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PROPERTY INFO
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!
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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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Stearns Park
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$223,047
LOAN DETAILS
$2,848
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $204,998 |
| Loan Amount | $614,993 |
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
-
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
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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
Redfin Corporation
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW21017841
Last Updated: 01/28/2021
