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1000 E Ocean Boulevard #510 Long Beach, CA 90802

3 Beds 2 Baths 1,852 sqft Built 2003

$998,000

List Price

$4,150

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $538.88
  • 87 Days on Market
  • MLS # : OC20229273
  • Updated Date : 01/23/2021 at 11:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,852 sqft
  • Baths : 2 full
Listing Agent

The Agency

Listing Agent's Description

Newly reduced and priced for immediate sale, this oceanfront 3 bedroom and 2 bathroom residence offers a thoughtful floor plan with views to the ocean and the historical Queen Mary. With abundant natural light and gleaming maple floors, this corner unit affords privacy and boasts a covered terrace with views to the sand. A well appointed kitchen opens to the living room, as well as a separate breakfast nook, creating an open flow throughout. The master suite with terrace access, provides an en-suite bathroom with dual sinks, vanity, shower, soaking tub, and an outfitted walk-in closet. Two additional bedroom suites on the opposite end of the residence, share access to the second bathroom finished in tumbled marble. Residents enjoy amenities including a pool, spa, fitness center, billiards and club room, and an oceanfront terrace with 180 degree views. This turnkey residence with beach access from a private elevator, and just minutes from nightlife, shopping and dining, is not to be missed.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Bixby Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $123k622k

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

Neighborhood: Bixby Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2140016001800200022002400260028003000320034003600Rent in $13733626

* 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
Stevenson Elementary School Primary Regular 738 26 6
Franklin Classical Middle School Middle Regular 1,184 42 5
Polytechnic High School High Magnet 4,464 167 7

Stevenson Elementary School

  • Education Level: Primary
  • # of students: 738
  • # of teachers: 26
6
GreatSchools Rating

Franklin Classical Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 42
5
GreatSchools Rating

Polytechnic High School

  • Education Level: High
  • # of students: 4,464
  • # of teachers: 167
7
GreatSchools Rating
 

$898,200$1,097,800$998,000

PURCHASE PRICE

$3,735$4,565$4,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,150
EXPENSES Loan Payment -$3,466
Property Tax -$1,159
Property Insurance -$72
HOA -$675
Property Management Fees -$203
CASH FLOW
-$1,425

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.

$998,000

PROJECTED PRICE

$4,150

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 5.4%
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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$270,220

INVESTMENT

$270,220

Down Payment
$249,500
Rehab Estimate
$5,750
Closing Costs
$14,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,466

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $249,500
Loan Amount $748,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$145

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,150

    LIST RENT
  • $2.24

    LIST RENT PER SQFT
  • $4,371

    COMP ESTIMATED VALUE
  • $2.36

    COMP AVG. RENT PER SQFT
Comps Range
$3,950
1$3,9502$4,1503$4,200
$4,200
RENT COMPS ANALYSIS
  • 1000 E Ocean Boulevard Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,852 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,852 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $4,150
    • $2.24
    •  
  • 1000 E Ocean Boulevard Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 2003
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.37
    •  
  • 850 E Ocean Boulevard E Long Beach, CA 3
    • 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 1992
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.35
    •  
PROPERTY LISTING DETAILS
Erin O'connor
The Agency
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20229273
Last Updated: 01/23/2021
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