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357 W Wilson Street #G Costa Mesa, CA 92627

3 Beds 3 Baths 1,331 sqft Built 1992

$660,000

List Price

$2,830

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $495.87
  • 5 Days on Market
  • MLS # : OC21061836
  • Updated Date : 03/24/2021 at 16:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,331 sqft
  • Baths : 2 full , 1 half
Listing Agent

Global Bancorp

Listing Agent's Description

This recently updated beautiful townhome in the heart of Costa Mesa is perfect for a family or an investor! Walking distance to Starbucks, restaurants, shops, parks and biking distance to beach, OC fairgrounds, and back bay, the home offers opportunity for a fun and active lifestyle. This tri-level 3 bedroom/2.5 bath offers a bright, modern space with updated kitchen and appliances, gorgeous newly added stone fireplace, laminate flooring and fresh paint throughout. The master bedroom has an en-suite bathroom, vaulted ceilings, and a private patio. Brand new air-conditioning unit added in 2017 and water heater updated in 2020. Spacious 2-car garage with direct access to home provides ample space for cars, storage, and exercise space. Back unit offers privacy from Wilson Street and deck space overlooking community garden, perfect for outdoor grilling and entertaining. Don’t miss this rare opportunity for a spacious, affordable, updated townhome with low HOA dues in an up-and-coming location.

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: College Park District

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $239k841k

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

Neighborhood: College Park District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18423537

* 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.
 

$594,000$726,000$660,000

PURCHASE PRICE

$2,547$3,113$2,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,830
EXPENSES Loan Payment -$2,292
Property Tax -$657
Property Insurance -$59
HOA -$350
Property Management Fees -$139
CASH FLOW
-$668

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.

$660,000

PROJECTED PRICE

$2,830

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$180,650

INVESTMENT

$180,650

Down Payment
$165,000
Rehab Estimate
$5,750
Closing Costs
$9,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,292

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $165,000
Loan Amount $495,000
See What Happens When You Reinvest Cash Flow

0.75

YEARS SAVED

$2,092

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,830

    LIST RENT
  • $2.13

    LIST RENT PER SQFT
  • $3,028

    COMP ESTIMATED VALUE
  • $2.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,830
1$2,8302$2,8503$2,9954$3,3005$3,300
$3,300
RENT COMPS ANALYSIS
  • 357 W Wilson Street Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,331 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,331 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $2,830
    • $2.13
    •  
  • 260 Victoria Street Costa Mesa, CA 2
    • 3 beds 3 baths ∙ 1,257 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,257 Sqft ∙ Built 1984
    LEASED 11/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.27
    •  
  • 2380 Orange Avenue Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 1976
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.12
    •  
  • 2330 Vanguard Way Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1985
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.51
    •  
  • 431 W Bay Street Costa Mesa, CA 5
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2001
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.20
    •  
PROPERTY LISTING DETAILS
Nina Hanna
Global Bancorp
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21061836
Last Updated: 03/24/2021
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