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4950 Somam Ave San Diego, CA 92110

4 Beds 3 Baths 1,716 sqft Built 1967

$1,050,000

List Price

$3,530

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $611.89
  • 11 Days on Market
  • MLS # : 210006976
  • Updated Date : 03/24/2021 at 17:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,716 sqft
  • Baths : 2 full , 1 half
Listing Agent

San Diego Realty Svc's

Listing Agent's Description

Just minutes away from Mission Bay and Beaches! Don't miss out on this Bay Park original! Split-level corner lot, with a large backyard featuring a gas fire-pit, palapa, and more; a great place for entertaining! Side gate enables RV, Boat or...? parking. The first level of this split level home can be accessed through the 2 car garage and features an office nook, 1/2 bath, the family room and access to the backyard. The second level features the kitchen and living room with a very nice brick, wood burning, fireplace. Access to the backyard is also available on this level through the slider off the dining room/kitchen. The top level consists of the 4 bedrooms with original wood floors and two remodeled full baths. Only a few blocks away from Western Hills Park. Walk down the hill to Bay Park Village Shops and Restaurants or up to the Library, Sprouts and even more restaurants. This home is looking for its next family to build forever memories in!

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MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Bay Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $233k804k

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

Neighborhood: Bay Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $16273384

* 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
Bay Park Elementary School Primary Regular 433 16 8
Marston Middle School Middle Regular 739 31 6
Clairemont High School High Regular 1,067 55 6

Bay Park Elementary School

  • Education Level: Primary
  • # of students: 433
  • # of teachers: 16
8
GreatSchools Rating

Marston Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 31
6
GreatSchools Rating

Clairemont High School

  • Education Level: High
  • # of students: 1,067
  • # of teachers: 55
6
GreatSchools Rating
 

$945,000$1,155,000$1,050,000

PURCHASE PRICE

$3,177$3,883$3,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,530
EXPENSES Loan Payment -$3,647
Property Tax -$967
Property Insurance -$70
Property Management Fees -$129
CASH FLOW
-$1,283

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.

$1,050,000

PROJECTED PRICE

$3,530

PROJECTED RENT

0.34%

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$500k$1.0M$1.5M$2.0M$2.5M$3.0M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$284,000

INVESTMENT

$284,000

Down Payment
$262,500
Rehab Estimate
$5,750
Closing Costs
$15,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,647

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $262,500
Loan Amount $787,500
See What Happens When You Reinvest Cash Flow

0.75

YEARS SAVED

$3,334

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
  • $3,638

    COMP ESTIMATED VALUE
  • $2.12

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$3,4753$3,7004$3,7505$3,850
$3,850
RENT COMPS ANALYSIS
  • 4950 Somam Ave San Diego, CA 1
    • 4 beds 3 baths ∙ 1,716 Sqft ∙ Built 1967 4 beds 3 baths ∙ 1,716 Sqft ∙ Built 1967
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 6555 High Knoll Rd San Diego, CA 2
    • 4 beds 3 baths ∙ 1,687 Sqft ∙ Built 1980 4 beds 3 baths ∙ 1,687 Sqft ∙ Built 1980
    property image
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,475
    • $2.06
    •  
  • 2627 Burgener Blvd. San Diego, CA 3
    • 4 beds 2 baths ∙ 1,659 Sqft ∙ Built 1951 4 beds 2 baths ∙ 1,659 Sqft ∙ Built 1951
    property image
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.23
    •  
  • 1850 Illion Street San Diego, CA 4
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1956
    property image
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.11
    •  
  • 6733 Fashion Hills Blvd San Diego, CA 5
    • 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 1981
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,850
    • $2.08
    •  
PROPERTY LISTING DETAILS
Sean Howarter
1.619.889.1272
San Diego Realty Svc's
1.866.250.5610
San Diego MLS ( SDMLS)
MLS #: 210006976
Last Updated: 03/24/2021
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