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3033 Petaluma Avenue Long Beach, CA 90808

3 Beds 1 Baths 1,193 sqft Built 1952

$819,000

List Price

$2,660

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $686.50
  • 3 Days on Market
  • MLS # : PW21008112
  • Updated Date : 01/23/2021 at 12:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,193 sqft
  • Baths : 1 full
Listing Agent

Sharon Amarantos, Broker

Listing Agent's Description

Beautiful 3 Bedroom, 2 Bath Home in the Heart of the Plaza! You will love this lovely, updated home with a fabulous private front courtyard. As you enter you will appreciate the refinished original hardwood floors welcoming you into the living space. The remodeled kitchen features classic white Shaker cabinets, lots of storage space and beautiful quartz counters. The laundry room is conveniently located right off the kitchen. The living space is warm and inviting, with a fireplace, dining area with built-in storage, french doors to the backyard, and recessed lights. The primary bedroom includes an en-suite updated bathroom with custom tile stall shower. Other features of the home include vinyl fencing panels providing privacy in the backyard, central A/C, 200 amp electrical and dual-paned windows. This home is close to award winning Cubberley K-8, El Dorado Park, restaurants and shopping.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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]

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
 

$737,100$900,900$819,000

PURCHASE PRICE

$2,394$2,926$2,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,660
EXPENSES Loan Payment -$2,845
Property Tax -$869
Property Insurance -$56
Property Management Fees -$130
CASH FLOW
-$1,240

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.

$819,000

PROJECTED PRICE

$2,660

PROJECTED RENT

0.32%

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

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$222,785

INVESTMENT

$222,785

Down Payment
$204,750
Rehab Estimate
$5,750
Closing Costs
$12,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$2,845

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $204,750
Loan Amount $614,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$84

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,660

    LIST RENT
  • $2.23

    LIST RENT PER SQFT
  • $2,663

    COMP ESTIMATED VALUE
  • $2.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,660
1$2,6602$2,7503$2,7504$2,7505$2,850
$2,850
RENT COMPS ANALYSIS
  • 3033 Petaluma Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,193 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,193 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $2,660
    • $2.23
    •  
  • 2922 Knoxville Avenue Long Beach, CA 2
    • 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
    •  
  • 3712 N. Studebaker Rd. Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,219 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,219 Sqft ∙ Built 1953
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.26
    •  
  • 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
    •  
  • 5878 E Pavo Street Long Beach, CA 5
    • 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.16
    •  
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 #: PW21008112
Last Updated: 01/23/2021
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