Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

6902 E Espanita Street Long Beach, CA 90815

3 Beds 1 Baths 1,018 sqft Built 1954

$659,900

List Price

$2,650

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $648.23
  • 4 Days on Market
  • MLS # : PW21027533
  • Updated Date : 02/11/2021 at 13:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,018 sqft
  • Baths : 1 full
Listing Agent

Keller Williams Coastal Prop.

Listing Agent's Description

Opportunity Knocks! This well priced 3 Bedroom/2 Bath Eastside Long Beach Home is in a highly sought neighborhood conveniently close to award winning schools, CSULB, freeway access, multiple parks & recreation, shopping/dining/entertainment at popular Los Altos Center, 2nd & PCH Outdoor Mall & 2nd Street...and just a short bike or car ride to the beach!!! Great starter home...or for someone downsizing, this home offers multiple smart upgrades while leaving room for the new owner to put their own stamp on it. Beautifully upgraded kitchen boasts gorgeous black & gray granite countertops complimented by neutral toned tile flooring & tumbled stone tile backsplash w/designer accent, stainless steel & black appliances including gas range, microwave, dishwasher & refrigerator. Kitchen flows to dining area/living room combo bright with natural light filtering in thru two large windows with view to private backyard. The garage was attractively converted by previous owner to a stepdown family room & offers more living space to relax. Central hallway w/storage aplenty leads to full bath, two good sized bedrooms & 3rd master bedroom with its own private "Retro" 3/4 bath. The expansive backyard has patio, shed, grass, charming garden & provides space for play, entertaining or room to add home addition if desired! Other amenities include newer electric panel, newer water heater, energy saving dual pane windows, crown molding, sprinklers, rain gutters & more! SEE PICTURES FOR MORE INFO!

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: Atherton South

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Atherton 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
Wilson High School High Magnet 3,944 146 7

Wilson High School

  • Education Level: High
  • # of students: 3,944
  • # of teachers: 146
7
GreatSchools Rating
 

$593,910$725,890$659,900

PURCHASE PRICE

$2,385$2,915$2,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,650
EXPENSES Loan Payment -$2,292
Property Tax -$698
Property Insurance -$52
Property Management Fees -$130
CASH FLOW
-$521

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.

$659,900

PROJECTED PRICE

$2,650

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 6.4%
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

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$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$180,624

INVESTMENT

$180,624

Down Payment
$164,975
Rehab Estimate
$5,750
Closing Costs
$9,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,292

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $164,975
Loan Amount $494,925
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$10,018

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,650

    LIST RENT
  • $2.6

    LIST RENT PER SQFT
  • $2,458

    COMP ESTIMATED VALUE
  • $2.42

    COMP AVG. RENT PER SQFT
Comps Range
$2,650
1$2,6502$2,6503$2,7504$2,8955$3,195
$3,195
RENT COMPS ANALYSIS
  • 6902 E Espanita Street Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,018 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,018 Sqft ∙ Built 1954
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $2.60
    •  
  • 1502 Stevely Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,042 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,042 Sqft ∙ Built 1954
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $2.54
    •  
  • 2922 Knoxville Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,206 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,206 Sqft ∙ Built 1951
    property image
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.28
    •  
  • 2928 Ladoga Avenue Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 1951
    property image
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $2.31
    •  
  • 6926 E Rendina Street Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,265 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,265 Sqft ∙ Built 1954
    property image
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $2.53
    •  
PROPERTY LISTING DETAILS
Joseph Sopo
Keller Williams Coastal Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21027533
Last Updated: 02/11/2021
BESbswy