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4848 Pearce Avenue Long Beach, CA 90808

3 Beds 1 Baths 1,812 sqft Built 1950

$789,900

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $435.93
  • 5 Days on Market
  • MLS # : PW21043187
  • Updated Date : 03/27/2021 at 16:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,812 sqft
  • Baths : 1 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Situated in the heart of Long Beach's Lakewood Village neighborhood, First Team Real Estate presents 4848 Pearce Avenue. Within the 1,812 sqft of living space, you will find three bedrooms, two bathrooms, an oversized galley kitchen, a family room, a formal living area, and separate indoor laundry. You won't have to measure this master suite to determine if your king bed and dresser will fit; it's spacious and ready to create your own tranquil space within. The private backyard offers plenty of room for your patio furniture or outdoor dining set up. If you would like to expand the home or add a pool, the possibilities are endless. The systems have been upgraded, including a newer roof (2018), new water heater (Jan. 2019), copper plumbing, ductless heat/AC, a new condenser, and the foundation was retrofit for earthquakes in 2017. This home is in a lovely community steps away from Pan Am Park and Lakewood Mall's amenities.

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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: Lakewood Village

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Lakewood Village

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
Twain Elementary School Primary Regular 581 21 6
Bancroft Middle School Middle Magnet 1,005 35 6
Lakewood High School High Regular 3,553 134 6

Twain Elementary School

  • Education Level: Primary
  • # of students: 581
  • # of teachers: 21
6
GreatSchools Rating

Bancroft Middle School

  • Education Level: Middle
  • # of students: 1,005
  • # of teachers: 35
6
GreatSchools Rating

Lakewood High School

  • Education Level: High
  • # of students: 3,553
  • # of teachers: 134
6
GreatSchools Rating
 

$710,910$868,890$789,900

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$2,744
Property Tax -$838
Property Insurance -$71
Property Management Fees -$157
CASH FLOW
-$609

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.

$789,900

PROJECTED PRICE

$3,200

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.6%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$215,074

INVESTMENT

$215,074

Down Payment
$197,475
Rehab Estimate
$5,750
Closing Costs
$11,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,744

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $197,475
Loan Amount $592,425
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$12,816

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $1.77

    LIST RENT PER SQFT
  • $3,357

    COMP ESTIMATED VALUE
  • $1.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$3,0003$3,2004$3,2005$3,300
$3,300
RENT COMPS ANALYSIS
  • 4848 Pearce Avenue Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,812 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,812 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.77
    •  
  • 5833 Eckleson Street Lakewood, CA 1
    • 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1950
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.85
    •  
  • 6228 Elsa Street Lakewood, CA 2
    • 3 beds 1 baths ∙ 1,646 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,646 Sqft ∙ Built 1950
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.82
    •  
  • 5202 Minturn Avenue Lakewood, CA 3
    • 3 beds 2 baths ∙ 1,813 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,813 Sqft ∙ Built 1952
    LEASED 11/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.77
    •  
  • 6039 Turnergrove Drive Lakewood, CA 5
    • 4 beds 2 baths ∙ 1,673 Sqft ∙ Built 1951 4 beds 2 baths ∙ 1,673 Sqft ∙ Built 1951
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.97
    •  
PROPERTY LISTING DETAILS
Brendan Mahoney
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21043187
Last Updated: 03/27/2021
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