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PROPERTY INFO
FACTS
- Single Family
- Built In 1976
- Price/Sqft : $480.82
- 2 Days on Market
- MLS # : PW21046532
- Updated Date : 03/06/2021 at 10:27
CONSTRUCTION
- Beds : 3
- Floor Size : 1,726 sqft
- Baths : 2 full
Listing Agent
Redfin Corporation
Listing Agent's Description
Situated in one of Long Beach’s most desirable neighborhoods, this charming one-level home features a spacious backyard with a trellis-covered patio and clean landscaping with fruit-bearing trees. Inside, the living room welcomes with a soaring vaulted ceiling, elegant chandeliers, a cozy brick fireplace, and luxurious wood look floors that lead throughout. The updated kitchen is expansive featuring rich wood cabinetry with stainless hardware, stainless steel appliances, a spectacular tile backsplash, and a large window that looks out to the backyard. The family room offers a sliding glass door to the backyard and trellis covered brick patio. The spacious primary bedroom fills with natural light from a large picture window and is accompanied by a tastefully updated ensuite. The two guest bedrooms provide ample living space, one of which can be utilized as a home office. The home is conveniently located with easy access to the 605, 405, and 91 freeways and is just minutes from Long Beach Towne Center for great dining and shopping experiences. Call this home today!
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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)
- 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]
- 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)
- Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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 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 North
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Los Altos North
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,560 |
| EXPENSES | Loan Payment | -$2,883 |
| Property Tax | -$873 | |
| Property Insurance | -$69 | |
| Property Management Fees | -$174 | |
|
CASH FLOW
-$439
|
||
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.
$829,900
PROJECTED PRICE
$3,560
PROJECTED RENT
0.43%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 4.7% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.05% |
| 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
$225,674
LOAN DETAILS
$2,883
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $207,475 |
| Loan Amount | $622,425 |
3.5
YEARS SAVED
$25,733
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,560
LIST RENT -
$2.06
LIST RENT PER SQFT
-
$4,099
COMP ESTIMATED VALUE -
$2.38
COMP AVG. RENT PER SQFT
Comps Range
-
2317 Palo Verde Avenue Long Beach, CA 2
- 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 1976
- Rent
- Rent Per SQFT
- $3,560
- $2.06
-
1911 N Hidden Lane Long Beach, CA 1
- 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1965
LEASED 09/20/20- Rent
- Rent Per SQFT
- $3,475
- $2.48
-
11441 Wembley Road Los Alamitos, CA 3
- 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1959
LEASED 03/13/20- Rent
- Rent Per SQFT
- $3,650
- $2.10
-
6821 E 9th Street Long Beach, CA 4
- 4 beds 1 baths ∙ 1,674 Sqft ∙ Built 1959 4 beds 1 baths ∙ 1,674 Sqft ∙ Built 1959
LEASED 11/23/19- Rent
- Rent Per SQFT
- $4,000
- $2.39
-
11231 Kensington Road Rossmoor, CA 5
- 3 beds 2 baths ∙ 1,623 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,623 Sqft ∙ Built 1960
LEASED 11/01/20- Rent
- Rent Per SQFT
- $4,100
- $2.53
PROPERTY LISTING DETAILS
Redfin Corporation
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW21046532
Last Updated: 03/06/2021
