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100 Termino Avenue #2 Long Beach, CA 90803

3 Beds 2 Baths 1,170 sqft Built 1951

$679,000

List Price

$2,940

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $580.34
  • 4 Days on Market
  • MLS # : PW20238471
  • Updated Date : 11/13/2020 at 13:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,170 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Coastal Alliance

Listing Agent's Description

Bright, Spacious beach condo that has the feel of a single family home. This rare 3 Bedroom condominium features both front and back entrances, an upgraded kitchen and bathroom, crown molding, hardwood flooring throughout and a one car garage with parking for one additional car in the driveway. The side patio boast almost 500 square feet of outdoor living space with a large deck and concrete pavers perfect for barbequing and entertaining. The Prime location is on the border of Belmont Shore and Belmont Heights and is right across the street from the beach and just a short stroll to 2nd Street and restaurants and shops on Broadway.

SEE MORE

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: Belmont Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $186k950k

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

Neighborhood: Belmont Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14493700

* 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
Fremont Elementary School Primary Regular 514 17 9
Rogers Middle School Middle Regular 890 30 8
Wilson High School High Magnet 3,944 146 7

Fremont Elementary School

  • Education Level: Primary
  • # of students: 514
  • # of teachers: 17
9
GreatSchools Rating

Rogers Middle School

  • Education Level: Middle
  • # of students: 890
  • # of teachers: 30
8
GreatSchools Rating

Wilson High School

  • Education Level: High
  • # of students: 3,944
  • # of teachers: 146
7
GreatSchools Rating
 

$611,100$746,900$679,000

PURCHASE PRICE

$2,646$3,234$2,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,940
EXPENSES Loan Payment -$2,505
Property Tax -$716
Property Insurance -$55
HOA -$181
Property Management Fees -$144
CASH FLOW
-$662

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.

$679,000

PROJECTED PRICE

$2,940

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 6.8%
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

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$185,685

INVESTMENT

$185,685

Down Payment
$169,750
Rehab Estimate
$5,750
Closing Costs
$10,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,505

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $169,750
Loan Amount $509,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$7,435

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,940

    LIST RENT
  • $2.51

    LIST RENT PER SQFT
  • $3,182

    COMP ESTIMATED VALUE
  • $2.72

    COMP AVG. RENT PER SQFT
Comps Range
$2,940
1$2,9402$3,3953$3,490
$3,490
RENT COMPS ANALYSIS
  • 100 Termino Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $2,940
    • $2.51
    •  
  • 41 La Verne Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1962
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $3.02
    •  
  • 284 Granada Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,442 Sqft ∙ Built 1938 3 beds 1 baths ∙ 1,442 Sqft ∙ Built 1938
    LEASED 11/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,490
    • $2.42
    •  
PROPERTY LISTING DETAILS
Joy Houlihan
Coldwell Banker Coastal Alliance
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20238471
Last Updated: 11/13/2020
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