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2212 Lomina Avenue Long Beach, CA 90815

3 Beds 1 Baths 1,646 sqft Built 1953

$899,900

List Price

$3,390

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1953
  • Price/Sqft : $546.72
  • 6 Days on Market
  • MLS # : PW20228417
  • Updated Date : 11/02/2020 at 17:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,646 sqft
  • Baths : 1 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Immaculate Mid Century Modern Nestled In Prime Los Altos Neighborhood! This Beautiful Home Offers Designer Appointments Throughout And A 5 Star Layout! Features Include: Remodeled Kitchen With Custom Soft Close Cabinetry, Skylights And Large Breakfast Bar, Tastefully Remodeled Hall Bathroom With Matching Quartz, Wood Flooring, Vaulted Open Beam Ceilings In Living And Dining Rooms, Spacious Family Room With Recessed Lighting, Brick Fireplace And Sliding Doors Leading To The Patio. The Barn Door Will Lead You Into The En Suite Master With Open Beam Ceilings, Walk In Closet And Slider To The Backyard. The Master Bathroom Has River Rock Flooring And Matching Quartz, As Well As A Blue Tooth Fan Speaker. The Convenient Mud Room Behind The Garage Is A Bonus Not Often Found In Our Market. This Home Also Boasts A Large And Private Backyard With Custom Hardscape, Producing Fruit Trees, Auto Irrigation, Block Walls, Storage Shed And Large Patio For Entertaining. Additional Features Include: Dual Pane Wood Clad Milgard Windows Throughout With Bali Cordless Blinds, Central Heat And A/C With Nest Thermostat, ABS Sewer Line, Bee Hive WiFi Sprinkler Timer And Ring Doorbell. This Property Is Proximate To All Major Freeways, Shopping Entertainment And Long Beach State University. Hurry, This One Is Sure Not To Last!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Los Altos South

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Los Altos 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
Prisk Elementary School Primary Magnet 624 24 9
Stanford Middle School Middle Regular 1,255 48 8
Millikan High School High Magnet 3,753 145 7

Prisk Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 24
9
GreatSchools Rating

Stanford Middle School

  • Education Level: Middle
  • # of students: 1,255
  • # of teachers: 48
8
GreatSchools Rating

Millikan High School

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

$809,910$989,890$899,900

PURCHASE PRICE

$3,051$3,729$3,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,390
EXPENSES Loan Payment -$3,320
Property Tax -$955
Property Insurance -$67
Property Management Fees -$166
CASH FLOW
-$1,118

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.

$899,900

PROJECTED PRICE

$3,390

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.9%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$244,224

INVESTMENT

$244,224

Down Payment
$224,975
Rehab Estimate
$5,750
Closing Costs
$13,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,320

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $224,975
Loan Amount $674,925
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,712

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,390

    LIST RENT
  • $2.06

    LIST RENT PER SQFT
  • $3,699

    COMP ESTIMATED VALUE
  • $2.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$3,3903$3,5004$3,9005$3,995
$3,995
RENT COMPS ANALYSIS
  • 2212 Lomina Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,646 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,646 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $3,390
    • $2.06
    •  
  • 2216 Canehill Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.09
    •  
  • 5210 E Daggett Street Long Beach, CA 3
    • 4 beds 2 baths ∙ 1,514 Sqft ∙ Built 1947 4 beds 2 baths ∙ 1,514 Sqft ∙ Built 1947
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.31
    •  
  • 2070 Mcnab Avenue Long Beach, CA 4
    • 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1951 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1951
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.46
    •  
  • 2281 Faust Avenue Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,874 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,874 Sqft ∙ Built 1952
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $2.13
    •  
PROPERTY LISTING DETAILS
Brandon Caldarella
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20228417
Last Updated: 11/02/2020
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