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851 11th Street #101 Santa Monica, CA 90403

3 Beds 2 Baths 1,662 sqft Built 1980

$1,379,000

List Price

$4,830

$4.6K - $5.1K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $829.72
  • 5 Days on Market
  • MLS # : SR21008059
  • Updated Date : 01/13/2021 at 15:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,662 sqft
  • Baths : 2 full
Listing Agent

Re/max One

Listing Agent's Description

Welcome to one of the hottest pockets in Los Angeles. Situated on 11th & Montana, location does not get more prime than this. Working from home just feels different when you are a few blocks off the beach. Walking distance to locally coveted restaurants and bars such as Father's Office, Sidecar Doughnuts, and The Bungalow. Step foot into this 3 bedroom unit and you will not want to leave. The seamless floor plan allows for a sun soaked space of comfort with new windows and a large wrap around balcony. The gorgeous oak flooring allows for any self-proclaimed interior designer to turn this into their own magazine style masterpiece. Perfect for entertaining with formal dining room and open floor plan kitchen concept. The unique features such as a separate office area, built-in shelving, and multiple fireplaces make this more than your average condo. Parking is no longer a friends and family battle with two car side by side parking situation and one additional covered space.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Wilshire-Montana

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $199k1677k

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

Neighborhood: Wilshire-Montana

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000650070007500Rent in $17847809

* 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
Roosevelt Elementary School Primary Regular 831 35 8
Lincoln Middle School Middle Regular 1,027 45 9
Santa Monica High School High Regular 2,984 129 9

Roosevelt Elementary School

  • Education Level: Primary
  • # of students: 831
  • # of teachers: 35
8
GreatSchools Rating

Lincoln Middle School

  • Education Level: Middle
  • # of students: 1,027
  • # of teachers: 45
9
GreatSchools Rating

Santa Monica High School

  • Education Level: High
  • # of students: 2,984
  • # of teachers: 129
9
GreatSchools Rating
 

$1,241,100$1,516,900$1,379,000

PURCHASE PRICE

$4,347$5,313$4,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,830
EXPENSES Loan Payment -$4,790
Property Tax -$1,460
Property Insurance -$67
HOA -$333
Property Management Fees -$237
CASH FLOW
-$2,057

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.

$1,379,000

PROJECTED PRICE

$4,830

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$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

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

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$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$371,185

INVESTMENT

$371,185

Down Payment
$344,750
Rehab Estimate
$5,750
Closing Costs
$20,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$4,790

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $344,750
Loan Amount $1,034,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$160

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,830

    LIST RENT
  • $2.91

    LIST RENT PER SQFT
  • $4,828

    COMP ESTIMATED VALUE
  • $2.91

    COMP AVG. RENT PER SQFT
Comps Range
$4,000
1$4,0002$4,1003$4,4504$4,5005$4,830
$4,830
RENT COMPS ANALYSIS
  • 851 11th Street Santa Monica, CA 5
    • 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,830
    • $2.91
    •  
  • 813 15th Street Santa Monica, CA 1
    • 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,362 Sqft ∙ Built 1964
    property image
    LEASED 12/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.94
    •  
  • 929 Idaho Avenue Santa Monica, CA 2
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1960 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1960
    property image
    LEASED 12/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.93
    •  
  • 1519 Stanford Street Santa Monica, CA 3
    • 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1980
    property image
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,450
    • $2.94
    •  
  • 1438 15th Street Santa Monica, CA 4
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1962
    property image
    LEASED 01/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.81
    •  
PROPERTY LISTING DETAILS
Collin Johnson
Re/max One
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR21008059
Last Updated: 01/13/2021
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