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3559 Lemon Avenue Long Beach, CA 90807

4 Beds 3 Baths 1,854 sqft Built 1930

$979,000

List Price

$3,250

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1930
  • Price/Sqft : $528.05
  • 6 Days on Market
  • MLS # : PW21037636
  • Updated Date : 02/23/2021 at 12:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,854 sqft
  • Baths : 3 full
Listing Agent

Re/max R. E. Specialists

Listing Agent's Description

Located in the highly sought after historic neighborhood of California Heights, this meticulously maintained Spanish compound has a 3 bedroom 2 bath main residence in 1458 square feet and a 396 square foot studio unit over the 2 car garage. The main residence features many original features such as arched windows, oak hardwood floors, built-ins, textured plaster walls and ceilings, paneled doors, crown moldings and picture rails. The main residence features an enclosed entry sun porch, dining area, spacious living room, European style kitchen with stainless steel appliances, remodeled guest bath and a large master suite with a spacious spa-like bath with walk-in shower and French doors to side patio. The rear yard features side lounge area, expansive patio, lush green lawn and lots of storage area behind the garage. 2 car garage is equipped with laundry facilities. The guest studio over the garage is been recently remodeled and has lots of natural light. It currently rents for $1600 per month, however, will be delivered vacant to new owner. This property will sell very quickly.

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MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: California Heights Historic District

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: California Heights Historic District

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
Longfellow Elementary School Primary Magnet 1,080 36 7
Hughes Middle School Middle Magnet 1,521 51 7
Polytechnic High School High Magnet 4,464 167 7

Longfellow Elementary School

  • Education Level: Primary
  • # of students: 1,080
  • # of teachers: 36
7
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
 

$881,100$1,076,900$979,000

PURCHASE PRICE

$2,925$3,575$3,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,250
EXPENSES Loan Payment -$3,400
Property Tax -$1,033
Property Insurance -$72
Property Management Fees -$159
CASH FLOW
-$1,414

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.

$979,000

PROJECTED PRICE

$3,250

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 6.8%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$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$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$265,185

INVESTMENT

$265,185

Down Payment
$244,750
Rehab Estimate
$5,750
Closing Costs
$14,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,400

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $244,750
Loan Amount $734,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$181

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,250

    LIST RENT
  • $1.75

    LIST RENT PER SQFT
  • $3,606

    COMP ESTIMATED VALUE
  • $1.95

    COMP AVG. RENT PER SQFT
Comps Range
$3,250
1$3,2502$3,4003$3,495
$3,495
RENT COMPS ANALYSIS
  • 3559 Lemon Avenue Long Beach, CA 1
    • 4 beds 3 baths ∙ 1,854 Sqft ∙ Built 1930 4 beds 3 baths ∙ 1,854 Sqft ∙ Built 1930
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.75
    •  
  • 2560 San Francisco Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 1944
    property image
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.08
    •  
  • 3960 Brayton Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1947
    property image
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $1.81
    •  
PROPERTY LISTING DETAILS
Lewis Ebersole
Re/max R. E. Specialists
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21037636
Last Updated: 02/23/2021
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