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2114 Lees Avenue Long Beach, CA 90815

3 Beds 1 Baths 1,562 sqft Built 1953

$789,900

List Price

$3,370

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $505.70
  • 3 Days on Market
  • MLS # : PW20235588
  • Updated Date : 11/28/2020 at 17:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,562 sqft
  • Baths : 1 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Fabulous Mid-Century home in Great Location of the Plaza area of Long Beach. Enjoy the Quiet Tree Lined Street. You will Appreciate the Many upgrades to this well laid out floorplan in one of the most sought after neighborhoods. Enter into the Living Room with wood burning fire place, recessed lighting, crown & floor moldings, Recently painted through out, Smooth Ceilings and an Abundance of Natural Light, Newer double pane windows & French Doors... Spacious Family Room off Living Room with New Carpeting, Brick Fireplace, Beam ceiling & double door Leading to Patio & Yard. Enter Remodeled Kitchen off of Living Room & Family Room with granite counters, backsplash, new cabinets with pull out drawers. Appealing newer fixtures and appliances.. Includes Stove, Dishwasher, Microwave, Refrigerator.. Separate laundry room off Kitchen area & washer/dryer included. All Bedrooms have new carpeting...Master Bath and Hall Bath include granite counters with backsplash. Central heating and Air conditioning included.... Enjoy the private backyard with Brick Fencing and Covered Patio.. Convenient long Driveway with Private Double Garage ..This home is two blocks to El Dorado Park, a few minutes to CSULB, Award Winning Schools, and Belmont Shore with lots of restaurants and unique shops. Bike path nearby and beach minutes away..

SEE MORE

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: 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
 

$710,910$868,890$789,900

PURCHASE PRICE

$3,033$3,707$3,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,370
EXPENSES Loan Payment -$2,914
Property Tax -$831
Property Insurance -$65
Property Management Fees -$165
CASH FLOW
-$606

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.

$789,900

PROJECTED PRICE

$3,370

PROJECTED RENT

0.43%

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$215,074

INVESTMENT

$215,074

Down Payment
$197,475
Rehab Estimate
$5,750
Closing Costs
$11,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,914

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $197,475
Loan Amount $592,425
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$18,384

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,370

    LIST RENT
  • $2.16

    LIST RENT PER SQFT
  • $3,682

    COMP ESTIMATED VALUE
  • $2.36

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,3003$3,3704$3,7005$4,000
$4,000
RENT COMPS ANALYSIS
  • 2114 Lees Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,562 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,562 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $3,370
    • $2.16
    •  
  • 6310 E Stearns Street Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.26
    •  
  • 6902 E Bacarro Street Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,419 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,419 Sqft ∙ Built 1954
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.33
    •  
  • 11371 Loch Lomand Road Rossmoor, CA 4
    • 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1960
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.31
    •  
  • 2841 N Studebaker Road Long Beach, CA 5
    • 3 beds 1 baths ∙ 1,579 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,579 Sqft ∙ Built 1951
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.53
    •  
PROPERTY LISTING DETAILS
Coby Myers-griffin
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20235588
Last Updated: 11/28/2020
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