
 

$1,395,000$1,705,000$1,550,000

PURCHASE PRICE

$3,789$4,631$4,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,210
EXPENSES Loan Payment -$5,384
Property Tax -$1,422
Property Insurance -$64
Property Management Fees -$129
CASH FLOW
-$2,788

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.

$1,550,000

PROJECTED PRICE

$4,210

PROJECTED RENT

0.27%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.41%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.56%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$40k-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$416,500

INVESTMENT

$416,500

Down Payment
$387,500
Rehab Estimate
$5,750
Closing Costs
$23,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$5,384

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $387,500
Loan Amount $1,162,500
See What Happens When You Reinvest Cash Flow

0.08

YEARS SAVED

$115

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,210

    LIST RENT
  • $2.9

    LIST RENT PER SQFT
  • $3,633

    COMP ESTIMATED VALUE
  • $2.5

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$4,210
$4,210
RENT COMPS ANALYSIS
  • 344 Pomona Ave Coronado, CA 2
    • 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 1931 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 1931
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,210
    • $2.90
    •  
  • 1200 5th Street Coronado, CA 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1950
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.50
    •  
PROPERTY LISTING DETAILS
Julianne Pulido
1.619.942.2712
Homesmart Realty West
1.866.250.5610
San Diego MLS ( SDMLS)
MLS #: 210019547
Last Updated: 07/12/2021
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