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PROPERTY INFO
FACTS
- Single Family
- Built In 1919
- Price/Sqft : $721.85
- 72 Days on Market
- MLS # : PW20230236
- Updated Date : 12/13/2020 at 13:44
CONSTRUCTION
- Beds : 3
- Floor Size : 1,794 sqft
- Baths : 3 full
Listing Agent
Engel & Voelkers Long Beach
Listing Agent's Description
House in a prime location in Long Beach, Ca off Ximeno and Broadway. Vaulted ceilings open the home beautifully. Redesigned interior for maximum use of space. Open kitchen design with new flooring and wonderful natural light. The family room is open with a fireplace for an inviting setting in any Long Beach weather. The master suite features its own fireplace, walk-in closet, and fully remodeled bathroom that features a walk-in shower and separate jetted bathtub made of tumbled marble with 2 doors that lead outside to a relaxing jacuzzi and pool combo with enough outdoor space for your own ideas to shine; not to mention the blossoming orange tree and a young avocado tree in your own backyard. If you work from home this offers 2 private office spaces on both levels. The top-level office is next to the attic which boasts of 196 sq ft of extra space which can be customized to your liking. To top it all off, this home is 5 minutes away from 2nd street, the beach, and many hot spots in Long Beach. If you want a turn-key home, this is it.
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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: Belmont Heights
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Belmont Heights
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $4,390 |
| EXPENSES | Loan Payment | -$4,498 |
| Property Tax | -$1,366 | |
| Property Insurance | -$70 | |
| Property Management Fees | -$215 | |
|
CASH FLOW
-$1,759
|
||
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.
$1,295,000
PROJECTED PRICE
$4,390
PROJECTED RENT
0.34%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 6.8% |
| 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
$348,925
LOAN DETAILS
$4,498
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $323,750 |
| Loan Amount | $971,250 |
0.25
YEARS SAVED
$615
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$4,390
LIST RENT -
$2.45
LIST RENT PER SQFT
-
$4,602
COMP ESTIMATED VALUE -
$2.57
COMP AVG. RENT PER SQFT
Comps Range
-
242 Ximeno Avenue Long Beach, CA 2
- 3 beds 3 baths ∙ 1,794 Sqft ∙ Built 1919 3 beds 3 baths ∙ 1,794 Sqft ∙ Built 1919
![property image]()
- Rent
- Rent Per SQFT
- $4,390
- $2.45
-
29 Kennebec Avenue Long Beach, CA 1
- 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1920
![property image]()
LEASED 02/05/20- Rent
- Rent Per SQFT
- $3,950
- $2.64
-
335 Bay Shore Avenue Long Beach, CA 3
- 3 beds 2 baths ∙ 1,881 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,881 Sqft ∙ Built 1939
![property image]()
LEASED 03/18/20- Rent
- Rent Per SQFT
- $4,495
- $2.39
-
176 Quincy Avenue Long Beach, CA 4
- 4 beds 3 baths ∙ 1,816 Sqft ∙ Built 1938 4 beds 3 baths ∙ 1,816 Sqft ∙ Built 1938
![property image]()
LEASED 05/02/20- Rent
- Rent Per SQFT
- $4,650
- $2.56
-
159 Claremont Avenue Long Beach, CA 5
- 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1929 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1929
![property image]()
LEASED 11/09/19- Rent
- Rent Per SQFT
- $4,800
- $2.67
PROPERTY LISTING DETAILS
Engel & Voelkers Long Beach
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW20230236
Last Updated: 12/13/2020
