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181 La Verne Avenue Long Beach, CA 90803

4 Beds 3 Baths 2,240 sqft Built 2007

$1,410,000

List Price

$5,010

$4.8K - $5.3K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $629.46
  • 4 Days on Market
  • MLS # : PW21007609
  • Updated Date : 01/16/2021 at 13:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,240 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Coastal Alliance

Listing Agent's Description

A rare opportunity to own a magnificent Mediterranean inspired custom home built in 2007.Beautifully blending classic character & charm while embracing the casual lifestyle of Belmont Shore.This spacious home Features 4 bedrms 3 ½ baths, & 2 car garage.You will treasure the 2 spacious outdoor spaces:a charming front patio perfect for al fresco dining & panoramic rooftop deck, complete with fireplace & sunset ocean views.The grand entry sets the tone w.a unique hand-carved door w.beautiful wrought iron gates.A welcoming floor plan flows perfectly to all the living spaces & showcases a spectacular spiral staircase w.wrought iron detailing topped w.an elegant chandelier.Enjoy having conversations in the living room around the cozy fireplace.The chef’s kitchen is a dream, featuring Cherrywood cabinetry,granite counters & top of the line appliances.You will love the huge preparation island & eat-in bar.A remodeled powder rm.completes the 1st level.Ascend the spectacular staircase to the 4 bedrms &3 baths.Enter the spacious en-suite main bedrmn & enjoy ocean breezes from the balcony, a cozy fireplace, a walk-in closet,& luxurious spa bath!A remodeled 3/4 bath is adjacent to the 2nd bedroom/office.The other 2 bedrooms share a Jack & Jill bath.A few of the custom features include crown molding, a fireplace on every floor, newer heating & AC,wood & travertine flooring. Ideal location in the heart of Belmont Shore w.shopping& beaches moments away. Make this home your next sanctuary!

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MARKET HIGHLIGHTS

  • 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]
  • 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)

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
 

$1,269,000$1,551,000$1,410,000

PURCHASE PRICE

$4,509$5,511$5,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,010
EXPENSES Loan Payment -$4,897
Property Tax -$1,487
Property Insurance -$81
Property Management Fees -$245
CASH FLOW
-$1,701

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.

$1,410,000

PROJECTED PRICE

$5,010

PROJECTED RENT

0.36%

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$20k

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$379,400

INVESTMENT

$379,400

Down Payment
$352,500
Rehab Estimate
$5,750
Closing Costs
$21,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,897

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $352,500
Loan Amount $1,057,500
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$2,664

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,010

    LIST RENT
  • $2.24

    LIST RENT PER SQFT
  • $4,626

    COMP ESTIMATED VALUE
  • $2.07

    COMP AVG. RENT PER SQFT
Comps Range
$4,795
1$4,7952$4,9003$5,010
$5,010
RENT COMPS ANALYSIS
  • 181 La Verne Avenue Long Beach, CA 3
    • 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $5,010
    • $2.24
    •  
  • 119 Granada Avenue Long Beach, CA 1
    • 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 2
    • 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
Loree Scarborough
Coldwell Banker Coastal Alliance
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21007609
Last Updated: 01/16/2021
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