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3344 Iroquois Avenue Long Beach, CA 90808

3 Beds 2 Baths 1,554 sqft Built 1952

$850,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $546.98
  • 7 Days on Market
  • MLS # : PW21001272
  • Updated Date : 01/06/2021 at 17:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,554 sqft
  • Baths : 2 full
Listing Agent

Compass Newport Beach

Listing Agent's Description

This highly desirable home in "The Plaza" or "El Dorado Corridor" is located on a prime corner lot and is close to award winning Cubberley K-8 school, Millikan High School, Cal State LB, and El Dorado Park. This single level beauty has been thoughtfully updated and improved. The entry foyer is spacious & opens to the living room with a fireplace and glass doors to the yard. The back yard has an impressive tear shaped spa for 10 of your closest friends. The newly painted exterior with newer windows and a newer roof enhances the desirability and curb appeal. The light and bright interior has hardwood floors, newly painted interior, and an open concept floor plan that set the stage for an ideal living environment. The beautifully remodeled Kitchen has newer appliances and is open to the living room. The secluded and updated en suite has a ceiling fan and mirrored closet doors. The family room has an open beam ceiling with built in cabinets and access to the side and back yard. This home is charming, comfortable & cozy and it would be a perfect place to entertain family and friends. You would be proud to call 3344 Iroquois “Home”.

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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: 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
Cubberly Elementary School Primary Magnet 1,026 39 7
Cubberly Elementary School Middle Magnet 1,026 39 7
Millikan High School High Magnet 3,753 145 7

Cubberly Elementary School

  • Education Level: Primary
  • # of students: 1,026
  • # of teachers: 39
7
GreatSchools Rating

Cubberly Elementary School

  • Education Level: Middle
  • # of students: 1,026
  • # of teachers: 39
7
GreatSchools Rating

Millikan High School

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

$765,000$935,000$850,000

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 -$2,952
Property Tax -$895
Property Insurance -$65
Property Management Fees -$157
CASH FLOW
-$868

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.

$850,000

PROJECTED PRICE

$3,200

PROJECTED RENT

0.38%

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$231,000

INVESTMENT

$231,000

Down Payment
$212,500
Rehab Estimate
$5,750
Closing Costs
$12,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,500
Loan Amount $637,500
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$5,150

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
  • $2.06

    LIST RENT PER SQFT
  • $3,430

    COMP ESTIMATED VALUE
  • $2.21

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7503$2,8004$3,2005$3,800
$3,800
RENT COMPS ANALYSIS
  • 3344 Iroquois Avenue Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1952
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.06
    •  
  • 3516 Karen Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,219 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,219 Sqft ∙ Built 1953
    LEASED 11/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.13
    •  
  • 3156 Josie Avenue Long Beach, CA 2
    • 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
    •  
  • 3426 Kallin Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,242 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,242 Sqft ∙ Built 1953
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.25
    •  
  • 3364 Hackett Avenue Long Beach, CA 5
    • 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953
    LEASED 12/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.22
    •  
PROPERTY LISTING DETAILS
Pam Luckey
Compass Newport Beach
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21001272
Last Updated: 01/06/2021
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