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3267 Golden Avenue Long Beach, CA 90806

3 Beds 1 Baths 1,004 sqft Built 1944

$639,975

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1944
  • Price/Sqft : $637.43
  • 3 Days on Market
  • MLS # : PV20238142
  • Updated Date : 11/13/2020 at 20:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,004 sqft
  • Baths : 1 full
Listing Agent

West Shores Realty, Inc.

Listing Agent's Description

Escape the busy city life by retreating to this 3 bedroom 1 bath turn-key home on a 6,498 square foot lot with a detached garage! The home sits on a conveniently located street close to shopping and freeways and boasts a lush front yard and shade-providing tree perfect for taking on sunny days. The entrance opens to a spacious living room with a hardwood floor, a simple and classic look and large windows overlooking your backyard. Right across the entrance and the right side of the living room is a separate dining room/area perfect for entertaining & dining with friends and an incredibly remodeled kitchen that INCLUDES appliances and quartz countertops. The living room flows to a hallway leading to three spacious bedrooms and a newly remodeled bathroom. The home features a large and very private backyard where you can host BBQ’s and get-togethers w/ friends and family, and watch your loved ones play freely. Cookouts and entertaining will be a cinch. Come see for yourself before it flies off the market!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$575,978$703,973$639,975

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$2,361
Property Tax -$694
Property Insurance -$51
Property Management Fees -$117
CASH FLOW
-$834

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.

$639,975

PROJECTED PRICE

$2,390

PROJECTED RENT

0.37%

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

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$175,343

INVESTMENT

$175,343

Down Payment
$159,994
Rehab Estimate
$5,750
Closing Costs
$9,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,361

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $159,994
Loan Amount $479,981
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,166

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $2.38

    LIST RENT PER SQFT
  • $2,625

    COMP ESTIMATED VALUE
  • $2.61

    COMP AVG. RENT PER SQFT
Comps Range
$2,390
1$2,3902$2,6503$2,9004$2,9005$3,100
$3,100
RENT COMPS ANALYSIS
  • 3267 Golden Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,004 Sqft ∙ Built 1944 3 beds 1 baths ∙ 1,004 Sqft ∙ Built 1944
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $2.38
    •  
  • 3809 Maine Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,012 Sqft ∙ Built 1944 3 beds 1 baths ∙ 1,012 Sqft ∙ Built 1944
    LEASED 06/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $2.62
    •  
  • 2652 Maine Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,070 Sqft ∙ Built 1929 3 beds 1 baths ∙ 1,070 Sqft ∙ Built 1929
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.71
    •  
  • 2990 Fashion Avenue Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,030 Sqft ∙ Built 1945
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.82
    •  
  • 2960 Maine Avenue Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,342 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,342 Sqft ∙ Built 1938
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.31
    •  
PROPERTY LISTING DETAILS
Richard Magana
West Shores Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PV20238142
Last Updated: 11/13/2020
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