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6673 Gaviota Avenue Long Beach, CA 90805

3 Beds 1 Baths 1,284 sqft Built 1930

$550,000

List Price

$2,730

$2.5K - $3K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1930
  • Price/Sqft : $428.35
  • 3 Days on Market
  • MLS # : PW21012599
  • Updated Date : 01/29/2021 at 20:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,284 sqft
  • Baths : 1 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Charming Spanish 3 Bedroom Home. Pride of Ownership throughout. Bright and spacious with an open dining and living room, breakfast-nook, plenty of storage, walk-in closets & original hardwood flooring. A new roof was installed last summer. The backyard garden is laden with celery, radish, beets, sweet potato, green curly kale, purple curly kale, elephant kale, green kale, cabbage, tomato, cauliflower, broccoli, ginger, sugar cane, lavender, rosemary & aloe vera. There are lush fruit trees and a spacious lounge area to soak up the sun. Pick ORGANIC blackberries, strawberries, raspberries, jumbo grapes and fruit from your trees (papaya, avocado, orange, lemon, apricot, plum, nectarine, tangerine, Fuji apple, Gala apple and Pink lady apple) for your morning smoothies. CAN YOU BELIVE IT? 30+ Organic varieties of earth goodness. BIG 2 car Detached Garage, perfect for your big toys. Long Driveway to park your boat, RV, trailer or up to 7 cars not including the large garage. Convenient access to the Alley from the backyard. Easy access to freeways! Property was virtually staged! Sold As Is!

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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: Hamilton

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $147k622k

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

Neighborhood: Hamilton

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12142941

* 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
Grant Elementary School Primary Regular 1,101 39 5
Hamilton Middle School Middle Regular 922 32 5
Jordan High School High Regular 3,367 133 2

Grant Elementary School

  • Education Level: Primary
  • # of students: 1,101
  • # of teachers: 39
5
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 32
5
GreatSchools Rating

Jordan High School

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

$495,000$605,000$550,000

PURCHASE PRICE

$2,457$3,003$2,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,730
EXPENSES Loan Payment -$1,910
Property Tax -$596
Property Insurance -$58
Property Management Fees -$134
CASH FLOW
$32

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.

$550,000

PROJECTED PRICE

$2,730

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 13.3%
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$2.5M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$151,500

INVESTMENT

$151,500

Down Payment
$137,500
Rehab Estimate
$5,750
Closing Costs
$8,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,910

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $137,500
Loan Amount $412,500
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$46,549

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,730

    LIST RENT
  • $2.13

    LIST RENT PER SQFT
  • $3,014

    COMP ESTIMATED VALUE
  • $2.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,5003$2,5954$2,6005$2,730
$2,730
RENT COMPS ANALYSIS
  • 6673 Gaviota Avenue Long Beach, CA 5
    • 3 beds 1 baths ∙ 1,284 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,284 Sqft ∙ Built 1930
    • Rent
    • Rent Per SQFT
    •  
    • $2,730
    • $2.13
    •  
  • 215 E Scott Street Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1941 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1941
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $2.34
    •  
  • 5480 Lime Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1937 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1937
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $2.31
    •  
  • 6675 Lime Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,016 Sqft ∙ Built 1944 3 beds 1 baths ∙ 1,016 Sqft ∙ Built 1944
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $2.55
    •  
  • 4123 Ashworth Street Lakewood, CA 4
    • 3 beds 1 baths ∙ 1,188 Sqft ∙ Built 1947 3 beds 1 baths ∙ 1,188 Sqft ∙ Built 1947
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.19
    •  
PROPERTY LISTING DETAILS
Silvia Milligan
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21012599
Last Updated: 01/29/2021
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