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1121 Obispo Avenue #211 Long Beach, CA 90804

3 Beds 2 Baths 1,167 sqft Built 1991

$449,000

List Price

$2,500

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $384.75
  • 4 Days on Market
  • MLS # : PW21148582
  • Updated Date : 07/13/2021 at 11:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,167 sqft
  • Baths : 2 full
Listing Agent

Lb Brokerage, Inc

Listing Agent's Description

Immaculate 3 bedroom 2 bath Eastside condo in Villa Del Obispo community. This sparkling, sunny unit has easy access to both stairs and the elevator. Absolutely turnkey! Freshly painted spacious upper corner unit with two balconies and only one common wall and no one above. Vaulted ceilings, beautiful wood laminate flooring in main living area and newer carpet in bedrooms. All bedrooms separated by hallway and/or bath. Inside laundry and washer and dryer included. Well maintained building with low HOA dues and this unit comes with 2 parking spaces in secure community garage. Central heat and AC. Surround sounds speaker, system included. Recessed speakers and lighting throughout this home. Pets will enjoy oversized patios. Extra storage and closets. Dining room opens to living room. Fantastic location, centrally located near shopping, restaurants, Recreation Park tennis courts, golf course and dog park.

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MARKET HIGHLIGHTS

  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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)
  • 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)
  • 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)
  • 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: Rose Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Rose Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12712941

* 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
Willard Elementary School Primary Regular 810 30 4
Jefferson Leadership Academies Middle Regular 1,067 39 5
Wilson High School High Magnet 3,944 146 7

Willard Elementary School

  • Education Level: Primary
  • # of students: 810
  • # of teachers: 30
4
GreatSchools Rating

Jefferson Leadership Academies

  • Education Level: Middle
  • # of students: 1,067
  • # of teachers: 39
5
GreatSchools Rating

Wilson High School

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

$404,100$493,900$449,000

PURCHASE PRICE

$2,250$2,750$2,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,500
EXPENSES Loan Payment -$1,560
Property Tax -$490
Property Insurance -$55
HOA -$270
Property Management Fees -$123
CASH FLOW
$3

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$449,000

PROJECTED PRICE

$2,500

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,735

INVESTMENT

$124,735

Down Payment
$112,250
Rehab Estimate
$5,750
Closing Costs
$6,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,560

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,250
Loan Amount $336,750
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$32,673

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,500

    LIST RENT
  • $2.14

    LIST RENT PER SQFT
  • $2,964

    COMP ESTIMATED VALUE
  • $2.54

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,4503$2,5004$3,500
$3,500
RENT COMPS ANALYSIS
  • 1121 Obispo Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,167 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,167 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $2.14
    •  
  • 1865 Stanley Avenue Signal Hill, CA 1
    • 3 beds 1 baths ∙ 911 Sqft ∙ Built 1978 3 beds 1 baths ∙ 911 Sqft ∙ Built 1978
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $2.69
    •  
  • 1509 Stanley Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 960 Sqft ∙ Built 1990 3 beds 2 baths ∙ 960 Sqft ∙ Built 1990
    LEASED 12/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $2.55
    •  
  • 4647 E 4th Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,469 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,469 Sqft ∙ Built 1985
    LEASED 06/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.38
    •  
PROPERTY LISTING DETAILS
Tom Tokunaga
Lb Brokerage, Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21148582
Last Updated: 07/13/2021
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