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4256 9th Street Riverside, CA 92501

4 Beds 2 Baths 2,109 sqft Built 1901

$599,999

List Price

$3,030

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1901
  • Price/Sqft : $284.49
  • 3 Days on Market
  • MLS # : IV20260160
  • Updated Date : 12/18/2020 at 17:24
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,109 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

This Beautiful Mission style home Showcases two houses & has all the conveniences that Historic Downtown Riverside living offers. The remodeled downstairs unit features 2Br, 1Ba (there is an area where there was a second bathroom at one time & could possibly be put back). The home has beautiful mission style arches throughout, newer laminate wood flooring, cozy fireplace, remodeled kitchen, its own private laundry area. There is a large private back yard that is beautifully landscaped & well maintained, along with a fountain, a small pond, & extends to the back of the property which leads you to your own private garage. The second unit upstairs is also a remodeled 2Br, 1Ba with its own private entrance, balcony, & indoor laundry area. In total there are 4Br, 2Ba (with the possibility of 3 bathrooms), 3 car garage, additional parking for both houses, & plenty of extra room to create a 3rd unit or accessory dwelling unit (buyer to verity with city). Each unit has its own central A/C & Heat. This is the perfect home for multi-generational living or as an income on one or both units. The opportunities are truly endless. This homes shows beautifully, has a lot of character & will not disappoint. This amazing home is nestled at the foot of Mt. Rubidoux & a short distance to the prestigious Mission Inn, famous Fox Theater & Food Lab. The home is situated in the heart of the entertainment/business district which includes many other downtown amenities & makes this home a must have.

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MARKET HIGHLIGHTS

  • 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]
  • 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, Inland Empire market inherits all the benefits from the area.
  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)

PRICE & RENT TRENDS

Neighborhood: Evergreen Quarter Historic District

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $103k484k

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

Neighborhood: Evergreen Quarter Historic District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8452101

* 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
Bryant Elementary School Primary Regular 473 17 5
Bryant Elementary School Middle Regular 473 17 5
Poly High School High Regular 2,777 106 6

Bryant Elementary School

  • Education Level: Primary
  • # of students: 473
  • # of teachers: 17
5
GreatSchools Rating

Bryant Elementary School

  • Education Level: Middle
  • # of students: 473
  • # of teachers: 17
5
GreatSchools Rating

Poly High School

  • Education Level: High
  • # of students: 2,777
  • # of teachers: 106
6
GreatSchools Rating
 

$539,999$659,999$599,999

PURCHASE PRICE

$2,727$3,333$3,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,030
EXPENSES Loan Payment -$2,214
Property Tax -$585
Property Insurance -$78
Property Management Fees -$179
CASH FLOW
-$25

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.

$599,999

PROJECTED PRICE

$3,030

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,750

INVESTMENT

$164,750

Down Payment
$150,000
Rehab Estimate
$5,750
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,214

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $150,000
Loan Amount $449,999
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$45,314

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,030

    LIST RENT
  • $1.44

    LIST RENT PER SQFT
  • $4,323

    COMP ESTIMATED VALUE
  • $2.05

    COMP AVG. RENT PER SQFT
Comps Range
$3,030
1$3,0302$4,500
$4,500
RENT COMPS ANALYSIS
  • 4256 9th Street Riverside, CA 1
    • 4 beds 3 baths ∙ 2,109 Sqft ∙ Built 1901 4 beds 3 baths ∙ 2,109 Sqft ∙ Built 1901
    • Rent
    • Rent Per SQFT
    •  
    • $3,030
    • $1.44
    •  
  • 4445 University Avenue Riverside, CA 2
    • 3 beds 2 baths ∙ 2,198 Sqft ∙ Built 1912 3 beds 2 baths ∙ 2,198 Sqft ∙ Built 1912
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.05
    •  
PROPERTY LISTING DETAILS
Keven Kelley
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20260160
Last Updated: 12/18/2020
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