NOT LISTED FOR SALE

1431 Locust Ave Long Beach, CA 90813

Washington School Neighborhood
11 Beds
10 Baths
7,424 Sq Ft
7,448 Sq Ft Lot

Last Sold November 18, 2014

Last sale price $1,130,000 $152 Per Sq Ft

328 Days on Market

Highlights

  • Open Floorplan
  • Contemporary Architecture
  • Neighborhood Views
  • Long Beach Polytechnic High School Rated A
  • No HOA
  • 5-minute walk to 14th Street Park

About This Home

As of November 2014

Solid as a Rock for the alert investor! Comfortable stylish located in the Central Long Beach Redevelopment Project. All units are fully rented, has a great cash flow, and appreciation with upside potential. Building offers common laundry room for additional income, Some units have been completely renovated, Courtyard for picnics and entertaining, each unit has a separate gas and electric meters, and the lot is low maintenance requires very little landscape work. Units are gated, property has an enormous amount of potential, does a little and saves a lot. Property needs some tender loving, but could be tremendous with the right touches. Subject is convenient to freeway access, shopping centers, downtown, Anaheim street station, schools, amenities in the area, and just minutes from the beach. The price is startling, waiting for you to be the proud owner, in prime rental area.

Last Agent to Sell the Property

Ramona Bleick

Coldwell Banker Envision License #01353688 Listed on: 04/18/2014

Coldwell Banker Envision

Last Buyer's Agent

William Shelton

Coldwell Banker Envision License #00627995

Coldwell Banker Envision

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1962

Lot Details

  • 7,448 Sq Ft Lot
  • 1 Common Wall
  • Wood Fence
  • Stucco Fence
  • Fence is in average condition
  • Density is 11-15 Units/Acre

Parking

  • 6 Car Garage
  • Parking Available
  • Single Garage Door
  • Assigned Parking

Home Design

  • Contemporary Architecture
  • Property Attached
  • Entry on the 1st floor
  • Cosmetic Repairs Needed
  • Flat Roof Shape
  • Raised Foundation
  • Shingle Roof
  • Wood Siding
  • Pre-Cast Concrete Construction
  • Stucco

Interior Spaces

  • 7,424 Sq Ft Home
  • 2-Story Property
  • Open Floorplan
  • Window Screens
  • Living Room
  • Neighborhood Views

Kitchen

  • Gas Cooktop
  • Tile Countertops

Flooring

  • Carpet
  • Laminate
  • Tile
  • Vinyl

Bedrooms and Bathrooms

  • 11 Bedrooms
  • 10 Bathrooms

Laundry

  • Laundry Room
  • Dryer
  • Washer

Home Security

  • Carbon Monoxide Detectors
  • Fire and Smoke Detector
  • Fire Sprinkler System

Accessible Home Design

  • Entry Slope Less Than 1 Foot

Utilities

  • Cooling System Mounted To A Wall/Window
  • Heating System Uses Natural Gas
  • Wall Furnace
  • Gas Water Heater
  • Sewer Paid
  • TV Antenna

Listing and Financial Details

  • Tenant pays for electricity, gas, HVAC maintenance
  • Tax Lot 6
  • Tax Tract Number 5754
  • Assessor Parcel Number 7269013028

Community Details

Overview

  • No Home Owners Association
  • 11 Units

Amenities

  • Laundry Facilities

Building Details

  • 11 Leased Units
  • 12 Separate Electric Meters
  • 12 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $900
  • Gardener Expense $240
  • Insurance Expense $1,933
  • Maintenance Expense $6,200
  • Pest Control $660
  • Trash Expense $1,600
  • Water Sewer Expense $3,500
  • New Taxes Expense $12,500
  • Gross Income $9,050
  • Net Operating Income $73,337

Property Details

Home Type

Multi-Family

Year Built

Built in 1962

Lot Details

0

Parking

6

Listing Details

  • Assessments: No
  • CapRate: 6.49
  • Inclusions: Commercial Washer and Dryer, Tenants Estoppel Certificates
  • Property Attached: Yes
  • Security: Carbon Monoxide Detector(s), Fire Sprinkler System, Smoke Detector(s)
  • View: Yes
  • Water Sewer Expenses: 3500.00
  • Zoning: Lbr4r
  • Architectural Style: Contemporary
  • Property Condition: Repairs Cosmetic
  • Property Type: Residential Income
  • Gardener Expense: 240.00
  • Parcel Number: 7269013028
  • Year Built: 1962
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Interior Amenities: Open Floorplan, Tile Counters
  • Stories: 2
  • Common Walls: 1 Common Wall
  • Flooring: Laminate, Carpet, Tile, Vinyl
  • Accessibility Features: Entry Slope Less Than 1 Foot
  • Appliances: Yes
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 152.21
  • Room Type: Living Room
  • Window Features: Screens

Exterior Features

  • Foundation: Raised
  • Exterior Features: TV Antenna
  • View: Neighborhood
  • Fencing: Average Condition, Stucco Wall, Wood
  • Pool Private: No
  • Roof: Flat, Shingle
  • Spa: No
  • Construction Materials: Concrete, Stucco, Wood Siding

Garage/Parking

  • Garage Spaces: 6.00
  • Parking: Yes
  • Parking Features: Assigned, Concrete, Garage, Garage - Single Door
  • Total Parking Spaces: 8.00

Utilities

  • Utilities: Natural Gas Available, Sewer Connected, Sewer Available, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Gas Cooktop, Gas Water Heater, Refrigerator
  • Electric: Electricity - On Property
  • Heating Type: Natural Gas, Wall Furnace
  • Laundry Features: Community, Dryer Included, Washer Included
  • Pest Control Expense: 660.00
  • Sewer: Sewer Paid
  • Trash Expense: 1600.00
  • Water Source: Public
  • Cooling: Wall/Window Unit(s)
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Sidewalks

Lot Info

  • Lot Features: 11-15 Units/Acre
  • Lot Size Sq Ft: 7448.00
  • Lot Size Acres: 0.1710

Rental Info

  • Tenant Pays: Electricity, Gas, HVAC Maintenance

Multi Family

  • Average1 Bed Area: 625
  • Average2 Bed Area: 750
  • Average3 Bed Area: 975
  • Electric Expense: 900.00
  • Gross Income: 9050.00
  • Gross Multiplier: 10.40
  • Gross Scheduled Income: 108600.00
  • Insurance Expense: 1933.00
  • Laundry Equipment Own Lease: Own
  • Lot Size Area: 7448.0000 Square Feet
  • Maintenance Expense: 6200.00
  • Maintenance Percent: 0.06
  • Net Operating Income: 73337.00
  • Number Of Rented Garages: 5
  • Number Of Separate Electric Meters: 12
  • Number Of Separate Gas Meters: 12
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 11
  • Number Of Units Total: 11
  • Operating Expense: 29833.00
  • Operating Expense Percent: 0.29
  • Rent Control: No
  • Total Actual Rent: 8900.00
  • Vacancy Allowance Rate: 5.00

Tax Info

  • New Taxes Expense: 12500.00
  • Tax Area: 11934
  • Tax Lot: 6
  • Tax Tract Number: 5754
  • Tax Year: 2012

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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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 List to Sale Price per Sq Ft
11/18/2014 11/18/14 Sold $1,130,000 0.0% $152 / Sq Ft
09/18/2014 09/18/14 Pending -- -- --
10/25/2013 10/25/13 For Sale $1,130,000 -- $152 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Ramona Bleick

    Seller's Agent in 2014

    Ramona Bleick

    Coldwell Banker Envision

    (562) 400-2848

    21 Total Sales

    Ramona Bleick
    Section Image
  • William Shelton

    Buyer's Agent in 2014

    William Shelton

    Coldwell Banker Envision

    (562) 841-5038

    20 Total Sales

    William Shelton
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW13220428

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90813 Washington School

1431 Locust Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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California Regional Multiple Listing Service (CRMLS) 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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