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5880 Lewis Avenue Long Beach, CA 90805

3 Beds 1 Baths 1,108 sqft Built 1947

$630,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1947
  • Price/Sqft : $568.59
  • 2 Days on Market
  • MLS # : DW21151579
  • Updated Date : 07/12/2021 at 16:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,108 sqft
  • Baths : 1 full
Listing Agent

Remax Innovative

Listing Agent's Description

A VERY BEAUTIFUL HOME IN NEED OF NEW HOMEOWNERS! REGULAR SALE!! THIS HOME HAS A CUSTOM BRICK DRIVEWAY AND ENTRY. LOW MAINTENANCE AND DROUGHT-FRIENDLY FAUX GRASS FRONT YARD. IF YOU LOVE TO COOK, THIS KITCHEN IS UPGRADED AND, IS EQUIPPED WITH UNDER MOUNT CABINET LIGHTING. THIS HOME ALSO HAS THREE FULL-SIZED BEDROOMS AND A MASTER WITH A GOOD SIZE WALK-IN CLOSET AND TONS OF LIGHT. THE BATHROOM IS UPDATED WITH NEWER FIXTURES, CLASSY TILE, AND QUARTZ COUNTERS. LOCATED IN A GREAT AREA OF NORTH LONG BEACH AND CENTRALLY LOCATED TO JUST ABOUT EVERYTHING. MAKE THIS HOME YOURS!!

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MARKET HIGHLIGHTS

  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Houghton Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $148k622k

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

Neighborhood: Houghton Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2120014001600180020002200240026002800Rent in $11532941

* 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
Harte Elementary School Primary Regular 932 33 5
Lindbergh Stem Academy Middle Regular 603 25 4
Jordan High School High Regular 3,367 133 2

Harte Elementary School

  • Education Level: Primary
  • # of students: 932
  • # of teachers: 33
5
GreatSchools Rating

Lindbergh Stem Academy

  • Education Level: Middle
  • # of students: 603
  • # of teachers: 25
4
GreatSchools Rating

Jordan High School

  • Education Level: High
  • # of students: 3,367
  • # of teachers: 133
2
GreatSchools Rating
 

$567,000$693,000$630,000

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$2,188
Property Tax -$683
Property Insurance -$54
Property Management Fees -$125
CASH FLOW
-$490

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.

$630,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 6.9%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$172,700

INVESTMENT

$172,700

Down Payment
$157,500
Rehab Estimate
$5,750
Closing Costs
$9,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,188

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $157,500
Loan Amount $472,500
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$9,884

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $2.31

    LIST RENT PER SQFT
  • $2,565

    COMP ESTIMATED VALUE
  • $2.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,560
1$2,5602$2,5803$2,6004$2,7505$3,195
$3,195
RENT COMPS ANALYSIS
  • 5880 Lewis Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,108 Sqft ∙ Built 1947 3 beds 1 baths ∙ 1,108 Sqft ∙ Built 1947
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $2.31
    •  
  • 5530 Chestnut Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,148 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,148 Sqft ∙ Built 1953
    LEASED 02/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $2.25
    •  
  • 5480 Lime Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1937 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1937
    LEASED 07/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.40
    •  
  • 36 W Zane Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1929 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1929
    LEASED 06/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.29
    •  
  • 2928 Dashwood Street Lakewood, CA 5
    • 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1952
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $2.32
    •  
PROPERTY LISTING DETAILS
Eloy Villamil
Remax Innovative
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW21151579
Last Updated: 07/12/2021
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