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242 Ximeno Avenue Long Beach, CA 90803

3 Beds 3 Baths 1,794 sqft Built 1919

$1,295,000

List Price

$4,390

$4.1K - $4.6K

Rent Est.

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

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $186k950k

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

Neighborhood: Belmont Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14493700

* 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
Fremont Elementary School Primary Regular 514 17 9
Rogers Middle School Middle Regular 890 30 8
Wilson High School High Magnet 3,944 146 7

Fremont Elementary School

  • Education Level: Primary
  • # of students: 514
  • # of teachers: 17
9
GreatSchools Rating

Rogers Middle School

  • Education Level: Middle
  • # of students: 890
  • # of teachers: 30
8
GreatSchools Rating

Wilson High School

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

$1,165,500$1,424,500$1,295,000

PURCHASE PRICE

$3,951$4,829$4,390

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$348,925

INVESTMENT

$348,925

Down Payment
$323,750
Rehab Estimate
$5,750
Closing Costs
$19,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,498

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $323,750
Loan Amount $971,250
See What Happens When You Reinvest Cash Flow

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
$3,950
1$3,9502$4,3903$4,4954$4,6505$4,800
$4,800
RENT COMPS ANALYSIS
  • 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
Daniel Aguirre
Engel & Voelkers Long Beach
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20230236
Last Updated: 12/13/2020
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