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PROPERTY INFO
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!
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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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: North Wrigley
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$197,875
LOAN DETAILS
$2,518
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $181,250 |
| Loan Amount | $543,750 |
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
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3162 Cedar Avenue Long Beach, CA 2
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- $3,200
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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
Keller Williams Palos Verdes
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PV21007626
Last Updated: 01/15/2021
