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PROPERTY INFO
FACTS
- Single Family
- Built In 1951
- Price/Sqft : $463.20
- 3 Days on Market
- MLS # : RS21028095
- Updated Date : 02/12/2021 at 15:14
CONSTRUCTION
- Beds : 3
- Floor Size : 1,617 sqft
- Baths : 2 full
Listing Agent
Dream Life Real Estate
Listing Agent's Description
Welcome to 2845 Hackett Avenue. Located in the highly sought after plaza neighborhood, this 3 bedroom 2 bath home is perfect for a first time home owner, or somebody that is ready to make it their own. Walking though the front door you will find a floor plan that is already set up perfectly, and is filled with natural light. The family room has beamed ceilings and is open to the kitchen. Through the family room you have access to a large backyard. Some features of the home include original hardwood flooring, a wood burning fireplace in the living room, a tank-less water heater, 2 car detached garage and a new roof installed a year ago. This is the first time this home has ever been on the market and with some updating and customizing, 2845 Hackett has a huge upside potential to get into one of the best neighborhoods in long beach for an amazing price. Close to Emerson, Stanford and Millikan schools, CSULB, El Dorado Park, shops, freeways and much more this location is hard to beat.
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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: 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 | $3,090 |
| EXPENSES | Loan Payment | -$2,602 |
| Property Tax | -$788 | |
| Property Insurance | -$66 | |
| Property Management Fees | -$151 | |
|
CASH FLOW
-$517
|
||
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.
$749,000
PROJECTED PRICE
$3,090
PROJECTED RENT
0.41%
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
$204,235
LOAN DETAILS
$2,602
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $187,250 |
| Loan Amount | $561,750 |
2.5
YEARS SAVED
$15,242
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,090
LIST RENT -
$1.91
LIST RENT PER SQFT
-
$3,412
COMP ESTIMATED VALUE -
$2.11
COMP AVG. RENT PER SQFT
Comps Range
-
2845 Hackett Avenue Long Beach, CA 3
- 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1951
- Rent
- Rent Per SQFT
- $3,090
- $1.91
-
2535 Ostrom Avenue Long Beach, CA 1
- 3 beds 1 baths ∙ 1,327 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,327 Sqft ∙ Built 1951
LEASED 12/06/19- Rent
- Rent Per SQFT
- $2,950
- $2.22
-
2216 Canehill Avenue Long Beach, CA 2
- 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953
LEASED 10/18/20- Rent
- Rent Per SQFT
- $2,995
- $2.09
-
6208 E Pageantry Street Long Beach, CA 4
- 4 beds 1 baths ∙ 1,729 Sqft ∙ Built 1953 4 beds 1 baths ∙ 1,729 Sqft ∙ Built 1953
LEASED 03/05/20- Rent
- Rent Per SQFT
- $3,300
- $1.91
-
3364 Hackett Avenue Long Beach, CA 5
- 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953
LEASED 12/24/20- Rent
- Rent Per SQFT
- $3,800
- $2.22
PROPERTY LISTING DETAILS
Dream Life Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: RS21028095
Last Updated: 02/12/2021
