NOT LISTED FOR SALE

1475 Pine Ave Long Beach, CA 90813

Washington School Neighborhood
6 Beds
6 Baths
8,303 Sq Ft
7,500 Sq Ft Lot

Last Sold June 24, 2016

Last sale price $1,800,000 $217 Per Sq Ft

15 Days on Market

Highlights

  • Corner Lot
  • Long Beach Polytechnic High School Rated A
  • No HOA

About This Home

As of June 2016

Low Rise Garden Style Value add opportunity in Downtown Long Beach. The building is comprised of 2 Studios, 1 two bedroom, and 9 one bedroom units. This property is located on street-to- alley corner lot, and has been well maintained. The subject property provides 6 one car garages and onsite laundry facility that offer additional rental income.
The property also offers a private common area courtyard and newer landscaping. The property is in a strong rental market with shortage of rental units and a surplus of tenants. Most of the tenants are long term, so there is an opportunity to increase rents. A Higher rent range is also achievable through cosmetic upgrades to the units. The building is located 5 to 10 minutes from the recently updated Pike, and provides easy access to the 405, 110, 710 and 91 freeways.

Last Agent to Sell the Property

Julie Lockwood

Estate Properties License #01269205 Listed on: 05/12/2016

Co-Listed By

Kenneth Colbert

Estate Properties License #01428937

Last Buyer's Agent

Scott Garland

Scott Garland License #00477569

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1959

Lot Details

  • 7,500 Sq Ft Lot
  • Property fronts an alley
  • No Common Walls
  • Corner Lot

Parking

  • 6 Car Garage

Interior Spaces

  • 8,303 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 6 Bathrooms

Outdoor Features

  • Exterior Lighting

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas, HVAC maintenance
  • Tax Lot 1
  • Tax Tract Number 5754
  • Assessor Parcel Number 7269006001

Community Details

Overview

  • No Home Owners Association
  • 12 Units

Building Details

  • 12 Leased Units
  • 13 Separate Electric Meters
  • 13 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $718
  • Gardener Expense $1,200
  • Insurance Expense $3,700
  • Professional Management Expense $6,735
  • Trash Expense $1,812
  • Water Sewer Expense $2,393
  • New Taxes Expense $18,150
  • Gross Income $11,530
  • Net Operating Income $97,253

Property Details

Home Type

Multi-Family

Year Built

Built in 1959

Lot Details

0

Parking

6

Listing Details

  • Assessments: Yes
  • CapRate: 5.81
  • Professional Management Expense: 6735.00
  • Property Attached: No
  • Road Frontage Type: Alley
  • Subdivision Name Other: Alamitos Beach (AB)
  • Water Sewer Expenses: 2393.00
  • Zoning: LBRR4R
  • Property Type: Residential Income
  • Gardener Expense: 1200.00
  • Parcel Number: 7269006001
  • Year Built: 1959
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Levels: Two
  • Price Per Square Foot: 216.79

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 6.00
  • Total Parking Spaces: 14.00

Utilities

  • Utilities: Sewer Connected
  • Trash Expense: 1812.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Curbs, Sidewalks, Street Lights

Lot Info

  • Land Lease: No
  • Lot Features: Corner Lot
  • Lot Size Sq Ft: 7500.00
  • Price Per Lot Square Foot: 240.00

Rental Info

  • Tenant Pays: Cable TV, Electricity, Gas, HVAC Maintenance

Multi Family

  • Electric Expense: 718.00
  • Gross Income: 11530.00
  • Gross Multiplier: 12.11
  • Gross Scheduled Income: 138360.00
  • Insurance Expense: 3700.00
  • Laundry Equipment Own Lease: Own
  • Net Operating Income: 97253.00
  • Number Of Rented Garages: 2
  • Number Of Separate Electric Meters: 13
  • Number Of Separate Gas Meters: 13
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 12
  • Number Of Units Total: 12
  • Operating Expense: 37102.00
  • Operating Expense Percent: 27.00
  • Rent Control: No
  • Total Actual Rent: 11125.00

Tax Info

  • New Taxes Expense: 18150.00
  • Tax Lot: 1
  • Tax Tract Number: 5754

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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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

Property History

Date Event Price List to Sale Price per Sq Ft
06/24/2016 06/24/16 Sold $1,800,000 +7.5% $217 / Sq Ft
05/27/2016 05/27/16 Pending -- -- --
05/12/2016 05/12/16 For Sale $1,675,000 -- $202 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Julie Lockwood

    Seller's Agent in 2016

    Julie Lockwood

    RE/MAX

    (310) 994-0774

    28 Total Sales

    Julie Lockwood
    Section Image

  • K

    Seller Co-Listing Agent in 2016

    Kenneth Colbert

    RE/MAX

    Section Image
  • Scott Garland

    Buyer's Agent in 2016

    Scott Garland

    Scott Garland

    (310) 429-2850

    5 Total Sales

    Scott Garland
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB16102303

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

1475 Pine Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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