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3655 Ostrom Avenue Long Beach, CA 90808

3 Beds 2 Baths 1,839 sqft Built 1953

$920,000

List Price

$3,610

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $500.27
  • 4 Days on Market
  • MLS # : PW21046890
  • Updated Date : 03/26/2021 at 16:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,839 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Coastal Alliance

Listing Agent's Description

ABSOLUTELY GORGEOUS! You'll love this elegant home, located mid-block, on a beautiful tree lined street. Inviting curb appeal welcomes you with designer planters & walkway, luxury turf and newer handrails that lead to a cozy front porch. The open floorpan seamlessly integrates the spacious living room(with built-in surround sound), dining room and kitchen. Smooth ceilings, crown moulding, recessed lighting, plantation shutters, bullnose corner walls, insulated floors/walls and newly refinished wood flooring extend throughout! In the kitchen, you'll enjoy center island seating, stainless appliances, insta hot water, cabinets with soft-close drawers & pull-outs, task lighting, travertine backsplash and granite counters. Convenient inside laundry is near the kitchen. The enormous master suite offers multiple options for use and includes a walk-in closet, ceiling fan and vinyl slider that opens to an entertainers backyard. Dual vanities, a walk-in shower and jetted tub highlight the large en-suite bath. Two additional large bedrooms feature mirrored wardrobe closets and ceiling fans. The family bath boasts a walk in shower with bench. In the backyard, you'll enjoy a built-in BBQ, pristine landscaping and plenty of room for entertaining. The finished two car garage incorporates storage cabinets & ample lighting. Additional highlights include dual pane windows/slider, central air/heat, copper plumbing, RING doorbell and 200 amp panel! Nearby parks, retail, dining & freeways! Hurry!

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: 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
 

$828,000$1,012,000$920,000

PURCHASE PRICE

$3,249$3,971$3,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,610
EXPENSES Loan Payment -$3,196
Property Tax -$973
Property Insurance -$72
Property Management Fees -$177
CASH FLOW
-$806

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.

$920,000

PROJECTED PRICE

$3,610

PROJECTED RENT

0.39%

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$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$249,550

INVESTMENT

$249,550

Down Payment
$230,000
Rehab Estimate
$5,750
Closing Costs
$13,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,196

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $230,000
Loan Amount $690,000
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$10,540

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,610

    LIST RENT
  • $1.96

    LIST RENT PER SQFT
  • $3,880

    COMP ESTIMATED VALUE
  • $2.11

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$3,4953$3,6104$3,8005$4,200
$4,200
RENT COMPS ANALYSIS
  • 3655 Ostrom Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,839 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,839 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,610
    • $1.96
    •  
  • 6232 Freckles Rd Lakewood, CA 1
    • 3 beds 2 baths ∙ 1,503 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,503 Sqft ∙ Built 1950
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.96
    •  
  • 3864 Albury Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 1942
    property image
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $2.11
    •  
  • 3364 Hackett Avenue Long Beach, CA 4
    • 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953
    property image
    LEASED 12/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.22
    •  
  • 3367 Roxanne Avenue Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,958 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,958 Sqft ∙ Built 1954
    property image
    LEASED 08/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.15
    •  
PROPERTY LISTING DETAILS
Jose Smith
Coldwell Banker Coastal Alliance
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21046890
Last Updated: 03/26/2021
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