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401 Bay Hill Drive Newport Beach, CA 92660

3 Beds 3 Baths 2,009 sqft Built 1988

$1,168,000

List Price

$4,820

$4.6K - $5.1K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $581.38
  • 3 Days on Market
  • MLS # : NP21003497
  • Updated Date : 01/08/2021 at 13:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,009 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

This beautifully upgraded rare Plan B end unit, with main floor master is located in Big Canyon Villas in the heart of Newport Beach. The three bedroom, two and a half bath home is light and bright with an open floor plan which features a spacious living room with built ins, a fireplace and French doors that lead to a large outdoor patio for entertaining. The oversized main floor master suite includes a large tub, separate shower, dual closets. The kitchen is upgraded with white custom cabinets and stainless steel appliances, with bar seating and a casual eating area as well. There is direct access to a two car garage with epoxy coated flooring. The second story offers two large bedrooms and a remodeled bath and the community includes an association pool, spa, exercise room and clubhouse. This home is located minutes away from beaches, Fashion Island, John Wayne Airport and award winning schools.

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: Big Canyon Villas

NeighborhoodNIR Market*CityMarket2010Year20002019400k600k800k1000k1200k1400k1600k1800k2000kPrice in $272k2016k

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

Neighborhood: Big Canyon Villas

ZipNIR Market*CityMarket2010Year2000 Q22019 Q22000250030003500400045005000550060006500Rent in $19816502

* 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
Lincoln Elementary School Primary Regular 620 22 7
Corona Del Mar High School Middle Regular 2,557 93 9
Corona Del Mar High School High Regular 2,557 93 9

Lincoln Elementary School

  • Education Level: Primary
  • # of students: 620
  • # of teachers: 22
7
GreatSchools Rating

Corona Del Mar High School

  • Education Level: Middle
  • # of students: 2,557
  • # of teachers: 93
9
GreatSchools Rating

Corona Del Mar High School

  • Education Level: High
  • # of students: 2,557
  • # of teachers: 93
9
GreatSchools Rating
 

$1,051,200$1,284,800$1,168,000

PURCHASE PRICE

$4,338$5,302$4,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,820
EXPENSES Loan Payment -$4,057
Property Tax -$1,043
Property Insurance -$76
HOA -$620
Property Management Fees -$236
CASH FLOW
-$1,211

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.

$1,168,000

PROJECTED PRICE

$4,820

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
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-$20k-$10k$0.0$10k$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$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$315,270

INVESTMENT

$315,270

Down Payment
$292,000
Rehab Estimate
$5,750
Closing Costs
$17,520

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,057

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $292,000
Loan Amount $876,000
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,800

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,820

    LIST RENT
  • $2.4

    LIST RENT PER SQFT
  • $4,837

    COMP ESTIMATED VALUE
  • $2.41

    COMP AVG. RENT PER SQFT
Comps Range
$3,950
1$3,9502$4,4003$4,4894$4,8205$4,900
$4,900
RENT COMPS ANALYSIS
  • 401 Bay Hill Drive Newport Beach, CA 4
    • 3 beds 3 baths ∙ 2,009 Sqft ∙ Built 1988 3 beds 3 baths ∙ 2,009 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,820
    • $2.40
    •  
  • 132 Westport Newport Beach, CA 1
    • 3 beds 3 baths ∙ 1,741 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,741 Sqft ∙ Built 1984
    property image
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.27
    •  
  • 68 Sea Island Drive Newport Beach, CA 2
    • 3 beds 3 baths ∙ 1,986 Sqft ∙ Built 1977 3 beds 3 baths ∙ 1,986 Sqft ∙ Built 1977
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.22
    •  
  • 51 Sea Island Drive Newport Beach, CA 3
    • 3 beds 3 baths ∙ 1,819 Sqft ∙ Built 1977 3 beds 3 baths ∙ 1,819 Sqft ∙ Built 1977
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,489
    • $2.47
    •  
  • 1824 Port Tiffin Place Newport Beach, CA 5
    • 4 beds 2 baths ∙ 1,838 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,838 Sqft ∙ Built 1971
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,900
    • $2.67
    •  
PROPERTY LISTING DETAILS
Laurie Eastman
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NP21003497
Last Updated: 01/08/2021
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