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128 Pomona Avenue Long Beach, CA 90803

4 Beds 3 Baths 2,359 sqft Built 1990

$1,399,000

List Price

$4,530

$4.3K - $4.8K

Rent Est.

PROPERTY INFO

January 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $593.05
  • 6 Days on Market
  • MLS # : RS21005563
  • Updated Date : 01/19/2021 at 09:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,359 sqft
  • Baths : 2 full , 1 half
Listing Agent

Dream Life Real Estate

Listing Agent's Description

Welcome to 128 Pomona! This architecturally designed contemporary home sits in the heart of Belmont Shore and is ideally located just two blocks from the beach, the bay, and 2nd street. Walking through the front door you will find an intriguing floor plan that flows perfectly, and is filled with natural light. High ceilings, multiple skylights, and a statement concrete block wall give this Belmont Shore home a modern loft like feel. The spacious living room has refinished floors and a gas fireplace for those cozy nights. Walking into the chef's kitchen you will find custom cabinets, a built in wine fridge, and stainless steel appliances (Wolf Stove, Sub Zero refrigerator). Off of the remodeled kitchen is a patio with room for a large BBQ and a dog run. Walking up to the second story you will find your large master bedroom and spa-like bathroom, with quartz countertops and a spa tub. The second floor balcony faces west (perfect for sunset views) and has a stairway leading you to your huge roof top deck with panoramic views. Other features of this Belmont Shore home include new interior paint, recessed lighting, a walk in closet, beautiful drought resistant landscaping, a raised bed herb garden, central heat and AC controlled by a Nest smart thermostat, refinished flooring, and a two car garage with a parking pad. Close to schools, shopping, restaurants and the beach, this home is in the perfect location for everything that Belmont Shore has to offer. Welcome Home!

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: Belmont Shore

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200kPrice in $186k1241k

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

Neighborhood: Belmont Shore

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200340036003800Rent in $14493932

* 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
Naples Elementary School Primary Regular 364 13 10
Rogers Middle School Middle Regular 890 30 8
Wilson High School High Magnet 3,944 146 7

Naples Elementary School

  • Education Level: Primary
  • # of students: 364
  • # of teachers: 13
10
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
 

$1,259,100$1,538,900$1,399,000

PURCHASE PRICE

$4,077$4,983$4,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,530
EXPENSES Loan Payment -$4,859
Property Tax -$1,476
Property Insurance -$84
Property Management Fees -$222
CASH FLOW
-$2,111

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.

$1,399,000

PROJECTED PRICE

$4,530

PROJECTED RENT

0.32%

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$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$376,485

INVESTMENT

$376,485

Down Payment
$349,750
Rehab Estimate
$5,750
Closing Costs
$20,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$4,859

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $349,750
Loan Amount $1,049,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$164

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,530

    LIST RENT
  • $1.92

    LIST RENT PER SQFT
  • $4,694

    COMP ESTIMATED VALUE
  • $1.99

    COMP AVG. RENT PER SQFT
Comps Range
$4,500
1$4,5002$4,5303$4,7954$4,900
$4,900
RENT COMPS ANALYSIS
  • 128 Pomona Avenue Long Beach, CA 2
    • 4 beds 3 baths ∙ 2,359 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,359 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $4,530
    • $1.92
    •  
  • 6265 Majorca Circle Long Beach, CA 1
    • 3 beds 3 baths ∙ 2,442 Sqft ∙ Built 1982 3 beds 3 baths ∙ 2,442 Sqft ∙ Built 1982
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.84
    •  
  • 119 Granada Avenue Long Beach, CA 3
    • 3 beds 3 baths ∙ 2,327 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,327 Sqft ∙ Built 2002
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,795
    • $2.06
    •  
  • 6219 Cordoba Court Long Beach, CA 4
    • 3 beds 3 baths ∙ 2,369 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,369 Sqft ∙ Built 1987
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,900
    • $2.07
    •  
PROPERTY LISTING DETAILS
Justin Sidell
Dream Life Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: RS21005563
Last Updated: 01/19/2021
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