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6875 Palomar Way Riverside, CA 92504

3 Beds 3 Baths 1,782 sqft Built 1948

$500,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $280.58
  • 3 Days on Market
  • MLS # : IG21020678
  • Updated Date : 02/12/2021 at 22:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,782 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

Vintage AND modern. Stylish AND timeless. Charming AND practical. If you don’t like having to sacrifice what makes sense for what you love- this home is for you. Cozy and quaint, nestled into one of Riverside’s classic tree-lined streets but conveniently close to transportation, this iconic mid-century 3 bedroom 2.5 bathroom home checks off the ‘wants’ ‘needs’ and ‘would love to have’ boxes flawlessly. The kitchen and bathrooms were renovated with a designer’s eye to accommodate the look you want and the function you need. Bedrooms are oversized- particularly the master suite. A walk-in dressing area too large to call a ‘closet’ makes getting ready in the morning downright decadent. Then out to the kitchen for a pour-over coffee, enjoyed in the sunlight flooded breakfast nook on weekdays, and on the front porch on weekends. Is there a better way to start your day? We don’t think so either. Evenings are filled with fireside cocktails or dinner with close friends in the formal dining room. If outdoor lounging is more your style- the parklike backyard, with lush green grass and covered patio area, is perfect for a BBQ, a game of fetch with the fuzzier family member, or even a lazy afternoon reading a book, stretched out on a blanket. Cool beverage close at hand, of course.

SEE MORE

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 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Magnolia Center

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $118k484k

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

Neighborhood: Magnolia Center

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800190020002100Rent in $8742101

* 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
Sierra Middle School Middle Regular 890 41 3
Ramona High School High Magnet 2,160 85 4

Sierra Middle School

  • Education Level: Middle
  • # of students: 890
  • # of teachers: 41
3
GreatSchools Rating

Ramona High School

  • Education Level: High
  • # of students: 2,160
  • # of teachers: 85
4
GreatSchools Rating
 

$450,000$550,000$500,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,737
Property Tax -$487
Property Insurance -$70
Property Management Fees -$136
CASH FLOW
-$130

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.

$500,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 11.7%
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

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$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,737

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$20,822

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $2,410

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$2,1003$2,2004$2,3005$2,500
$2,500
RENT COMPS ANALYSIS
  • 6875 Palomar Way Riverside, CA 4
    • 3 beds 3 baths ∙ 1,782 Sqft ∙ Built 1948 3 beds 3 baths ∙ 1,782 Sqft ∙ Built 1948
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.29
    •  
  • 7395 Diamond Street Riverside, CA 1
    • 4 beds 2 baths ∙ 1,510 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,510 Sqft ∙ Built 1953
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.31
    •  
  • 4126 Wayne Court Riverside, CA 2
    • 4 beds 2 baths ∙ 1,510 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,510 Sqft ∙ Built 1954
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.39
    •  
  • 5850 Mountain View Avenue Riverside, CA 3
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1955
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.29
    •  
  • 6485 Nidever Avenue Riverside, CA 5
    • 4 beds 2 baths ∙ 1,758 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,758 Sqft ∙ Built 1963
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.42
    •  
PROPERTY LISTING DETAILS
Graham Levine
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21020678
Last Updated: 02/12/2021
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