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817 Garnet Street Redondo Beach, CA 90277

3 Beds 3 Baths 2,595 sqft Built 2004

$1,495,000

List Price

$5,210

$5K - $5.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $576.11
  • 31 Days on Market
  • MLS # : SR20234733
  • Updated Date : 12/05/2020 at 10:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,595 sqft
  • Baths : 3 full
Listing Agent

Compass

Listing Agent's Description

Gorgeous Mediterranean Home located in south Redondo Beach finest areas and only a short walk to the beach. This property build in 2004 offers top quality construction, hardwood floors, remodeled kitchen with stainless steel appliances and Viking gas range, granite countertops, pantry, updated bathrooms with travertine tiles, separate laundry room, attached 2 car garage with direct access, storage room and a yard space with integrated BBQ bar area to entertain your guests. Enter through the massive and beautiful wood door to find open and bright living room with fireplace, dining room and kitchen. Walk outside the living area on your private and large deck, where you can sit and watch the breathtaking sunset sky. Under the deck and staircases is a custom built-in dog house for your furry friend. Very spacious bedroom on the main level can be used as a den/office and a separate full bathroom. Going upstairs through the majestuous wrought iron staircase, you will love the dual Master Bedrooms/Bathrooms Suites - each bedroom offers walk-in closet, ceiling fan and their own private balcony to enjoy the ocean breezes and relax. One of them has a cozy fireplace for romantic and warm nights. Each bathroom has a separate tub and shower, with double sink vanities. Enjoy the South Bay life style with fresh seafood market by Redondo Beach Pier, walk the Dog Park, the beaches, the Strand for jogging, shoppings, restaurants, the Redondo Beach Performing Art Center, top rated schools!

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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 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]
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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)
  • 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 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 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: South Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200kPrice in $199k1289k

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

Neighborhood: South Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000420044004600Rent in $17844794

* 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
Alta Vista Elementary School Primary Regular 645 26 10
Parras Middle School Middle Regular 1,097 37 9
Redondo Union High School High Regular 2,658 102 9

Alta Vista Elementary School

  • Education Level: Primary
  • # of students: 645
  • # of teachers: 26
10
GreatSchools Rating

Parras Middle School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 37
9
GreatSchools Rating

Redondo Union High School

  • Education Level: High
  • # of students: 2,658
  • # of teachers: 102
9
GreatSchools Rating
 

$1,345,500$1,644,500$1,495,000

PURCHASE PRICE

$4,689$5,731$5,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,210
EXPENSES Loan Payment -$5,516
Property Tax -$1,422
Property Insurance -$90
Property Management Fees -$255
CASH FLOW
-$2,073

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.

$1,495,000

PROJECTED PRICE

$5,210

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$401,925

INVESTMENT

$401,925

Down Payment
$373,750
Rehab Estimate
$5,750
Closing Costs
$22,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$5,516

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $373,750
Loan Amount $1,121,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,702

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,210

    LIST RENT
  • $2.01

    LIST RENT PER SQFT
  • $4,392

    COMP ESTIMATED VALUE
  • $1.69

    COMP AVG. RENT PER SQFT
Comps Range
$4,200
1$4,2002$4,5003$4,6004$4,6005$5,210
$5,210
RENT COMPS ANALYSIS
  • 817 Garnet Street Redondo Beach, CA 5
    • 3 beds 3 baths ∙ 2,595 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,595 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $5,210
    • $2.01
    •  
  • 4813 Emerald Street Torrance, CA 1
    • 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 1986
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.66
    •  
  • 1604 Flagler Lane Redondo Beach, CA 2
    • 4 beds 3 baths ∙ 2,610 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,610 Sqft ∙ Built 1999
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.72
    •  
  • 21076 Tomlee Avenue Torrance, CA 3
    • 4 beds 3 baths ∙ 2,752 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,752 Sqft ∙ Built 1991
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $1.67
    •  
  • 21057 Tomlee Avenue Redondo Beach, CA 4
    • 4 beds 3 baths ∙ 2,679 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,679 Sqft ∙ Built 1991
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $1.72
    •  
PROPERTY LISTING DETAILS
Anna Apostolova
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR20234733
Last Updated: 12/05/2020
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