NOT LISTED FOR SALE

1224 E 17th St Long Beach, CA 90813

Central Neighborhood

Estimated Value: $1,280,000 - $1,728,000

5 Beds
3 Baths
5,016 Sq Ft
$303/Sq Ft Est. Value

Last Sold April 06, 2015

Last sale price $770,000 $154 Per Sq Ft

Est. 98% increase in value since last sale

Current estimated payment $8,966/month

12 Days on Market

Highlights

  • No HOA
  • Laundry Room
  • 2-minute walk to Rosa Parks Park
  • Long Beach Polytechnic High School Rated A
  • 6 Car Garage

About This Home

As of April 2015

**STANDARD SALE SPANISH STYLE INVESTMENT OPPORTUNITY** Excellent Opportunity to Purchase a 5 Unit Income Property at the Center of Long Beach. Tax Roll Shows 4 Units; currently configured as 5 Units. Front building is 4 Units: all 2 Bed/1 Bath; Rear Building is Perfect Owner’s Unit. Has Large 3 bedroom/2 bath above 6 Private Garages & Laundry Room. Property has been Well-Maintained; Fully Occupied with Total $6,300/month Rental Income; No Rent Control; **Large Square Footage...county records shows 5016 sq ft on a 7813 sq ft Lot! **Back Unit REMODELED w/ New Carpet & Flooring Throughout!! **Both Buildings New Copper Plumbing, New Water Heaters, New Paint inside & out!! ** **Front Units Each Rent for $1100/month, the Large Rear Unit is rented at $1500.00, All Garages are rented at $75 ea for total Monthly Rent $6,300.00 and ANNUAL INCOME OF $75,600.00...Year After Year of solid income! Close to Schools, Parks, Shops & Metro! Excellent Central Location for commuting ease. This is a Great Property for First Time Investor or to Hold in a Savvy Investors Portfolio. Quick Response to all offers. Hurry, will sell fast!**

Last Agent to Sell the Property

Eileen Rivera

GE Dean and Associates License #01208517 Listed on: 02/18/2015

Last Buyer's Agent

Borann Duong

#1 Home Realty License #01006490

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1925 | Remodeled

Lot Details

  • 7,813 Sq Ft Lot
  • Two or More Common Walls

Parking

  • 6 Car Garage
  • Parking Available
  • Rear-Facing Garage
  • Single Garage Door
  • Off-Street Parking

Home Design

  • Property Attached

Interior Spaces

  • 5,016 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 3 Bathrooms

Laundry

  • Laundry Room
  • Gas And Electric Dryer Hookup

Additional Features

  • Suburban Location
  • Sewer Not Available

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas
  • Tax Lot 48
  • Tax Tract Number 122
  • Assessor Parcel Number 7268031031

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 5 Units

Amenities

  • Laundry Facilities

Building Details

  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • 1 Separate Water Meter
  • Gross Income $6,300
  • Net Operating Income $72,600

Property Details

Home Type

Multi-Family

Year Built

Built in 1925 | Remodeled

Lot Details

0

Parking

6

Listing Details

  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Property Condition: Updated/Remodeled
  • Property Type: Residential Income
  • Parcel Number: 7268031031
  • Year Built: 1925
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 153.51

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 6.00
  • Parking: Yes
  • Parking Features: Garage, Off Street, Garage Faces Rear, Garage - Single Door
  • Total Parking Spaces: 6.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community, Gas & Electric Dryer Hookup
  • Sewer: None
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Suburban

Lot Info

  • Lot Size Sq Ft: 7813.00
  • Lot Size Acres: 0.1790

Rental Info

  • Tenant Pays: Cable TV, Electricity, Gas

Multi Family

  • Gross Income: 6300.00
  • Gross Scheduled Income: 75600.00
  • Lot Size Area: 7813.0000 Square Feet
  • Net Operating Income: 72600.00
  • Number Of Rented Garages: 6
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 5
  • Operating Expense: 3000.00
  • Rent Control: No
  • Vacancy Allowance Rate: 10.00

Tax Info

  • Tax Lot: 48
  • Tax Tract Number: 122
  • Tax Year: 2014

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Feb 18, 2015
Closed on
Mar 19, 2015
Sold by
Shahid Jehan Alfie and The Jehan A Shahid Living Trus
Bought by
Srmj Investment Llc
Seller's Agent
Eileen Rivera
GE Dean and Associates
Buyer's Agent
Borann Duong
#1 Home Realty
List Price
$769,000
Sold Price
$770,000
Premium/Discount to List
$1,000
0.13%
Current Estimated Value
$1,522,069

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$752,069
Avg. Annual Appreciation
6.55%

Purchase Details

Listed on
Feb 18, 2015
Closed on
Mar 17, 2015
Sold by
Duong Borann
Bought by
Duong Thavy Chan
Seller's Agent
Eileen Rivera
GE Dean and Associates
Buyer's Agent
Borann Duong
#1 Home Realty
List Price
$769,000
Sold Price
$770,000
Premium/Discount to List
$1,000
0.13%

Purchase Details

Closed on
Oct 15, 2014
Sold by
Shahid Jehan A and Shahid Jehan
Bought by
Shahid Jehan A and The Jehan A Shahid Living Trus

Purchase Details

Closed on
Jan 28, 2014
Sold by
Bilal Cornelius and Bilal Delores
Bought by
Shahid Jehan

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$300,000
Interest Rate
5.75%
Mortgage Type
Adjustable Rate Mortgage/ARM

Purchase Details

Closed on
May 19, 2010
Sold by
Bilal Cornelius
Bought by
Bilal Cornelius and Bilal Delores

Purchase Details

Closed on
Nov 26, 2002
Sold by
Bilal Cornelius and Bilal Delores
Bought by
Bilal Cornelius

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$365,000
Interest Rate
8%

Purchase Details

Closed on
May 25, 2000
Sold by
Bilal Khadijah D
Bought by
Bilal Cornelius and Bilal Delores

Purchase Details

Closed on
Aug 19, 1998
Sold by
Delphine Group Llc
Bought by
Bilal Khadijah D and Bilal Suilen

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$315,901
Interest Rate
6.6%
Mortgage Type
FHA

Purchase Details

Closed on
May 13, 1998
Sold by
Ward Sigalit D
Bought by
Ward John

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$206,000
Interest Rate
7.13%

Purchase Details

Closed on
May 12, 1998
Sold by
Lopez Edgar
Bought by
Harrington Daniel J

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$206,000
Interest Rate
7.13%

Purchase Details

Closed on
Apr 25, 1997
Sold by
South Western Associates Inc
Bought by
Lopez Edgar

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$300,870
Interest Rate
7.96%
Mortgage Type
FHA

Purchase Details

Closed on
Mar 28, 1997
Sold by
Crawford Michael A
Bought by
South Western Associates Inc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$300,870
Interest Rate
7.96%
Mortgage Type
FHA
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Srmj Investment Llc $760,000 North American Title
Duong Thavy Chan -- North American Title
Shahid Jehan A -- None Available
Shahid Jehan $50,000 Orange Coast Title Company O
Shahid Jehan -- Orange Coast Title Company O
Bilal Cornelius -- None Available
Bilal Cornelius -- American Title Co
Bilal Cornelius -- --
Bilal Khadijah D $330,000 United Title Company
Delphine Group Llc -- United Title Company
Ward John -- Southland Title Corporation
Ward John $167,000 Southland Title Corporation
Harrington Daniel J $126,100 Southland Title Corporation
Lopez Edgar $315,000 Commonwealth Land Title Co
South Western Associates Inc $136,000 Commonwealth Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Shahid Jehan $300,000
Previous Owner Bilal Cornelius $365,000
Previous Owner Bilal Khadijah D $315,901
Previous Owner Ward John $206,000
Previous Owner Lopez Edgar $300,870
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/06/2015 04/06/15 Sold $770,000 +0.1% $154 / Sq Ft
03/02/2015 03/02/15 Pending -- -- --
02/18/2015 02/18/15 For Sale $769,000 -- $153 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $12,178 $913,398 $360,551 $552,847
2024 $12,178 $895,489 $353,482 $542,007
2023 $11,974 $877,931 $346,551 $531,380
2022 $11,258 $860,717 $339,756 $520,961
2021 $11,014 $843,842 $333,095 $510,747
2020 $10,984 $835,190 $329,680 $505,510
2019 $10,858 $818,815 $323,216 $495,599
2018 $10,481 $802,761 $316,879 $485,882
2016 $9,621 $771,590 $304,575 $467,015
2015 $9,586 $790,484 $305,994 $484,490
2014 $4,505 $333,078 $163,649 $169,429
Source: Public Records

Agents Affiliated with this Home

  • Eileen Rivera

    Seller's Agent in 2015

    Eileen Rivera

    GE Dean and Associates

    (562) 688-9809

    64 Total Sales

    Eileen Rivera
    Section Image

  • B

    Buyer's Agent in 2015

    Borann Duong

    #1 Home Realty

    (562) 577-5481

    Borann Duong
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: RS15035091

California Regional Multiple Listing Service (CRMLS)

APN: 7268-031-031

California Los Angeles County Long Beach 90813 Central

1224 E 17th St, Long Beach, CA

Not Listed for Sale

MultiFamily

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