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PROPERTY INFO
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!
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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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Belmont Shore
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$376,485
LOAN DETAILS
$4,859
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $349,750 |
| Loan Amount | $1,049,250 |
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
-
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
Dream Life Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: RS21005563
Last Updated: 01/19/2021
