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PROPERTY INFO
FACTS
- Single Family
- Built In 1951
- Price/Sqft : $572.75
- 3 Days on Market
- MLS # : PW21035091
- Updated Date : 02/20/2021 at 18:01
CONSTRUCTION
- Beds : 3
- Floor Size : 1,457 sqft
- Baths : 1 full
Listing Agent
First Team Real Estate
Listing Agent's Description
This is the home you have been searching for. Ideally situated on a beautiful tree lined street in the highly sought after Plaza south of spring neighborhood of East Long Beach. The owners spared no expense in the meticulous remodel of this mid century gem. (not a flip!) Some features include a brand new 35 year roof, All new Pex plumbing throughout, completely rewired with a new panel to support the new HVAC system. Luxury vinyl flooring, open kitchen with quartz countertops, farmhouse sink and an island as well as brand new matching appliances and custom hood. Recessed lighting, dual pane windows, En suite master with French doors and much more. Working from home? Clear your mind by taking a stroll to the El Dorado nature center, take the kids to the park or even play a round of golf!
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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)
- 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)
- 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]
- 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.
- 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)
PRICE & RENT TRENDS
Neighborhood: El Dorado Park North
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: El Dorado Park North
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,760 |
| EXPENSES | Loan Payment | -$2,899 |
| Property Tax | -$878 | |
| Property Insurance | -$62 | |
| Property Management Fees | -$135 | |
|
CASH FLOW
-$1,214
|
||
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.
$834,500
PROJECTED PRICE
$2,760
PROJECTED RENT
0.33%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 5.3% |
| 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
$226,893
LOAN DETAILS
$2,899
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $208,625 |
| Loan Amount | $625,875 |
0.17
YEARS SAVED
$143
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,760
LIST RENT -
$1.89
LIST RENT PER SQFT
-
$3,471
COMP ESTIMATED VALUE -
$2.38
COMP AVG. RENT PER SQFT
Comps Range
-
2744 Nipomo Avenue Long Beach, CA 1
- 3 beds 1 baths ∙ 1,457 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,457 Sqft ∙ Built 1951
- Rent
- Rent Per SQFT
- $2,760
- $1.89
-
2928 Ladoga Avenue Long Beach, CA 2
- 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 1951
LEASED 09/13/19- Rent
- Rent Per SQFT
- $2,895
- $2.31
-
6310 E Stearns Street Long Beach, CA 3
- 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952
LEASED 05/20/20- Rent
- Rent Per SQFT
- $3,200
- $2.26
-
3113 Lees Avenue Long Beach, CA 4
- 3 beds 2 baths ∙ 1,441 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,441 Sqft ∙ Built 1954
LEASED 12/11/20- Rent
- Rent Per SQFT
- $3,500
- $2.43
-
2841 N Studebaker Road Long Beach, CA 5
- 3 beds 1 baths ∙ 1,579 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,579 Sqft ∙ Built 1951
LEASED 11/16/20- Rent
- Rent Per SQFT
- $4,000
- $2.53
PROPERTY LISTING DETAILS
First Team Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW21035091
Last Updated: 02/20/2021
