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2267 Mira Mar Avenue Long Beach, CA 90815

3 Beds 2 Baths 1,408 sqft Built 1943

$819,990

List Price

$2,840

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1943
  • Price/Sqft : $582.38
  • 5 Days on Market
  • MLS # : PW21017841
  • Updated Date : 01/28/2021 at 13:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,408 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

This gorgeous Artcraft Manor three bedroom home will please all. Beautiful hardwood floors, bright windows and decorative baseboards throughout. The open living room leads to a dining "L" and to a beautifully updated kitchen. Granite countertops, a custom backsplash and stainless steel appliances, lots of cabinets and a bay windows are just the start. The bedrooms are tucked on the other side of the house. There are three large bedrooms with spacious closets and two fully updated baths. The two smaller rooms share a bathroom with an extra large white vanity and grey quartz counter. The Primary suite has an ensuite bathroom with separate WC and a giant walk in closet. This lovely home has a beautiful and private back yard and vegetable garden, alley access , a large patio with a hot tub and and a two car garage plus a long driveway to park extra cars or play ball. Plus a storage/shed with a secret "bunker" - really a bunker, that was used for shelter during WW2 but is ideal for extra storage. Located in one of Long Beach's most coveted areas with award winning schools and freeway close. Come see this lovely gem fast before it sells!

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Stearns Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $186k638k

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

Neighborhood: Stearns Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14262966

* 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
Bixby Elementary School Primary Regular 553 21 8
Stanford Middle School Middle Regular 1,255 48 8
Wilson High School High Magnet 3,944 146 7

Bixby Elementary School

  • Education Level: Primary
  • # of students: 553
  • # of teachers: 21
8
GreatSchools Rating

Stanford Middle School

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

Wilson High School

  • Education Level: High
  • # of students: 3,944
  • # of teachers: 146
7
GreatSchools Rating
 

$737,991$901,989$819,990

PURCHASE PRICE

$2,556$3,124$2,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,840
EXPENSES Loan Payment -$2,848
Property Tax -$865
Property Insurance -$61
Property Management Fees -$139
CASH FLOW
-$1,073

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.

$819,990

PROJECTED PRICE

$2,840

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 8.5%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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

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$223,047

INVESTMENT

$223,047

Down Payment
$204,998
Rehab Estimate
$5,750
Closing Costs
$12,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,848

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $204,998
Loan Amount $614,993
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$624

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,840

    LIST RENT
  • $2.02

    LIST RENT PER SQFT
  • $2,929

    COMP ESTIMATED VALUE
  • $2.08

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7503$2,8404$2,9505$2,995
$2,995
RENT COMPS ANALYSIS
  • 2267 Mira Mar Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1943 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1943
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,840
    • $2.02
    •  
  • 1958 Dawson Avenue Signal Hill, CA 1
    • 3 beds 1 baths ∙ 1,232 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,232 Sqft ∙ Built 1951
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.11
    •  
  • 3016 N Greenbrier Road Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1949
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.25
    •  
  • 3826 E 14th Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,633 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,633 Sqft ∙ Built 1923
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.81
    •  
  • 5250 E Patterson Street Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1953
    property image
    LEASED 01/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.15
    •  
PROPERTY LISTING DETAILS
Costanza Genoese Zerbi
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21017841
Last Updated: 01/28/2021
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