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3859 Gardenia Avenue Long Beach, CA 90807

4 Beds 2 Baths 2,318 sqft Built 1940

$900,000

List Price

$3,490

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $388.27
  • 30 Days on Market
  • MLS # : PW21006088
  • Updated Date : 02/12/2021 at 18:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,318 sqft
  • Baths : 2 full
Listing Agent

Think Boutiq Real Estate

Listing Agent's Description

Walk into this iconic 1940's, 4 bedroom + 3 bath property and feel right at home! Imagine the pride-of-the-neighborhood Sycamore full of leaves! From the original hardwood floors, to the classic wood & brick fireplace in the living room, to the timeless 6-pane wood windows, be sure to notice all of the details. Note:formal entry, doorknobs, coved ceilings, 1940's pedestal sink & tub, formal dining room with built-in credenza & convenient pass-through to the Mid-Century Modern kitchen. Check out the Thermador stainless electric cooktop, push-touch cabinets, stainless appliances, breakfast area with its original milk delivery door and swing out toaster caddy! Enjoy the center-of-home wood-paneled family room with access to the bedrooms & kitchen and another spacious closet. Large, sun-filled bedrooms w/ floor to ceiling closet space! The private master en suite is located in the rear of home for privacy and features a newly renovated bathroom w/ curbless shower, double vanity & perfect lighting. French doors from master offer a view of the impressively sized backyard w/ plenty of room for entertaining on the large, tree-shaded patio area. HVAC system & irrigation systems, two HW heaters, indoor laundry room off the kitchen, extensive closets throughout, block walls, security system, full copper plumbing, attached 2-car alley access garage and workshop with new electric opener. All appliances included.

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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: Bixby Knolls

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650kPrice in $186k671k

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

Neighborhood: Bixby Knolls

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14492977

* 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

$3,141$3,839$3,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,490
EXPENSES Loan Payment -$3,126
Property Tax -$949
Property Insurance -$83
Property Management Fees -$171
CASH FLOW
-$839

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

$3,490

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 8.6%
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-$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$3.0M

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 60% 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

1.58

YEARS SAVED

$8,238

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,490

    LIST RENT
  • $1.51

    LIST RENT PER SQFT
  • $3,802

    COMP ESTIMATED VALUE
  • $1.64

    COMP AVG. RENT PER SQFT
Comps Range
$3,395
1$3,3952$3,4903$4,850
$4,850
RENT COMPS ANALYSIS
  • 3859 Gardenia Avenue Long Beach, CA 2
    • 4 beds 2 baths ∙ 2,318 Sqft ∙ Built 1940 4 beds 2 baths ∙ 2,318 Sqft ∙ Built 1940
    • Rent
    • Rent Per SQFT
    •  
    • $3,490
    • $1.51
    •  
  • 244 E Claiborne Place E Long Beach, CA 1
    • 3 beds 3 baths ∙ 2,357 Sqft ∙ Built 1959 3 beds 3 baths ∙ 2,357 Sqft ∙ Built 1959
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $1.44
    •  
  • 4839 Pepperwood Avenue Long Beach, CA 3
    • 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 1943 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 1943
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,850
    • $1.84
    •  
PROPERTY LISTING DETAILS
Elizabeth O'ryan
Think Boutiq Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21006088
Last Updated: 02/12/2021
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