Valuation Results for 938 Lighthouse Avenue Pacific Grove, CA

As of today, Wednesday 10/18/2017, this property is estimated to have a value of:


Instant Cash Value
$983,007.48 to $1,086,482.04
+ SAVE $95,467.52 on Traditional Sale Fees
Open Market Value
$1,170,247.00 to $1,293,431
+ SAVE $30,795.98 in Commission Fees

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Sales Analysis

Average sale value: $1,231,839
Value range: $1,170,247 - $1,293,431
Change in the last 30 days: $6,708
Estimate accuracy +/- 4.76%

Rental Analysis

Estimated rental rate: $4,400
Value range: $3,388 - $6,864
Rental rate change in the last 30 days: $75
Rent estimate accuracy +/- 25.32%

Property Details

Property Type: SingleFamily
Bedrooms: 3
Bathrooms: 2.0
Year Built: 1929
Building Sq. Ft.: 1621
Lot Sq. Ft.: 9800
Tax Year: 2017
Tax Assessed Value: $1,090,343
Last Sale Date: 12/02/2003
Last Sale Value: $890,000

Valuation Notes:

The above analysis is compiled with information gathered from Pacific Grove property tax records and public data. The property located at 938 Lighthouse Avenue Pacific Grove CA is estimated to sell between $1,170,247 - $1,293,431 on the open market, creating an average sale price of $1,231,839. Based on rental demand in the area, you could expect to lease this property between $3,388 - $6,864 per month in today's Pacific Grove real estate market; this rental value can change based on the time of year and length of lease term but on average you could expect a rental rate of $4,400 per month!

Sale Type

Instant Offer

Open Market

Partner Agent

Sale Price

$1,034,744.76

$1,231,839.00

$1,231,839.00

Commissions

$0.00

$73,910.34

$43,114.37

Closing Fees

$5,173.72

$12,318.39

$12,318.39

Holding Fees

$0.00

$15,397.99

$15,397.99

Net Value

$1,029,571.04

$1,130,212.28

$1,161,008.26


The algorithms used above are based on current sales comparibles, market demand and investor risk. The net value is the final estimated amount a seller would recieve after paying all fees. Typically, the total closing costs for selling this property with a brokerage is estimated to be $86,228.73. The estimated Open Market value is what this property might sell for in good condition, when listed on the MLS. If you sell through the Open Market, additional Holding Costs including property tax, hoa fees and mortgage payments may apply and are estimated to be $15,397.99 if sold within 90 days.

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Investment Potential:

Assuming you paid cash, if you were to purchase this property at the current market value ($1,231,839) and rent it at the current estimated lease amount ($4,400), you would yield an expected 1.55% CAP rate (Annual Net Income / Current Market Value).
Estimated Annual Expenses
Management fees at 8% = $4,224.00
+ Property Taxes at 1.3% = $16,013.91
+ Property Insurance = $1,200.00
+ Other variable expenses = $12,318.39
Total Annual Expenses = $33,756.30
Annual Rent Collected = $52,800.00
- Total Annual Expenses = $33,756.30
Net Income After Expenses = $19,043.70
CAP Rate Range: 0.64% - 3.75%
If you were to purchase this property using financing at today's interest rates, you would deduct your annual mortgage expense from the calculation above to find your Net Income After Expenses. Assuming an interest rate of 4.25% with a 20% Downpayment, your estimated mortgage expense would be $41,883.00 per year OR $3,490.00 per month. This would bring your Net Income after Expenses to -$22,838.82 per year.

Average Sale Value in Beach Tract/Fairway Homes: $


Data Accuracy: Without knowing the current interior condition of this property nor the quality of craftsmanship, the automated sales valuation accuracy for this property is +/- 4.76% and the estimated rent valuation is +/- 25.32%. To receive a more accurate property valuation report for your home, request a FREE Brokers Price Opinion from one of our Pacific Grove Real Estate experts.
Market Updates: The last time our valuation was updated for this property was on Wednesday 10/18/2017.
This Automated Property Valuation Estimate and Investment Analysis was compiled using proprietary algorithm's and through utilization of the Zestimate.

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