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300 E 4th Street #204 Long Beach, CA 90802

3 Beds 2 Baths 1,620 sqft Built 2008

$699,900

List Price

$3,190

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 2008
  • Price/Sqft : $432.04
  • 4 Days on Market
  • MLS # : PW20228798
  • Updated Date : 11/02/2020 at 19:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,620 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California

Listing Agent's Description

A rare find in DT Long Beach. 3 Brm, 2 bath corner condo at Blu with only 1 common wall. A short elevator ride from your side-by-side parking spots. Use smart home technology for handsfree unlocking, voice activated lighting, music, touch-free faucets. Featuring Italian porcelain tile flooring that looks like wood that flows throughout the living areas; bedrooms have carpet. The kitchen is open to the dining area, living room and private balcony with a storage closet. The dining area/kitchen with added wet ice machine, wine fridge and built in beer/keg frig/dispenser. Enjoy entertaining or a quick bite at your granite breakfast bar while listening to music throughout, or the TV in the living room. The utility room has side-by-side laundry and plenty of storage. The 3rd bedroom is currently used as an office and overlooks the front entry where you can have your favorite plants. 2nd bedroom has direct access to the large guest bathroom. The large master suite has an attached bath with oversized walk-in shower, separate tub, two sinks, walk-in closet and separate pullman. The complex features a fitness center, large owner’s lounge with pool table and plenty of space for large gatherings. Courtyard features a gas fireplace, putting green, BBQs and lots of outside seating. The complex has fingerprint entry technology, FOB access, security cameras, lots of guest parking, entry lobby with a library, seating and coffee bar.

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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: East Village

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $109k622k

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

Neighborhood: East Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2140016001800200022002400260028003000Rent in $12043117

* 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
Stevenson Elementary School Primary Regular 738 26 6
Franklin Classical Middle School Middle Regular 1,184 42 5
Polytechnic High School High Magnet 4,464 167 7

Stevenson Elementary School

  • Education Level: Primary
  • # of students: 738
  • # of teachers: 26
6
GreatSchools Rating

Franklin Classical Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 42
5
GreatSchools Rating

Polytechnic High School

  • Education Level: High
  • # of students: 4,464
  • # of teachers: 167
7
GreatSchools Rating
 

$629,910$769,890$699,900

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 -$2,582
Property Tax -$731
Property Insurance -$66
HOA -$484
Property Management Fees -$156
CASH FLOW
-$830

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.

$699,900

PROJECTED PRICE

$3,190

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 9.3%
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-$15k-$10k-$5.0k$0.0$5.0k$10k

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$191,224

INVESTMENT

$191,224

Down Payment
$174,975
Rehab Estimate
$5,750
Closing Costs
$10,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,582

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,975
Loan Amount $524,925
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,342

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
  • $1.97

    LIST RENT PER SQFT
  • $4,167

    COMP ESTIMATED VALUE
  • $2.57

    COMP AVG. RENT PER SQFT
Comps Range
$3,190
1$3,1902$3,9503$4,2004$4,4005$4,800
$4,800
RENT COMPS ANALYSIS
  • 300 E 4th Street Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $3,190
    • $1.97
    •  
  • 1000 E Ocean Boulevard Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 2003
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.37
    •  
  • 850 E Ocean Boulevard E Long Beach, CA 3
    • 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 1992
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.35
    •  
  • 1500 E Ocean Boulevard Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 2000
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.84
    •  
  • 400 W Ocean Boulevard Long Beach, CA 5
    • 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2007
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,800
    • $2.73
    •  
PROPERTY LISTING DETAILS
Richard Daskam
Exp Realty Of California
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20228798
Last Updated: 11/02/2020
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