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3013 Ocana Avenue Long Beach, CA 90808

3 Beds 1 Baths 1,030 sqft Built 1951

$774,990

List Price

$2,590

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $752.42
  • 5 Days on Market
  • MLS # : PW21037911
  • Updated Date : 02/25/2021 at 10:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,030 sqft
  • Baths : 1 full
Listing Agent

Redfin Corporation

Listing Agent's Description

It really does not get any cuter or better. This South of Conant home was been lovingly updated top to bottom. Three bedrooms, one completely remodeled bathroom, an open, designer kitchen and all new systems. The home has great curb appeal, but the wow comes when you walk inside. Original hard wood floors and lots of light greet you. The kitchen and dining area has been opened up creating an open and functional floor plan. The kitchen is full of high end, stylish touches that bring you into a mid-century modern vibe. Features include designer lights, butcher block breakfast bar, quartz counters, stainless steel appliances and stylish cabinets. There are three large bedrooms with lots of storage and a bathroom that matches the kitchen in style and upgrades. You will love the custom vanity and the modern tile work throughout. Don't stop inside, be sure to see the private back yard oasis that allows you to relax or entertain al fresco. This home is complete with newer windows, a new roof, new HVAC mini split system, copper pipes and a two car garage. This home is close to coveted schools, parks, shops and freeway friendly.

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MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: South of Conant

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: South of Conant

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
Carver Elementary School Primary Regular 479 18 9
Marshall Middle School Middle Regular 875 34 8
Millikan High School High Magnet 3,753 145 7

Carver Elementary School

  • Education Level: Primary
  • # of students: 479
  • # of teachers: 18
9
GreatSchools Rating

Marshall Middle School

  • Education Level: Middle
  • # of students: 875
  • # of teachers: 34
8
GreatSchools Rating

Millikan High School

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

$697,491$852,489$774,990

PURCHASE PRICE

$2,331$2,849$2,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,590
EXPENSES Loan Payment -$2,692
Property Tax -$822
Property Insurance -$52
Property Management Fees -$127
CASH FLOW
-$1,103

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.

$774,990

PROJECTED PRICE

$2,590

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.4%
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-$20k-$15k-$10k-$5.0k$0.0$5.0k

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$211,122

INVESTMENT

$211,122

Down Payment
$193,748
Rehab Estimate
$5,750
Closing Costs
$11,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,692

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $193,748
Loan Amount $581,243
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$170

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,590

    LIST RENT
  • $2.51

    LIST RENT PER SQFT
  • $2,312

    COMP ESTIMATED VALUE
  • $2.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,590
1$2,5902$2,7503$2,7504$2,7505$2,950
$2,950
RENT COMPS ANALYSIS
  • 3013 Ocana Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $2.51
    •  
  • 3016 N Greenbrier Road Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1949
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.25
    •  
  • 2922 Knoxville Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,206 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,206 Sqft ∙ Built 1951
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.28
    •  
  • 3156 Josie Avenue Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1952
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.23
    •  
  • 2535 Ostrom Avenue Long Beach, CA 5
    • 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
    •  
PROPERTY LISTING DETAILS
Costanza Genoese Zerbi
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21037911
Last Updated: 02/25/2021
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