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2756 Caspian Avenue Long Beach, CA 90810

3 Beds 2 Baths 1,746 sqft Built 1941

$599,000

List Price

$3,190

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1941
  • Price/Sqft : $343.07
  • 6 Days on Market
  • MLS # : SR20228223
  • Updated Date : 11/01/2020 at 05:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,746 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Charming 3 bed/2 bath Spanish style home on a great street in the upper westside of Long Beach. Enter the home through beautiful wrought iron doors which lead to a grand entrance of arched doorways and warm hardwood floors which flow throughout the home. Living room has high ceilings, fireplace, and a large arched window, flooding the space with light. Spacious kitchen features granite tops, tons of storage, and opens perfectly into the formal dining room. Spacious master bedroom with large walk-in closet. Spa-like en suite master bathroom with jetted tub. Good sized guest rooms, both with sliding door closets. Built-in desk with lovely view of backyard in one guest bedroom, wide hallway with space for an office or reading nook -- perfect for the work from home lifestyle. Large, private backyard with grassy area, patio, and outdoor kitchen set up with sink and room for propane barbeque. Detached garage and carport provide plenty of parking. This home has been lovingly cared for and ready for the next family to make memories.

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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: Upper Westside

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $151k622k

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

Neighborhood: Upper Westside

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12802941

* 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
Muir Elementary School Primary Magnet 1,083 41 7
Muir Elementary School Middle Magnet 1,083 41 7
Cabrillo High School High Magnet 2,768 112 3

Muir Elementary School

  • Education Level: Primary
  • # of students: 1,083
  • # of teachers: 41
7
GreatSchools Rating

Muir Elementary School

  • Education Level: Middle
  • # of students: 1,083
  • # of teachers: 41
7
GreatSchools Rating

Cabrillo High School

  • Education Level: High
  • # of students: 2,768
  • # of teachers: 112
3
GreatSchools Rating
 

$539,100$658,900$599,000

PURCHASE PRICE

$2,871$3,509$3,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,190
EXPENSES Loan Payment -$2,210
Property Tax -$649
Property Insurance -$69
Property Management Fees -$156
CASH FLOW
$105

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$599,000

PROJECTED PRICE

$3,190

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 7.8%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$2,210

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$70,333

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,190

    LIST RENT
  • $1.83

    LIST RENT PER SQFT
  • $3,573

    COMP ESTIMATED VALUE
  • $2.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$3,0003$3,1904$3,400
$3,400
RENT COMPS ANALYSIS
  • 2756 Caspian Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,746 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,746 Sqft ∙ Built 1941
    • Rent
    • Rent Per SQFT
    •  
    • $3,190
    • $1.83
    •  
  • 2710 Chestnut Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,536 Sqft ∙ Built 1946 3 beds 1 baths ∙ 1,536 Sqft ∙ Built 1946
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.95
    •  
  • 3184 Daisy Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1944
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.11
    •  
  • 2560 San Francisco Avenue Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 1944
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.08
    •  
PROPERTY LISTING DETAILS
Cricket Yee
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR20228223
Last Updated: 11/01/2020
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