Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

946 Magellan Street Costa Mesa, CA 92626

3 Beds 2 Baths 1,269 sqft Built 1961

$828,900

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

January 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $653.19
  • 2 Days on Market
  • MLS # : LG21015289
  • Updated Date : 01/23/2021 at 16:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,269 sqft
  • Baths : 2 full
Listing Agent

Active Realty Inc

Listing Agent's Description

Beautiful 3 bedroom, 2 bathroom, single story home in the Mesa Del Mar Community of Costa Mesa! Enjoy a formal entry to the open floor plan with an inviting brick fireplace, open kitchen, and spacious family room. The kitchen features a large breakfast bar, stainless steel appliances, and elegant cabinetry. The primary bedroom offers carpet flooring, a ceiling fan, and a walk-in shower in the primary bathroom. Additional property highlights include French doors to the landscaped back yard, patio, fruit trees, and 2 car garage. Convenient to the Orange County Fairgrounds, schools, and major freeways!

SEE MORE

MARKET HIGHLIGHTS

  • 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 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)
  • 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)
  • 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, Orange County 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)

PRICE & RENT TRENDS

Neighborhood: Mesa del Mar

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k841k

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

Neighborhood: Mesa del Mar

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18443550

* 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
Davis Magnet School Primary Magnet 569 20 10
Davis Magnet School Middle Magnet 569 20 10
Costa Mesa High School High Regular 1,779 69 6

Davis Magnet School

  • Education Level: Primary
  • # of students: 569
  • # of teachers: 20
10
GreatSchools Rating

Davis Magnet School

  • Education Level: Middle
  • # of students: 569
  • # of teachers: 20
10
GreatSchools Rating

Costa Mesa High School

  • Education Level: High
  • # of students: 1,779
  • # of teachers: 69
6
GreatSchools Rating
 

$746,010$911,790$828,900

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$2,879
Property Tax -$807
Property Insurance -$58
Property Management Fees -$157
CASH FLOW
-$701

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.

$828,900

PROJECTED PRICE

$3,200

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$225,409

INVESTMENT

$225,409

Down Payment
$207,225
Rehab Estimate
$5,750
Closing Costs
$12,434

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,879

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $207,225
Loan Amount $621,675
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$8,764

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $2.52

    LIST RENT PER SQFT
  • $2,830

    COMP ESTIMATED VALUE
  • $2.23

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,2003$3,2504$3,3005$3,395
$3,395
RENT COMPS ANALYSIS
  • 946 Magellan Street Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,269 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,269 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.52
    •  
  • 3074 Trinity Drive Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,399 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,399 Sqft ∙ Built 1961
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.29
    •  
  • 1158 Austin Street Costa Mesa, CA 3
    • 4 beds 2 baths ∙ 1,405 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,405 Sqft ∙ Built 1962
    LEASED 09/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.31
    •  
  • 3132 Coolidge Avenue Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1963
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.05
    •  
  • 622 Rhine Lane Costa Mesa, CA 5
    • 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,496 Sqft ∙ Built 1976
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $2.27
    •  
PROPERTY LISTING DETAILS
Justin Tye
Active Realty Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: LG21015289
Last Updated: 01/23/2021
BESbswy