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5710 E 23rd Street Long Beach, CA 90815

3 Beds 2 Baths 1,477 sqft Built 1953

$939,900

List Price

$3,090

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $636.36
  • 3 Days on Market
  • MLS # : PW21052719
  • Updated Date : 03/12/2021 at 17:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,477 sqft
  • Baths : 2 full
Listing Agent

Sharon Amarantos, Broker

Listing Agent's Description

This 3 bedroom 2 bath home is located in the fabulous neighborhood of Los Altos. From the lovely curb appeal to the open floorplan and gorgeous hardwood floors, this home has it all! As you enter the home you will appreciate the vaulted, open beam ceilings and cozy fireplace in the living room. The dining area, kitchen and family room overlook the peaceful backyard. Two separate sliding doors provide access to the spacious and tropical backyard which features several seating areas, grass to play on, and a patio cover with nice shade for outdoor dining.The remodeled kitchen is open to the family room and provides a big butcherblock island with seating, stainless steel appliances, lovely quartz countertops, self closing cabinets and drawers, and a separate bar area. The full guest bathroom and laundry are conveniently located right off the family room. Each of the 3 bedrooms are good sized, and feature nice windows, ceiling fans, and big closets. The 2nd full bathroom is located in the hallway near the bedrooms and features custom tile tub surround and quartz counters. There are 2 split heating and air conditioning units which keep the home warm in the winter and cool in the summer. Beautifully finished 2 car detached garage has epoxy floor, insulation, and drywall. This home is located close to shopping and restaurants, and walking distance to award winning Prisk Elementary and Stanford Middle School.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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]
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Los Altos South

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Los Altos South

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
Prisk Elementary School Primary Magnet 624 24 9
Stanford Middle School Middle Regular 1,255 48 8
Millikan High School High Magnet 3,753 145 7

Prisk Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 24
9
GreatSchools Rating

Stanford Middle School

  • Education Level: Middle
  • # of students: 1,255
  • # of teachers: 48
8
GreatSchools Rating

Millikan High School

  • Education Level: High
  • # of students: 3,753
  • # of teachers: 145
7
GreatSchools Rating
 

$845,910$1,033,890$939,900

PURCHASE PRICE

$2,781$3,399$3,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,090
EXPENSES Loan Payment -$3,265
Property Tax -$997
Property Insurance -$63
Property Management Fees -$151
CASH FLOW
-$1,386

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.

$939,900

PROJECTED PRICE

$3,090

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.9%
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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$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$254,824

INVESTMENT

$254,824

Down Payment
$234,975
Rehab Estimate
$5,750
Closing Costs
$14,099

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,265

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $234,975
Loan Amount $704,925
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$139

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,090

    LIST RENT
  • $2.09

    LIST RENT PER SQFT
  • $3,275

    COMP ESTIMATED VALUE
  • $2.22

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$2,9953$3,0904$3,2005$3,295
$3,295
RENT COMPS ANALYSIS
  • 5710 E 23rd Street Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $3,090
    • $2.09
    •  
  • 5250 E Patterson Street Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1953
    LEASED 01/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.15
    •  
  • 2216 Canehill Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.09
    •  
  • 6310 E Stearns Street Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.26
    •  
  • 2661 Marber Avenue Long Beach, CA 5
    • 3 beds 3 baths ∙ 1,393 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,393 Sqft ∙ Built 1954
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $2.37
    •  
PROPERTY LISTING DETAILS
Sharon Amarantos
Sharon Amarantos, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21052719
Last Updated: 03/12/2021
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