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2018 Shipway Avenue Long Beach, CA 90815

4 Beds 1 Baths 1,553 sqft Built 1953

$675,000

List Price

$3,110

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $434.64
  • 3 Days on Market
  • MLS # : OC20253044
  • Updated Date : 12/11/2020 at 19:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,553 sqft
  • Baths : 1 full
Listing Agent

Beach Break Realty

Listing Agent's Description

Highly desired El Dorado Park South Home with Exceptional Value on a quiet beautiful tree-lined street. This 3 bedroom, 1 ¾ bath mid-century modern home is just waiting for a new generation to move in and put their special touches on this home. Quiet street, little traffic, large backyard with plenty of room for expansion. This house has tons of future potential! Conveniently located to both the 405 & 22 freeways, Cal-State Long Beach, Long Beach Airport, and just a short drive to the beach and local shopping centers.

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: El Dorado Park South

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: El Dorado Park South

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14493697

* 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
Tincher Preparatory School Primary Magnet 851 31 9
Tincher Preparatory School Middle Magnet 851 31 9
Millikan High School High Magnet 3,753 145 7

Tincher Preparatory School

  • Education Level: Primary
  • # of students: 851
  • # of teachers: 31
9
GreatSchools Rating

Tincher Preparatory School

  • Education Level: Middle
  • # of students: 851
  • # of teachers: 31
9
GreatSchools Rating

Millikan High School

  • Education Level: High
  • # of students: 3,753
  • # of teachers: 145
7
GreatSchools Rating
 

$607,500$742,500$675,000

PURCHASE PRICE

$2,799$3,421$3,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,110
EXPENSES Loan Payment -$2,490
Property Tax -$713
Property Insurance -$65
Property Management Fees -$152
CASH FLOW
-$311

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.

$675,000

PROJECTED PRICE

$3,110

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.6%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,490

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$31,488

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,110

    LIST RENT
  • $2

    LIST RENT PER SQFT
  • $3,320

    COMP ESTIMATED VALUE
  • $2.14

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,1103$3,3004$3,6505$3,700
$3,700
RENT COMPS ANALYSIS
  • 2018 Shipway Avenue Long Beach, CA 2
    • 4 beds 1 baths ∙ 1,553 Sqft ∙ Built 1953 4 beds 1 baths ∙ 1,553 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,110
    • $2.00
    •  
  • 12061 Foster Road Rossmoor, CA 1
    • 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1957
    property image
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.12
    •  
  • 1945 Shipway Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,636 Sqft ∙ Built 1954
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.02
    •  
  • 11441 Wembley Road Los Alamitos, CA 4
    • 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1959
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.10
    •  
  • 11371 Loch Lomand Road Rossmoor, CA 5
    • 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1960
    property image
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.31
    •  
PROPERTY LISTING DETAILS
Marianne Pettys
Beach Break Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20253044
Last Updated: 12/11/2020
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