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2319 E 2nd Street #4 Long Beach, CA 90803

3 Beds 2 Baths 1,363 sqft Built 1980

$799,000

List Price

$3,020

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $586.21
  • 5 Days on Market
  • MLS # : OC21050288
  • Updated Date : 03/10/2021 at 11:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,363 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Beautiful Bluff Park upgraded penthouse condo. This spacious and open living room and dining room feature newer wood floors, 12' ceilings, marble fireplace, and a balcony that faces south for great sunlight. Plantation shutters throughout, recessed lighting, central air and heating, private laundry.. what more could you ask for? The kitchen is spacious, with granite counters, newer appliances, and tile floors. The bathrooms were updated with marble flooring. The master bedroom is a true suite, with separate balcony, large bathroom area, separate toilet and shower room, and walk in closet. This condo checks all the boxes, and is located on one of the best streets in Long Beach. The property also comes with a large 2 car garage, and there are only 5 units in the building, which make it very private and quiet. You can walk to the park, the beach, and the museum in a few minutes. You can stop looking, this is the one!

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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]
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Bluff Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Bluff Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21500200025003000350040004500Rent in $14494658

* 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
Burbank Elementary School Primary Regular 812 30 5
Jefferson Leadership Academies Middle Regular 1,067 39 5
Wilson High School High Magnet 3,944 146 7

Burbank Elementary School

  • Education Level: Primary
  • # of students: 812
  • # of teachers: 30
5
GreatSchools Rating

Jefferson Leadership Academies

  • Education Level: Middle
  • # of students: 1,067
  • # of teachers: 39
5
GreatSchools Rating

Wilson High School

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

$719,100$878,900$799,000

PURCHASE PRICE

$2,718$3,322$3,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,020
EXPENSES Loan Payment -$2,775
Property Tax -$843
Property Insurance -$60
HOA -$300
Property Management Fees -$148
CASH FLOW
-$1,106

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.

$799,000

PROJECTED PRICE

$3,020

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 6.2%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$217,485

INVESTMENT

$217,485

Down Payment
$199,750
Rehab Estimate
$5,750
Closing Costs
$11,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,775

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $199,750
Loan Amount $599,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$215

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,020

    LIST RENT
  • $2.22

    LIST RENT PER SQFT
  • $3,237

    COMP ESTIMATED VALUE
  • $2.38

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$3,0003$3,0204$3,4005$4,400
$4,400
RENT COMPS ANALYSIS
  • 2319 E 2nd Street Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,363 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,363 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $3,020
    • $2.22
    •  
  • 1360 Redondo Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,017 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,017 Sqft ∙ Built 1988
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $2.36
    •  
  • 2999 E Ocean Boulevard Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,510 Sqft ∙ Built 1967 3 beds 1 baths ∙ 1,510 Sqft ∙ Built 1967
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.99
    •  
  • 4647 E 4th Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,469 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,469 Sqft ∙ Built 1985
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.31
    •  
  • 1500 E Ocean Boulevard Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2000
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.84
    •  
PROPERTY LISTING DETAILS
Tom Schick
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21050288
Last Updated: 03/10/2021
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