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2902 Radnor Avenue Long Beach, CA 90815

3 Beds 2 Baths 1,542 sqft Built 1953

$759,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $492.22
  • 3 Days on Market
  • MLS # : OC20251354
  • Updated Date : 12/04/2020 at 21:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,542 sqft
  • Baths : 2 full
Listing Agent

Rory Hughes, Broker

Listing Agent's Description

Nestled in the tree lined Los Altos tract north of the 405 Freeway this home location provides easy access to parks, schools and colleges, shopping, recreation, causal and fine dining and entertainment. First time on the market since the early 1970's this lovingly cared for home features a kitchen flooded with natural light that opens up across a peninsula bar and on into a large dinning area. A formal family room off the entryway includes a wood burning fireplace. As an added bonus a sunken den with glass wall views to the large backyard, enclosed swimming pool, garden beds and fruit trees. The house features 3 bedrooms and two bathrooms with bathtub and enclosed shower. The master bedroom has direct access to the backyard. A long gated driveway provides RV and plenty of off street parking. Situated in the rear of the property is a 2 car detached garage with laundry room and space for extra appliances and work bench. Out front a well manicured lawn, nature shrubs and flowering landscape elicit a park like setting. The neighborhood features broad streets with weekly city sweeping, mature trees, and sidewalks with curbs and gutter.

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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: Los Altos North

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Los Altos North

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14493697

* 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
Prisk Elementary School Primary Magnet 624 24 9
Stanford Middle School Middle Regular 1,255 48 8
Millikan High School High Magnet 3,753 145 7

Prisk Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 24
9
GreatSchools Rating

Stanford Middle School

  • Education Level: Middle
  • # of students: 1,255
  • # of teachers: 48
8
GreatSchools Rating

Millikan High School

  • Education Level: High
  • # of students: 3,753
  • # of teachers: 145
7
GreatSchools Rating
 

$683,100$834,900$759,000

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$2,800
Property Tax -$805
Property Insurance -$64
Property Management Fees -$157
CASH FLOW
-$627

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.

$759,000

PROJECTED PRICE

$3,200

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.7%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$206,885

INVESTMENT

$206,885

Down Payment
$189,750
Rehab Estimate
$5,750
Closing Costs
$11,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,800

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $189,750
Loan Amount $569,250
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$14,999

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $2.08

    LIST RENT PER SQFT
  • $3,304

    COMP ESTIMATED VALUE
  • $2.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,795
1$2,7952$2,9953$3,0004$3,2005$3,295
$3,295
RENT COMPS ANALYSIS
  • 2902 Radnor Avenue Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,542 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,542 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.08
    •  
  • 6517 E El Pulcro Street Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1952
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $2.00
    •  
  • 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
    •  
  • 2304 Stearnlee Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1950
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.11
    •  
  • 2661 Marber Avenue Long Beach, CA 5
    • 3 beds 3 baths ∙ 1,393 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,393 Sqft ∙ Built 1954
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $2.37
    •  
PROPERTY LISTING DETAILS
Rory Hughes
Rory Hughes, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20251354
Last Updated: 12/04/2020
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