Michelle Covington
Compass
(323) 416-3171
24 Total Sales
1 in Cambodia Town
$645,000 Price
1420 Walnut Ave Long Beach, CA 90813
Cambodia Town Neighborhood
6
Beds
4
Baths
7,029
Sq Ft
6,324
Sq Ft Lot
About This Home
As of September 2019We are pleased to present an 8-unit multi-family property located in Long Beach, CA. The unit mix consists of (2) 3-Bedrooms / 2-Bathroom units, (4) 2-bedroom / 1-Bathroom units and (2) 1-Bedroom / 1-Bathroom units. The structure was built in 1963 and is 7,029 rentable square feet on a 6,323 square foot lot. This property has a great amount of potential to add value and raise rents in order to increase cash flow on this asset and ensure to meet current market rents. Owners enjoy the high demand for rentals in a coastal city of Long Beach, as well as shopping, restaurants and nightlife in Downtown Long Beach and the surrounding areas.
The City of Long Beach continues to progress forwards and is currently experiencing a major redevelopment of $2.2 billion. An example of this large scale redevelopment is the new Long Beach Civic Center, which is estimated to be completed early 2019. The Civic Center and the surrounding areas will further continue Long Beach's ability to attract renters due to its strong economy and high quality of life.
Last Agent to Sell the Property
Marcus & Millichap License #01158184 Listed on: 03/13/2019
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Property Details
Home Type
- Multi-Family
Year Built
- Built in 1963
Lot Details
- 6,324 Sq Ft Lot
- Two or More Common Walls
- Density is 11-15 Units/Acre
Parking
- 4 Car Garage
Home Design
- Property Attached
Interior Spaces
- 7,029 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 6 Bedrooms
- 4 Bathrooms
Utilities
- Septic Type Unknown
Listing and Financial Details
- Tax Lot 52
- Tax Tract Number 575202
- Assessor Parcel Number 7261014025
Community Details
Overview
- 8 Units
Building Details
- 8 Separate Electric Meters
- 8 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $1,404
- Fuel Expense $1,404
- Gardener Expense $450
- Insurance Expense $2,812
- Maintenance Expense $8,220
- Other Expense $4,716
- Professional Management Expense $6,890
- Trash Expense $1,404
- Water Sewer Expense $1,404
- New Taxes Expense $23,063
- Operating Expense $48,831
- Gross Income $138,019
- Net Operating Income $89,188
Ownership History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Jun 28, 2019
Sold by
Chen Lee Brian and Lee Jennifer Ann Lew
Bought by
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,396,500
Interest Rate
3.7%
Mortgage Type
Commercial
Purchase Details
Closed on
Oct 1, 2015
Sold by
Lee Brian Chen and Lee Jennifer Ann Lew
Bought by
Brian Chen Lee and Brian Jennifer Ann
Purchase Details
Closed on
Sep 25, 2014
Sold by
Reavans Capital Group Llc
Bought by
Lee Brian Chen and Lef Jennifer Ann Lew
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$770,000
Interest Rate
3.75%
Mortgage Type
Commercial
Purchase Details
Listed on
Feb 15, 2014
Closed on
Mar 18, 2014
Sold by
Mcdonald Leland R and Estate Of Glen Leo Mcdonald
Bought by
Reavans Capital Group Llc
Seller's Agent
Chuck Lundie
AOA Commercial Brkrge
Buyer's Agent
John Chelius
Property Works RE, Inc.
List Price
$925,000
Sold Price
$910,000
Premium/Discount to List
-$15,000
-1.62%
Purchase Details
Closed on
Jan 23, 2006
Sold by
Mcdonald Cheryl Wilks
Bought by
Mcdonald Glen
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$425,000
Interest Rate
6.21%
Mortgage Type
Commercial
Purchase Details
Closed on
Dec 22, 2005
Sold by
Walnut Avenue Property
Bought by
Mcdonald Glen
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$425,000
Interest Rate
6.21%
Mortgage Type
Commercial
Purchase Details
Closed on
Nov 25, 1991
Sold by
Guzman Joseph S and Guzman Monica P
Bought by
Mcdonald Glen
Home Values in the Area
Average Home Value in this Area
Agents Specializing in Cambodia Town, CA
-
Michelle Covington
-
Albert Soto
Albert Soto
True Inmobiliaria
(657) 279-5316
89 Total Sales
1 in Cambodia Town
$580,000 Price
-
Venny Saucedo
Venny Saucedo
eXp Realty of Greater L.A
(424) 349-4410
46 Total Sales
1 in Cambodia Town
$920,000 Price
-
Marvin Phillip
Marvin Phillip
Y Realty
(562) 740-8346
31 Total Sales
2 in Cambodia Town
$1,250,000 Price Range
-
Michelle Harding
Michelle Harding
Responds QuicklyKeller Williams Coastal Prop.
(323) 604-1668
36 Total Sales
1 in Cambodia Town
$475,000 Price
-
Ken Morin
Ken Morin
Responds QuicklyCentury 21 Masters
(951) 397-2091
20 Total Sales
1 in Cambodia Town
$360,000 Price
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| $1,995,000 | Fidelity National Title Co | ||
| Brian Chen Lee | -- | None Available | |
| Lee Brian Chen | $1,100,000 | Old Republic Title Company | |
| Reavans Capital Group Llc | $910,009 | Lawyers Title | |
| Mcdonald Glen | -- | Lawyers Title Ins | |
| Mcdonald Glen | -- | Lawyers Title Ins | |
| Mcdonald Glen | -- | -- |
Source: Public Records
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | $1,396,500 | ||
| Previous Owner | 1420 Walnut Llc | $1,396,500 | |
| Previous Owner | Lee Brian Chen | $1,100,000 | |
| Previous Owner | Lee Brian Chen | $770,000 | |
| Previous Owner | Mcdonald Glen | $425,000 | |
| Previous Owner | Mcdonald Glen | $425,000 |
Source: Public Records
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 09/11/2019 09/11/19 | Sold | $1,995,000 | 0.0% | $284 / Sq Ft | |
| 08/26/2019 08/26/19 | Pending | -- | -- | -- | |
| 05/14/2019 05/14/19 | Price Changed | $1,995,000 | -2.7% | $284 / Sq Ft | |
| 04/11/2019 04/11/19 | Price Changed | $2,050,000 | -2.4% | $292 / Sq Ft | |
| 03/13/2019 03/13/19 | For Sale | $2,100,000 | +130.8% | $299 / Sq Ft | |
| 04/10/2014 04/10/14 | Sold | $910,000 | -1.6% | $129 / Sq Ft | View Prior Sale |
| 03/12/2014 03/12/14 | Pending | -- | -- | -- | |
| 02/15/2014 02/15/14 | For Sale | $925,000 | -- | $132 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| 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 |
|---|---|---|---|---|
| 2026 | $35,078 | $2,763,952 | $865,945 | $1,898,007 |
| 2025 | $35,078 | $2,610,571 | $848,966 | $1,761,605 |
| 2024 | $33,541 | $2,559,384 | $832,320 | $1,727,064 |
| 2023 | $32,972 | $2,509,200 | $816,000 | $1,693,200 |
| 2022 | $30,946 | $2,460,000 | $800,000 | $1,660,000 |
| 2021 | $25,495 | $2,015,668 | $1,010,360 | $1,005,308 |
| 2019 | $15,805 | $1,185,448 | $538,694 | $646,754 |
| 2018 | $15,345 | $1,162,211 | $528,132 | $634,079 |
| 2016 | $14,097 | $1,116,775 | $507,625 | $609,150 |
| 2015 | $13,545 | $1,100,000 | $500,000 | $600,000 |
| 2014 | -- | $904,086 | $200,908 | $703,178 |
Source: Public Records
Agents Affiliated with this Home
-
Kevin King
Seller's Agent in 2019
Kevin King
Marcus & Millichap
(562) 257-1245
39 Total Sales
-
John Alden
JA
Buyer's Agent in 2019
John Alden
John Alden
(310) 387-3489
11 Total Sales
-
CL
Seller's Agent in 2014
Chuck Lundie
AOA Commercial Brkrge
-
John Chelius
JC
Buyer's Agent in 2014
John Chelius
Property Works RE, Inc.
(310) 722-0360
5 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW19056424
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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