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3233 Iroquois Avenue Long Beach, CA 90808

3 Beds 2 Baths 1,378 sqft Built 1952

$825,000

List Price

$3,070

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $598.69
  • 18 Days on Market
  • MLS # : PW21046730
  • Updated Date : 03/24/2021 at 15:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,378 sqft
  • Baths : 1 full , 1 half
Listing Agent

Keller Williams Pacific Estate

Listing Agent's Description

Look no further! Stunning 3 bed/2 bath home in a highly desirable neighborhood. Framed by sweeping trees and tailored landscaping, 3233 Iroquois Ave offers a roomy living space with refinished wood floors that enhance the spacious atmosphere. As an added bonus, this delightful property includes a large sunroom. The living room and dining area flow together as an open space, leading into the kitchen and sunroom. The large windows overlooking the backyard also bring in volumes of natural light to brighten the whole area. The living room also features a fireplace, which adds a rustic element to the updated style. The kitchen offers plenty of counter and cabinet space - the rich wood cabinets are a great complement to the lighter wood floors. The sunroom allows for a variety of uses and connects easily to the partially covered patio. The primary bedroom is roomy and includes wood floors and large windows for lots of sunlight. The other bedrooms are both versatile, featuring hardwood floors and generous closet space. One bedroom also has built-in shelves. The backyard is spacious and private, with ample patio area for outdoor relaxing, cooking, and dining. Other amenities of this beautiful property include a laundry room with extra storage space and central AC.

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: 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
Millikan High School High Magnet 3,753 145 7

Millikan High School

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

$742,500$907,500$825,000

PURCHASE PRICE

$2,763$3,377$3,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,070
EXPENSES Loan Payment -$2,866
Property Tax -$875
Property Insurance -$60
Property Management Fees -$150
CASH FLOW
-$882

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.

$825,000

PROJECTED PRICE

$3,070

PROJECTED RENT

0.37%

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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

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$224,375

INVESTMENT

$224,375

Down Payment
$206,250
Rehab Estimate
$5,750
Closing Costs
$12,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,866

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $206,250
Loan Amount $618,750
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,794

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,070

    LIST RENT
  • $2.23

    LIST RENT PER SQFT
  • $3,076

    COMP ESTIMATED VALUE
  • $2.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,7503$2,7504$2,8505$3,070
$3,070
RENT COMPS ANALYSIS
  • 3233 Iroquois Avenue Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $3,070
    • $2.23
    •  
  • 2922 Knoxville Avenue Long Beach, CA 1
    • 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 2
    • 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 3
    • 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 4
    • 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
Jeff Anderson
Keller Williams Pacific Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21046730
Last Updated: 03/24/2021
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