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363 Gladys Avenue Long Beach, CA 90814

3 Beds 1 Baths 1,498 sqft Built 1919

$1,050,000

List Price

$3,370

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1919
  • Price/Sqft : $700.93
  • 70 Days on Market
  • MLS # : PW20242258
  • Updated Date : 01/30/2021 at 07:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,498 sqft
  • Baths : 1 full
Listing Agent

Re/max College Park Realty

Listing Agent's Description

This is a rare opportunity to purchase a well preserved classic Craftsman Style Home with a fully functional guest house in the rear. Built in 1919, this home has all the natural wood doors, built in cabinetry, original crown moldings & detailed wood working you find in the Arts and Crafts movement of the early 1900s. All upgrades and window coverings have been tastefully designed to match the style of the property. The GUEST HOUSE over looks the yard, is fully finished, and has it's own water heater and updated electric panel, a fully functional kitchen, bathroom, wall heater & fireplace. Guest house is built without permits and owner will not provide. The front and back yards have been professionally landscaped and all the beautiful potted plants on the property are included with sale. There is ample parking with a double garage and a 1 1/2 car carport off the alley, both with automatic door openers, and a driveway at the front of the house. There is a leased solar system installed by Solar City that will be assumed by the new buyer. Terms of solar lease to be disclosed during purchase negotiations. The property is located near Carroll Park and within the Bluff Heights Long Beach Historical District. This property might qualify under the CA Mills Act to designate it as a historical property making it possible for a 20% - 70% savings on property taxes. This will NOT be a condition of the sale and Seller makes no claim that it will qualify.

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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: Bluff Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750kPrice in $186k783k

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

Neighborhood: Bluff Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $14493239

* 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
Mann Elementary School Primary Regular 347 13 6
Jefferson Leadership Academies Middle Regular 1,067 39 5
Wilson High School High Magnet 3,944 146 7

Mann Elementary School

  • Education Level: Primary
  • # of students: 347
  • # of teachers: 13
6
GreatSchools Rating

Jefferson Leadership Academies

  • Education Level: Middle
  • # of students: 1,067
  • # of teachers: 39
5
GreatSchools Rating

Wilson High School

  • Education Level: High
  • # of students: 3,944
  • # of teachers: 146
7
GreatSchools Rating
 

$945,000$1,155,000$1,050,000

PURCHASE PRICE

$3,033$3,707$3,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,370
EXPENSES Loan Payment -$3,647
Property Tax -$1,107
Property Insurance -$63
Property Management Fees -$165
CASH FLOW
-$1,613

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.

$1,050,000

PROJECTED PRICE

$3,370

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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$284,000

INVESTMENT

$284,000

Down Payment
$262,500
Rehab Estimate
$5,750
Closing Costs
$15,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$3,647

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $262,500
Loan Amount $787,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$97

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,370

    LIST RENT
  • $2.25

    LIST RENT PER SQFT
  • $3,520

    COMP ESTIMATED VALUE
  • $2.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,8503$3,3704$3,5005$3,950
$3,950
RENT COMPS ANALYSIS
  • 363 Gladys Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,498 Sqft ∙ Built 1919 3 beds 1 baths ∙ 1,498 Sqft ∙ Built 1919
    • Rent
    • Rent Per SQFT
    •  
    • $3,370
    • $2.25
    •  
  • 754 Raymond Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,314 Sqft ∙ Built 1928 3 beds 2 baths ∙ 1,314 Sqft ∙ Built 1928
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.90
    •  
  • 127 Orange Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1920
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.28
    •  
  • 2925 E 6th Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,358 Sqft ∙ Built 1930 3 beds 2 baths ∙ 1,358 Sqft ∙ Built 1930
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.58
    •  
  • 29 Kennebec Avenue Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1920
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.64
    •  
PROPERTY LISTING DETAILS
Bruce Brisson
Re/max College Park Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20242258
Last Updated: 01/30/2021
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