$1,800,000
SOLD DEC 13, 2024
3 Beds
2 Baths
6,300 Sq Ft
6,534 Sq Ft Lot

Recently Sold

$286 Per Sq Ft

10% Below List Price

106 Days on Market

Highlights

  • No HOA
  • Laundry Room
  • 3-minute walk to Orizaba Park
  • Woodrow Wilson High School Rated A
  • Level Lot

About This Home

As of December 2024

1381 Temple Avenue is a 5-unit multifamily investment property located in Long Beach, CA. 1381 Temple Avenue features exclusively spacious three-bedroom units averaging approximately 1,260 square feet. The property offers attractive amenities including a shared courtyard and back patio, gated pedestrian access, and 4 single-car garages. Situated in the Zaferia neighborhood of Long Beach, 1381 Temple Avenue’s central Long Beach location provides residents convenient access throughout the city. Residents enjoy walkable access to Orizaba Park, a 3.72-acre public park offering a soccer field, a skate park, a basketball court, and a spacious community center. Additionally, the property is located less than half-a-mile from the Food4Less and Rite Aid anchored Belmont Center, providing residents with easy access to daily necessities. The property’s ideal Long Beach location surrounded by an abundance of recreational and retail amenities are a primary draw for potential renters. This overall demand for well-located rental units will be a key driver in the continued growth and success at 1381 Temple Avenue.

Last Agent to Sell the Property

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Email: tleeson@marcusmillichap.com License #01451551 Listed on: 07/23/2024

Last Buyer's Agent

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Email: tleeson@marcusmillichap.com License #01451551 Listed on: 07/23/2024

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1963

Lot Details

  • 6,534 Sq Ft Lot
  • No Common Walls
  • Level Lot

Parking

  • 4 Car Garage

Interior Spaces

  • 6,300 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 2 Bathrooms

Outdoor Features

  • Rain Gutters

Listing and Financial Details

  • Tax Lot 14
  • Tax Tract Number 575102
  • Assessor Parcel Number 7260026014
  • $1,243 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 5 Units

Amenities

  • Laundry Facilities

Building Details

  • 5 Separate Electric Meters
  • 1 Separate Water Meter
  • Electric Expense $2,125
  • Fuel Expense $2,124
  • Insurance Expense $7,500
  • Maintenance Expense $5,000
  • Other Expense $6,393
  • Professional Management Expense $9,318
  • Trash Expense $2,124
  • Water Sewer Expense $2,124
  • New Taxes Expense $22,634
  • Operating Expense $59,342
  • Gross Income $192,048
  • Net Operating Income $127,013

Property Details

Home Type

Apartment

Year Built

Built in 1963

Lot Details

0

Parking

4

Listing Details

  • CapRate: 6.96
  • Price Per Unit: 365000
  • Professional Management Expense: 9318.00
  • Property Attached: No
  • Water Sewer Expenses: 2124.00
  • Zoning: LBR2N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 7260026014
  • Year Built: 1963
  • Special Features: None

Interior Features

  • Stories: 2
  • Entry Location: First Level
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 285.71

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Total Parking Spaces: 4.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Trash Expense: 2124.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Gutters, Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Level with Street
  • Lot Size Sq Ft: 6534.00
  • Lot Size Acres: 0.1500

Multi Family

  • Electric Expense: 2125.00
  • Fuel Expense: 2124.00
  • Gross Income: 192048.00
  • Gross Multiplier: 9.50
  • Gross Operating Income: 184075.00
  • Gross Scheduled Income: 189768.00
  • Insurance Expense: 7500.00
  • Lot Size Area: 0.1500 Acres
  • Maintenance Expense: 5000.00
  • Net Operating Income: 127013.00
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 5
  • Operating Expense: 59342.00
  • Operating Expense Percent: 31.80
  • Other Expense: 6393.00
  • Other Expense Description: Misc
  • Other Income1: 2280.00
  • Other Income Description: Misc
  • Rent Control: No
  • Total Expenses: 59342.00
  • Vacancy Allowance: 5693
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 22634.00
  • Tax Census Tract: 5751.02
  • Tax Lot: 14
  • Tax Tract Number: 575102
  • TaxOtherAnnualAssessmentAmount: 1243.00

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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
12/13/2024 12/13/24 Sold $1,800,000 -1.4% $286 / Sq Ft
11/06/2024 11/06/24 Pending -- -- --
10/23/2024 10/23/24 Price Changed $1,825,000 -8.8% $290 / Sq Ft
07/23/2024 07/23/24 For Sale $2,000,000 -- $317 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC24151050

California Regional Multiple Listing Service (CRMLS)