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323 E Norton Street Long Beach, CA 90805

3 Beds 2 Baths 1,197 sqft Built 1936

$450,000

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1936
  • Price/Sqft : $375.94
  • 6 Days on Market
  • MLS # : PW20218828
  • Updated Date : 11/03/2020 at 16:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,197 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Rlty Whittier

Listing Agent's Description

Located within a charming North Long Beach neighborhood, this 3-bedroom, 2-bath single family was undergoing renovations and is ready for a buyer with a vision. Highlights include a spacious backyard and more! The living room is bright and airy and offers a faux fireplace and alluring coved ceilings that can be found throughout much of the home. The dining room boasts chair railing and French doors that allows the room to gleam with natural light. The bathrooms feature a modern gray & white color palette and upgraded showers. The spacious backyard provides access to the detached garage that includes 1 parking space and bonus room with a half-bath (buyer to verify all permits). This home is conveniently located to the 710 freeway and the many shopping and dining destinations South St. has to offer. Submit your offer today!

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: Dairy

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $139k622k

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

Neighborhood: Dairy

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2120014001600180020002200240026002800Rent in $11282941

* 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
Addams Elementary School Primary Regular 945 36 5
Lindsey Academy Middle Magnet 860 31 3
Jordan High School High Regular 3,367 133 2

Addams Elementary School

  • Education Level: Primary
  • # of students: 945
  • # of teachers: 36
5
GreatSchools Rating

Lindsey Academy

  • Education Level: Middle
  • # of students: 860
  • # of teachers: 31
3
GreatSchools Rating

Jordan High School

  • Education Level: High
  • # of students: 3,367
  • # of teachers: 133
2
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$1,660
Property Tax -$488
Property Insurance -$56
Property Management Fees -$116
CASH FLOW
$50

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$450,000

PROJECTED PRICE

$2,370

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 12.9%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$49,107

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $1.98

    LIST RENT PER SQFT
  • $2,747

    COMP ESTIMATED VALUE
  • $2.3

    COMP AVG. RENT PER SQFT
Comps Range
$2,370
1$2,3702$2,3953$2,4504$2,5005$2,750
$2,750
RENT COMPS ANALYSIS
  • 323 E Norton Street Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,197 Sqft ∙ Built 1936 3 beds 2 baths ∙ 1,197 Sqft ∙ Built 1936
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $1.98
    •  
  • 215 E Scott Street Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1941 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1941
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $2.34
    •  
  • 45 W Plymouth Street Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,096 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,096 Sqft ∙ Built 1955
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $2.24
    •  
  • 5480 Lime Avenue Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1937 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1937
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $2.31
    •  
  • 172 W Plymouth Street Long Beach, CA 5
    • 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1916 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1916
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.29
    •  
PROPERTY LISTING DETAILS
Theresa La Roche
Keller Williams Rlty Whittier
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20218828
Last Updated: 11/03/2020
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