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3721 Country Club Drive #8 Long Beach, CA 90807

3 Beds 2 Baths 1,120 sqft Built 1974

$499,999

List Price

$2,710

$2.5K - $3K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $446.43
  • 10 Days on Market
  • MLS # : OC20240248
  • Updated Date : 01/09/2021 at 07:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,120 sqft
  • Baths : 2 full
Listing Agent

Re/max Terrasol

Listing Agent's Description

Rare Find! Beautiful 2nd story renovated condo with a covered balcony. Enjoy your morning coffee with an east-facing, quiet landscaped courtyard view with the rising sun. The complex is across from beautiful Los Cerritos Park in the Virginia Country Club where you can enjoy weekends with family or summer concerts in the park. Perfect for the family who wants to live within the desirable neighborhood of Bixby Knolls. The convenient 2-car garage in close proximity to the unit, just inside the security gate. It's only a short stroll to the magnificent clubhouse, pool, spa, and tennis courts. This upper floor unit boasts vaulted ceilings with an open living concept, which adds to the airy spacious feel of the home. There is fresh paint throughout, new interior doors, new modern and stylish lighting fixtures, new LVP flooring and carpet, and additional updates which are too many to mention. Interior laundry facilities. Central location for easy access to the 405 and 710 Freeways and the Blue Line Metro Station nearby. Very close to the bike path along the LA river, shopping & restaurants. Excellent rated schools!

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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: Los Cerritos

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k877k

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

Neighborhood: Los Cerritos

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800300032003400360038004000Rent in $14494077

* 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
Los Cerritos Elementary School Primary Regular 535 19 9
Hughes Middle School Middle Magnet 1,521 51 7
Polytechnic High School High Magnet 4,464 167 7

Los Cerritos Elementary School

  • Education Level: Primary
  • # of students: 535
  • # of teachers: 19
9
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
 

$449,999$549,999$499,999

PURCHASE PRICE

$2,439$2,981$2,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,710
EXPENSES Loan Payment -$1,737
Property Tax -$527
Property Insurance -$54
HOA -$370
Property Management Fees -$133
CASH FLOW
-$111

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.

$499,999

PROJECTED PRICE

$2,710

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.3%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,737

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $125,000
Loan Amount $374,999
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$24,667

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,710

    LIST RENT
  • $2.42

    LIST RENT PER SQFT
  • $2,890

    COMP ESTIMATED VALUE
  • $2.58

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,710
$2,710
RENT COMPS ANALYSIS
  • 3721 Country Club Drive Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,120 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,120 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $2,710
    • $2.42
    •  
  • 3539 Caspian Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 950 Sqft ∙ Built 1959 3 beds 1 baths ∙ 950 Sqft ∙ Built 1959
    LEASED 12/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $2.58
    •  
PROPERTY LISTING DETAILS
Erik Kaiser
Re/max Terrasol
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20240248
Last Updated: 01/09/2021
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