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884 W 21st Street San Pedro, CA 90731

3 Beds 1 Baths 1,164 sqft Built 1929

$699,000

List Price

$2,760

$2.5K - $3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1929
  • Price/Sqft : $600.52
  • 12 Days on Market
  • MLS # : OC21003235
  • Updated Date : 01/12/2021 at 08:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,164 sqft
  • Baths : 1 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Welcome to 884 21st Street, a beautifully remodeled Spanish Style Home in the Vista Del Oro community. This home features new flooring, new paint, new bathrooms, new heating and air conditioning, new windows, a new kitchen with peninsula, and appliances opening up into the living area with a large sliding glass door leading out to a patio deck overlooking the Vincent Thomas Bridge and beautiful views of San Pedro and the Hollywood Hills in the distance. On a clear day, you will have a glimpse of the Hollywood Sign. Also recently added was a master bedroom and bathroom. The backyard has fruit trees, newly landscaped. Alma Park is a beautiful park less than a block away as well as greenbelts. This home is located near the New Waterfront project, which will include Gladstone's restaurant, West Harbor, Rouwerij West's Tasting Room & courtyard, and much more set to open in 2021. Easy access to beaches, shopping, restaurants, and freeways.

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: Ocean View

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $187k726k

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

Neighborhood: Ocean View

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $15823247

* 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
Leland Street Elementary School Primary Regular 606 26 4
Leland Street Elementary School Middle Regular 606 26 4
San Pedro Senior High School High Regular 2,668 104 6

Leland Street Elementary School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 26
4
GreatSchools Rating

Leland Street Elementary School

  • Education Level: Middle
  • # of students: 606
  • # of teachers: 26
4
GreatSchools Rating

San Pedro Senior High School

  • Education Level: High
  • # of students: 2,668
  • # of teachers: 104
6
GreatSchools Rating
 

$629,100$768,900$699,000

PURCHASE PRICE

$2,484$3,036$2,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,760
EXPENSES Loan Payment -$2,428
Property Tax -$717
Property Insurance -$55
Property Management Fees -$135
CASH FLOW
-$575

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.

$699,000

PROJECTED PRICE

$2,760

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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-$10k-$5.0k$0.0$5.0k$10k$15k

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$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,428

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$9,622

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,760

    LIST RENT
  • $2.37

    LIST RENT PER SQFT
  • $2,503

    COMP ESTIMATED VALUE
  • $2.15

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,7603$2,9004$3,000
$3,000
RENT COMPS ANALYSIS
  • 884 W 21st Street San Pedro, CA 2
    • 3 beds 4 baths ∙ 1,164 Sqft ∙ Built 1929 3 beds 4 baths ∙ 1,164 Sqft ∙ Built 1929
    • Rent
    • Rent Per SQFT
    •  
    • $2,760
    • $2.37
    •  
  • 661 W 26th Street San Pedro, CA 1
    • 3 beds 2 baths ∙ 1,184 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,184 Sqft ∙ Built 1923
    LEASED 11/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $2.11
    •  
  • 3435 S Leland Street San Pedro, CA 3
    • 3 beds 2 baths ∙ 1,348 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,348 Sqft ∙ Built 1948
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.15
    •  
  • 1274 W 3rd Street San Pedro, CA 4
    • 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1922 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1922
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.19
    •  
PROPERTY LISTING DETAILS
Jeff Russell
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21003235
Last Updated: 01/12/2021
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