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2270 Gondar Avenue Long Beach, CA 90815

3 Beds 1 Baths 1,462 sqft Built 1952

$849,000

List Price

$3,150

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $580.71
  • 5 Days on Market
  • MLS # : PW21026115
  • Updated Date : 02/12/2021 at 07:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,462 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker Coastal Alliance

Listing Agent's Description

Lovely Los Altos 3 bedroom, 2 bath home. Absolutley turn-key ready for your fussiest buyer. Light, bright living and dining rooms wit cozy brick fireplace and hardwood floors. Great chefs kitchen with custom cabinets, self closing drawers, stainless appliances and recessed ligthing. Kitchen room attached to family room and 3/4 bath with slider doors out to back yard. Home has been updated with central heat/air, tankless water heater and new double pane windows. Perfect Covid bonus room in backyard with new split a/c system, ceiling fan and recessed ligthing. Great location, close to Lazy Acres shopping center, freeways and award wininng schools.

SEE MORE

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
 

$764,100$933,900$849,000

PURCHASE PRICE

$2,835$3,465$3,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,150
EXPENSES Loan Payment -$2,949
Property Tax -$894
Property Insurance -$62
Property Management Fees -$154
CASH FLOW
-$909

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.

$849,000

PROJECTED PRICE

$3,150

PROJECTED RENT

0.37%

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-$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$230,735

INVESTMENT

$230,735

Down Payment
$212,250
Rehab Estimate
$5,750
Closing Costs
$12,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,949

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,250
Loan Amount $636,750
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,877

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,150

    LIST RENT
  • $2.15

    LIST RENT PER SQFT
  • $3,151

    COMP ESTIMATED VALUE
  • $2.16

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$2,9953$3,0004$3,1505$3,200
$3,200
RENT COMPS ANALYSIS
  • 2270 Gondar Avenue Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,462 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,462 Sqft ∙ Built 1952
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $2.15
    •  
  • 5878 E Pavo Street Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951
    property image
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.16
    •  
  • 2216 Canehill Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953
    property image
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.09
    •  
  • 2304 Stearnlee Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1950
    property image
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.11
    •  
  • 6310 E Stearns Street Long Beach, CA 5
    • 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952
    property image
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.26
    •  
PROPERTY LISTING DETAILS
Scott Chapman
Coldwell Banker Coastal Alliance
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21026115
Last Updated: 02/12/2021
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