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525 W 8th Street Long Beach, CA 90813

3 Beds 2 Baths 1,516 sqft Built 1911

$640,000

List Price

$2,820

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1911
  • Price/Sqft : $422.16
  • 2 Days on Market
  • MLS # : PW20240002
  • Updated Date : 11/14/2020 at 14:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,516 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Coastal Alliance

Listing Agent's Description

This beautiful Craftsman home is in move in condition. Has a two car garage off the alley. Inside laundry off the kitchen Lockbox will be on the back door on Sunday the 15th.

SEE MORE

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: Willmore City

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $136k622k

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

Neighborhood: Willmore City

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12072941

* 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
Edison Elementary School Primary Regular 715 27 4
Washington Middle School Middle Magnet 1,086 42 5
Cabrillo High School High Magnet 2,768 112 3

Edison Elementary School

  • Education Level: Primary
  • # of students: 715
  • # of teachers: 27
4
GreatSchools Rating

Washington Middle School

  • Education Level: Middle
  • # of students: 1,086
  • # of teachers: 42
5
GreatSchools Rating

Cabrillo High School

  • Education Level: High
  • # of students: 2,768
  • # of teachers: 112
3
GreatSchools Rating
 

$576,000$704,000$640,000

PURCHASE PRICE

$2,538$3,102$2,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,820
EXPENSES Loan Payment -$2,361
Property Tax -$698
Property Insurance -$64
Property Management Fees -$138
CASH FLOW
-$441

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.

$640,000

PROJECTED PRICE

$2,820

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 9.3%
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

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$175,350

INVESTMENT

$175,350

Down Payment
$160,000
Rehab Estimate
$5,750
Closing Costs
$9,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,361

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $160,000
Loan Amount $480,000
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$18,229

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,820

    LIST RENT
  • $1.86

    LIST RENT PER SQFT
  • $3,024

    COMP ESTIMATED VALUE
  • $1.99

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,5003$2,820
$2,820
RENT COMPS ANALYSIS
  • 525 W 8th Street Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,516 Sqft ∙ Built 1911 3 beds 2 baths ∙ 1,516 Sqft ∙ Built 1911
    • Rent
    • Rent Per SQFT
    •  
    • $2,820
    • $1.86
    •  
  • 827 Olive Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1912 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1912
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $2.09
    •  
  • 754 Raymond Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,314 Sqft ∙ Built 1928 3 beds 2 baths ∙ 1,314 Sqft ∙ Built 1928
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.90
    •  
PROPERTY LISTING DETAILS
Fred Nies
Coldwell Banker Coastal Alliance
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20240002
Last Updated: 11/14/2020
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