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3033 Ostrom Avenue Long Beach, CA 90808

4 Beds 2 Baths 1,798 sqft Built 1952

$919,000

List Price

$3,470

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $511.12
  • 4 Days on Market
  • MLS # : PW21005834
  • Updated Date : 01/16/2021 at 10:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,798 sqft
  • Baths : 2 full
Listing Agent

Sharon Amarantos, Broker

Listing Agent's Description

Pride of Ownership in the Heart of the Plaza! This 4 bedroom, 2 bath home was thoughtfully remodeled in 2017 and has all of the features a homeowner wants including a stunning kitchen, newer roof, copper plumbing, 200amp electrical, central A/C and more! The expansive open floor plan allows for ease of movement from the state-of-the-art kitchen to the dining area and into the welcoming family room. The kitchen is a chef and entertainer's dream, with timeless white Shaker cabinets, gleaming subway tile backsplash and perfect quartz countertops. The 6 burner Thermador stove matches the stainless steel double oven, wine fridge, microwave drawer, refrigerator and dishwasher. A pot-filling faucet above the stove and a separate sink in the island makes cooking a breeze, allows for socializing, and plenty of space for meal prep. The family room is complete with a fireplace, tray ceilings, recessed lights, and large skylights bathing the room in natural light. There are 2 gorgeous remodeled full bathrooms, one being en-suite off of the rear bedroom (currently used as an office), and the other conveniently located in the hallway adjacent to the bedrooms. Lovely wood-looking vinyl plank floors cover the living area, and original hardwood is found in 3 of the bedrooms. The backyard is pretty and quiet, with a lawn and patio for relaxing. This home is walking distance to award winning Cubberley K-8 school, El Dorado Park and shopping.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Plaza East

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Plaza East

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
Cubberly Elementary School Primary Magnet 1,026 39 7
Cubberly Elementary School Middle Magnet 1,026 39 7
Millikan High School High Magnet 3,753 145 7

Cubberly Elementary School

  • Education Level: Primary
  • # of students: 1,026
  • # of teachers: 39
7
GreatSchools Rating

Cubberly Elementary School

  • Education Level: Middle
  • # of students: 1,026
  • # of teachers: 39
7
GreatSchools Rating

Millikan High School

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

$827,100$1,010,900$919,000

PURCHASE PRICE

$3,123$3,817$3,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,470
EXPENSES Loan Payment -$3,192
Property Tax -$975
Property Insurance -$71
Property Management Fees -$170
CASH FLOW
-$938

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.

$919,000

PROJECTED PRICE

$3,470

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.9%
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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$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$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$249,285

INVESTMENT

$249,285

Down Payment
$229,750
Rehab Estimate
$5,750
Closing Costs
$13,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,192

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $229,750
Loan Amount $689,250
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$5,617

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,470

    LIST RENT
  • $1.93

    LIST RENT PER SQFT
  • $3,780

    COMP ESTIMATED VALUE
  • $2.1

    COMP AVG. RENT PER SQFT
Comps Range
$3,190
1$3,1902$3,3003$3,4704$3,8005$4,200
$4,200
RENT COMPS ANALYSIS
  • 3033 Ostrom Avenue Long Beach, CA 3
    • 4 beds 2 baths ∙ 1,798 Sqft ∙ Built 1952 4 beds 2 baths ∙ 1,798 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $3,470
    • $1.93
    •  
  • 3062 Volk Avenue Long Beach, CA 1
    • 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1954
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,190
    • $2.13
    •  
  • 6208 E Pageantry Street Long Beach, CA 2
    • 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 4
    • 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
    •  
  • 3367 Roxanne Avenue Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,958 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,958 Sqft ∙ Built 1954
    LEASED 08/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.15
    •  
PROPERTY LISTING DETAILS
Sharon Amarantos
Sharon Amarantos, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21005834
Last Updated: 01/16/2021
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