Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3590 Walnut Avenue Long Beach, CA 90807

4 Beds 2 Baths 1,804 sqft Built 1941

$699,900

List Price

$3,320

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Single Family
  • Built In 1941
  • Price/Sqft : $387.97
  • 31 Days on Market
  • MLS # : PW20259759
  • Updated Date : 01/14/2021 at 15:44
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,804 sqft
  • Baths : 2 full
Listing Agent

Realty One Group Diamond

Listing Agent's Description

Wonderful home that has been in the family for more than 50 years. Located in a nice neighborhood, this spacious ranch-style home offers plenty of opportunity for the new owners! Four bedrooms, two baths, two fireplaces and a large yard. Great corner lot! Conveniently located near the 405 freeway and close to restaurants and shopping. House is located in historic district. Affordable housing is still available. Be sure to put this gem at the top of your list of homes to see in January!

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: 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
 

$629,910$769,890$699,900

PURCHASE PRICE

$2,988$3,652$3,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,320
EXPENSES Loan Payment -$2,431
Property Tax -$738
Property Insurance -$71
Property Management Fees -$163
CASH FLOW
-$83

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.

$699,900

PROJECTED PRICE

$3,320

PROJECTED RENT

0.47%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

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$191,224

INVESTMENT

$191,224

Down Payment
$174,975
Rehab Estimate
$5,750
Closing Costs
$10,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,975
Loan Amount $524,925
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$46,060

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,320

    LIST RENT
  • $1.84

    LIST RENT PER SQFT
  • $3,283

    COMP ESTIMATED VALUE
  • $1.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,9503$3,2004$3,3205$3,495
$3,495
RENT COMPS ANALYSIS
  • 3590 Walnut Avenue Long Beach, CA 4
    • 4 beds 2 baths ∙ 1,804 Sqft ∙ Built 1941 4 beds 2 baths ∙ 1,804 Sqft ∙ Built 1941
    • Rent
    • Rent Per SQFT
    •  
    • $3,320
    • $1.84
    •  
  • 3607 Lemon Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,764 Sqft ∙ Built 1934 3 beds 1 baths ∙ 1,764 Sqft ∙ Built 1934
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.56
    •  
  • 4743 Boyar Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 1942
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.97
    •  
  • 4602 Obispo Avenue Lakewood, CA 3
    • 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1952
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.94
    •  
  • 3960 Brayton Avenue Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1947
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $1.81
    •  
PROPERTY LISTING DETAILS
John Rudy
Realty One Group Diamond
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20259759
Last Updated: 01/14/2021
BESbswy