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3616 California Avenue Long Beach, CA 90807

3 Beds 2 Baths 2,044 sqft Built 1938

$900,000

List Price

$3,470

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1938
  • Price/Sqft : $440.31
  • 3 Days on Market
  • MLS # : PW20240798
  • Updated Date : 03/19/2021 at 11:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,044 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Coastal Alliance

Listing Agent's Description

Built in 1938, this historic Cal Heights home has been expanded to a large 2044 square footage. Traditional living room with brick fireplace and coved ceilings greets you as you enter. The spacious dining area is completed by a charming chandelier. Two large bedrooms on the North side of the home with an upgraded hall bath in between. The kitchen on the South side of the home is quite large and ready for your designer touches! Off the dining room a convenient home office or play area with a sliding door to the rear patio, yard, and deck. Step down to the addition of a grand family room with vaulted ceilings and glass doors to the deck and views of the yard. Step up to the master retreat. Clean lines and island vibes welcome you! Built-in master bed head board plus ceiling fan with attached tropical-tile bathroom and full walk-in closet. Pop open the back door for breezes from a private rear patio! This property has been freshly painted Greek Villa white inside and out for a sharp finish or a blank palette to make your own.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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)
  • 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)
  • 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)
  • 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]
  • 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)

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
 

$810,000$990,000$900,000

PURCHASE PRICE

$3,123$3,817$3,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,470
EXPENSES Loan Payment -$3,126
Property Tax -$949
Property Insurance -$76
Property Management Fees -$170
CASH FLOW
-$852

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.

$900,000

PROJECTED PRICE

$3,470

PROJECTED RENT

0.39%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$244,250

INVESTMENT

$244,250

Down Payment
$225,000
Rehab Estimate
$5,750
Closing Costs
$13,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,126

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $225,000
Loan Amount $675,000
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$7,738

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,470

    LIST RENT
  • $1.7

    LIST RENT PER SQFT
  • $3,468

    COMP ESTIMATED VALUE
  • $1.7

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$3,3003$3,4704$3,495
$3,495
RENT COMPS ANALYSIS
  • 3616 California Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 2,044 Sqft ∙ Built 1938 3 beds 2 baths ∙ 2,044 Sqft ∙ Built 1938
    • Rent
    • Rent Per SQFT
    •  
    • $3,470
    • $1.70
    •  
  • 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
    •  
  • 2482 San Francisco Avenue Long Beach, CA 2
    • 3 beds 3 baths ∙ 1,919 Sqft ∙ Built 1944 3 beds 3 baths ∙ 1,919 Sqft ∙ Built 1944
    LEASED 02/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.72
    •  
  • 3960 Brayton Avenue Long Beach, CA 4
    • 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
Debbie Thorpe
Coldwell Banker Coastal Alliance
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20240798
Last Updated: 03/19/2021
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