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3616 Nipomo Avenue Long Beach, CA 90808

3 Beds 2 Baths 1,286 sqft Built 1953

$829,000

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $644.63
  • 8 Days on Market
  • MLS # : PW21012009
  • Updated Date : 02/11/2021 at 15:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,286 sqft
  • Baths : 2 full
Listing Agent

Patrick Wallace, Broker

Listing Agent's Description

Welcome to this adorable Carson Park contemporary home. When you enter this home you feel right at ease. Its so tastefully remodeled with a updated Kitchen with SS appliances, quartz countertops, beautiful cabinetry, and laminate flooring. Both gorgeous Bathrooms feature designer finishes. The spacious master bedroom features a ensuite and walk in closet designed by California Closets. There are window covering's throughout the home. The entire interior/exterior was recently painted. Roof was recently replaced in 2020 along with blown insulation in the attic. You can enjoy the beautiful backyard with the newer patio cover while listening to your own Sonos sound system. The front and backyard was recently landscaped for your warm summer night bbq's. Hurry this home will not last long.

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: 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
Millikan High School High Magnet 3,753 145 7

Millikan High School

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

$746,100$911,900$829,000

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,879
Property Tax -$876
Property Insurance -$58
Property Management Fees -$145
CASH FLOW
-$1,009

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.

$829,000

PROJECTED PRICE

$2,950

PROJECTED RENT

0.36%

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

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$225,435

INVESTMENT

$225,435

Down Payment
$207,250
Rehab Estimate
$5,750
Closing Costs
$12,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,879

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $207,250
Loan Amount $621,750
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,336

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $2.29

    LIST RENT PER SQFT
  • $2,922

    COMP ESTIMATED VALUE
  • $2.27

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,7503$2,7504$2,9505$3,000
$3,000
RENT COMPS ANALYSIS
  • 3616 Nipomo Avenue Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,286 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,286 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.29
    •  
  • 2922 Knoxville Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,206 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,206 Sqft ∙ Built 1951
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.28
    •  
  • 3712 N. Studebaker Rd. Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,219 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,219 Sqft ∙ Built 1953
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.26
    •  
  • 3156 Josie Avenue Long Beach, CA 3
    • 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
    •  
  • 3929 Ladoga Avenue Long Beach, CA 5
    • 3 beds 1 baths ∙ 1,292 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,292 Sqft ∙ Built 1953
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.32
    •  
PROPERTY LISTING DETAILS
Sarah Ireland
Patrick Wallace, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21012009
Last Updated: 02/11/2021
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