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493 Almond Avenue Long Beach, CA 90802

3 Beds 2 Baths 1,131 sqft Built 1903

$765,000

List Price

$2,790

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1903
  • Price/Sqft : $676.39
  • 5 Days on Market
  • MLS # : DW20237673
  • Updated Date : 11/21/2020 at 12:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,131 sqft
  • Baths : 2 full
Listing Agent

West Associates

Listing Agent's Description

Welcome home to your beautiful Craftsman home with character to spare! An open floor plan with beautiful engineered hardwood and tile flooring throughout. Upgraded kitchen and bathrooms, central heat and a/c, washer/dryer located in the hall closet for convenience and plenty of outside space to enjoy the breeze and sun. Located minutes from Retro Row with great coffee shops, wine bars, shopping, restaurants and entertainment. Less than a mile to the beach and less than a mile to downtown Long Beach. This one won't last!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Alamitos Beach

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $113k622k

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

Neighborhood: North Alamitos Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12402941

* 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
Stevenson Elementary School Primary Regular 738 26 6
Franklin Classical Middle School Middle Regular 1,184 42 5
Polytechnic High School High Magnet 4,464 167 7

Stevenson Elementary School

  • Education Level: Primary
  • # of students: 738
  • # of teachers: 26
6
GreatSchools Rating

Franklin Classical Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 42
5
GreatSchools Rating

Polytechnic High School

  • Education Level: High
  • # of students: 4,464
  • # of teachers: 167
7
GreatSchools Rating
 

$688,500$841,500$765,000

PURCHASE PRICE

$2,511$3,069$2,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,790
EXPENSES Loan Payment -$2,823
Property Tax -$807
Property Insurance -$54
Property Management Fees -$137
CASH FLOW
-$1,030

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$765,000

PROJECTED PRICE

$2,790

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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

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$208,475

INVESTMENT

$208,475

Down Payment
$191,250
Rehab Estimate
$5,750
Closing Costs
$11,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,823

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $191,250
Loan Amount $573,750
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,299

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,790

    LIST RENT
  • $2.47

    LIST RENT PER SQFT
  • $2,767

    COMP ESTIMATED VALUE
  • $2.45

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,6003$2,7904$2,850
$2,850
RENT COMPS ANALYSIS
  • 493 Almond Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,131 Sqft ∙ Built 1903 3 beds 2 baths ∙ 1,131 Sqft ∙ Built 1903
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $2.47
    •  
  • 625 E 11th Street Long Beach, CA 1
    • 3 beds 1 baths ∙ 983 Sqft ∙ Built 1909 3 beds 1 baths ∙ 983 Sqft ∙ Built 1909
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $2.34
    •  
  • 824 Alamitos Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 956 Sqft ∙ Built 1922 3 beds 1 baths ∙ 956 Sqft ∙ Built 1922
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.72
    •  
  • 127 Orange Avenue Long Beach, CA 4
    • 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
    •  
PROPERTY LISTING DETAILS
David Landeros
West Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW20237673
Last Updated: 11/21/2020
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