$1,682,500
SOLD NOV 8, 2024
12 Beds
9 Baths
6,222 Sq Ft
6,691 Sq Ft Lot

Recently Sold

$270 Per Sq Ft

9% Below List Price

7 Days on Market

Highlights

  • Park
  • Bike Trail
  • 3-minute walk to 14th Street Park
  • Laundry Room
  • Wall Furnace

About This Home

As of November 2024

The subject property is a 10-unit two-story walk-up style building, with 6,222 square feet. There are 8 one-bedroom/one-bath units plus
2 two-bedroom/one-bath units. All units have separate gas and electric meters. The building also contains 4 garages plus a coin-opearated on-site laundry both of which yield extra income. Great location close to middle school, shopping, public transit, close to downtown Long Beach and Beaches.This property always stays rented and is currently 100% occupied. This is an Investors dream, easy to rent and easy maintenance.

Last Agent to Sell the Property

JEFFREY STEARMAN

Keller Williams OC Coastal Realty Brokerage Phone: 949-412-5333 License #00932282 Listed on: 08/13/2024

Last Buyer's Agent

JEFFREY STEARMAN

Keller Williams OC Coastal Realty Brokerage Phone: 949-412-5333 License #00932282 Listed on: 08/13/2024

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1953

Lot Details

  • 6,691 Sq Ft Lot
  • Two or More Common Walls
  • Density is 6-10 Units/Acre

Parking

  • 4 Car Garage
  • Off-Site Parking

Home Design

  • Apartment

Interior Spaces

  • 6,222 Sq Ft Home
  • 2-Story Property
  • Free-Standing Range
  • Laundry Room

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 9 Bathrooms

Outdoor Features

  • Exterior Lighting
  • Rain Gutters

Location

  • Urban Location

Utilities

  • Wall Furnace
  • Natural Gas Connected
  • Central Water Heater
  • Cable TV Available

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas
  • Tax Lot 20
  • Tax Tract Number 5421
  • Assessor Parcel Number 7269041021
  • $1,821 per year additional tax assessments

Community Details

Overview

  • 2 Buildings
  • 10 Units

Amenities

  • Laundry Facilities

Recreation

  • Park
  • Bike Trail

Building Details

  • 10 Leased Units
  • 10 Separate Electric Meters
  • 10 Separate Gas Meters
  • Insurance Expense $4,400
  • Maintenance Expense $7,343
  • Other Expense $6,815
  • Professional Management Expense $7,792
  • Supplies Expense $125
  • Trash Expense $1
  • Water Sewer Expense $1
  • New Taxes Expense $20,350
  • Operating Expense $46,825
  • Gross Income $162,850
  • Net Operating Income $116,024

Property Details

Home Type

Multi-Family

Year Built

Built in 1953

Lot Details

0

Parking

4

Listing Details

  • Assessments: No
  • CapRate: 6.20
  • Price Per Unit: 185000
  • Professional Management Expense: 7792.00
  • Property Attached: Yes
  • Supplies Expense: 125.00
  • Water Sewer Expenses: 1.00
  • Zoning: LBR4N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 7269041021
  • Year Built: 1953
  • Special Features: None

Interior Features

  • Fireplace: No
  • Stories: 2
  • Entry Location: Front
  • Common Walls: 2+ Common Walls
  • Appliances: Yes
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 270.41

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Parking Features: Off Site
  • Total Parking Spaces: 4.00

Utilities

  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Free-Standing Range, Refrigerator, Water Heater Central
  • Heating Type: Wall Furnace
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Trash Expense: 1.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Biking, Curbs, Gutters, Park, Sidewalks, Street Lights, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 6691.00
  • Lot Size Acres: 0.1536

Rental Info

  • Garage Rental Rate: 50.00
  • Tenant Pays: Cable TV, Electricity, Gas

Multi Family

  • Garage Income: 2400.00
  • Gross Income: 162850.00
  • Gross Multiplier: 11.36
  • Gross Operating Income: 162850.00
  • Gross Scheduled Income: 162850.00
  • Gross Spendable Income: 116024.00
  • Insurance Expense: 4400.00
  • Laundry Equipment Own Lease: Own
  • Laundry Income: 1200.00
  • Lot Size Area: 6691.0000 Square Feet
  • Maintenance Expense: 7343.00
  • Net Operating Income: 116024.00
  • Number Of Rented Garages: 4
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 10
  • Number Of Units Leased: 10
  • Number Of Units Total: 10
  • Number With Range: 10
  • Number With Refrigerator: 10
  • Operating Expense: 46826.00
  • Other Expense: 6815.00
  • Other Expense Description: Legal
  • Rent Control: No
  • Total Actual Rent: 13225.00
  • Total Expenses: 46825.00

Tax Info

  • New Taxes Expense: 20350.00
  • Tax Census Tract: 5754.01
  • Tax Lot: 20
  • Tax Tract Number: 5421
  • TaxOtherAnnualAssessmentAmount: 1821.00

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Range of Values:

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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
07/15/2025 07/15/25 For Sale $2,195,000 +30.5% $353 / Sq Ft
11/08/2024 11/08/24 Sold $1,682,500 0.0% $270 / Sq Ft
10/23/2024 10/23/24 Off Market $1,682,500 -- --
08/13/2024 08/13/24 For Sale $1,850,000 0.0% $297 / Sq Ft
10/08/2022 10/08/22 Rented $1,250 0.0% --
09/26/2022 09/26/22 Under Contract -- -- --
08/31/2022 08/31/22 For Rent $1,250 0.0% --
01/05/2016 01/05/16 Sold $1,223,000 -2.2% $197 / Sq Ft
09/11/2015 09/11/15 Pending -- -- --
07/17/2015 07/17/15 For Sale $1,250,000 -- $201 / 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: OC24166043

California Regional Multiple Listing Service (CRMLS)