Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3162 Cedar Avenue Long Beach, CA 90806

3 Beds 2 Baths 1,800 sqft Built 1949

$725,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1949
  • Price/Sqft : $402.78
  • 5 Days on Market
  • MLS # : PV21007626
  • Updated Date : 01/15/2021 at 11:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,800 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Palos Verdes

Listing Agent's Description

This Wrigley neighborhood home is what you've been waiting for! The large open floor plan of this 3- bedroom 2- bath home allows for plenty of living space for a large family, and the large over 8,000 sq. ft. lot makes the possibilities endless. The living room and dining room both feature hardwood floors. The large, step down family room also features wood flooring along with a stone accented fireplace. The galley style kitchen opens up to an additional dining room with vaulted ceiling and plenty of storage cabinets. One of the bedrooms is located on the opposite side of the house and has its own attached bathroom, making it perfect for a master suite or in-law quarters. It even has its own entrance. There is an additional 4th bonus room located at the back of the house again with its own entrance. The huge over-sized back yard is perfect for entertaining or eventually expanding this floor plan even more. The long driveway will accommodate an RV or boat storage and it leads to a nice oversized garage and carport area. All of this and a beautiful tree lined street. Do not miss out on this one of a kind property. It’s a Must See!

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Wrigley

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $180k622k

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

Neighborhood: North Wrigley

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13472941

* 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
Birney Elementary School Primary Regular 686 27 6
Hughes Middle School Middle Magnet 1,521 51 7
Polytechnic High School High Magnet 4,464 167 7

Birney Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 27
6
GreatSchools Rating

Hughes Middle School

  • Education Level: Middle
  • # of students: 1,521
  • # of teachers: 51
7
GreatSchools Rating

Polytechnic High School

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

$652,500$797,500$725,000

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 -$2,518
Property Tax -$786
Property Insurance -$71
Property Management Fees -$157
CASH FLOW
-$332

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.

$725,000

PROJECTED PRICE

$3,200

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 7.2%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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$25k

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$197,875

INVESTMENT

$197,875

Down Payment
$181,250
Rehab Estimate
$5,750
Closing Costs
$10,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,518

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $181,250
Loan Amount $543,750
See What Happens When You Reinvest Cash Flow

3.83

YEARS SAVED

$26,219

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
  • $1.78

    LIST RENT PER SQFT
  • $3,504

    COMP ESTIMATED VALUE
  • $1.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$3,2003$3,4004$3,495
$3,495
RENT COMPS ANALYSIS
  • 3162 Cedar Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1949
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.78
    •  
  • 2710 Chestnut Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,536 Sqft ∙ Built 1946 3 beds 1 baths ∙ 1,536 Sqft ∙ Built 1946
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.95
    •  
  • 2560 San Francisco Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 1944
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.08
    •  
  • 3960 Brayton Avenue Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1947
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $1.81
    •  
PROPERTY LISTING DETAILS
Andrew Flores
Keller Williams Palos Verdes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PV21007626
Last Updated: 01/15/2021
BESbswy