NOT LISTED FOR SALE

1497 Cedar Ave Long Beach, CA 90813

Washington School Neighborhood

Estimated Value: $1,652,138 - $1,913,000

5 Beds
4 Baths
3,520 Sq Ft
$506/Sq Ft Est. Value

Last Sold October 25, 2021

Last sale price $1,407,000 $400 Per Sq Ft

Est. 23% increase in value since last sale

Current estimated payment $10,588/month

27 Days on Market

Highlights

  • Property is near public transit
  • No HOA
  • Cooling System Mounted To A Wall/Window
  • Lawn
  • 5 Car Direct Access Garage
  • 4-minute walk to 14th Street Park

About This Home

As of October 2021

Excellent Upside Potential!! Clean 6-Unit Building Across the Street From Washington Middle School. Five 1-Bedroom and One 2-Bedroom Units in 2 buildings.. Five Garages in Back of Property.
Excellent Rental Area With 20% Upside in Most Rents. Laundry Room Area In Back of Front Building--Set Up Your Own Laundry For Additional Income!
Only 14.77 X Actual Income and 13 X Pro Forma.

Last Agent to Sell the Property

Cris Molles

The Realestate Group License #01345419 Listed on: 09/08/2021

The Realestate Group

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1941

Lot Details

  • 7,553 Sq Ft Lot
  • Two or More Common Walls
  • Security Fence
  • Wrought Iron Fence
  • Landscaped
  • Level Lot
  • Lawn
  • Front Yard

Parking

  • 5 Car Direct Access Garage
  • Parking Available
  • Rear-Facing Garage

Home Design

  • Split Level Home
  • Property Attached

Interior Spaces

  • 3,520 Sq Ft Home
  • 2-Story Property
  • Gas Oven

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 4 Bathrooms

Laundry

  • Laundry Room
  • Gas And Electric Dryer Hookup

Additional Features

  • Property is near public transit
  • Cooling System Mounted To A Wall/Window

Listing and Financial Details

  • Tenant pays for electricity
  • Tax Lot 4
  • Tax Tract Number 5421
  • Assessor Parcel Number 7269041006

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 6 Units
  • Westside/South Of Willow Subdivision

Amenities

  • Laundry Facilities

Building Details

  • 6 Leased Units
  • Rent Control
  • 6 Separate Electric Meters
  • 6 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $1,945
  • Gardener Expense $720
  • Insurance Expense $2,449
  • Maintenance Expense $1,963
  • Pest Control $612
  • Professional Management Expense $4,740
  • Water Sewer Expense $2,454
  • New Taxes Expense $18,125
  • Operating Expense $33,582
  • Gross Income $98,160
  • Net Operating Income $64,578

Property Details

Home Type

Multi-Family

Year Built

Built in 1941

Lot Details

0

Parking

5

Listing Details

  • Professional Management Expense: 4740.00
  • Property Attached: Yes
  • Subdivision Name Other: Westside/South of Willow (WSW)
  • View: No
  • Water Sewer Expenses: 2454.00
  • Zoning: LBR4N
  • Property Type: Residential Income
  • Gardener Expense: 720.00
  • Parcel Number: 7269041006
  • Year Built: 1941
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Appliances: Yes
  • Levels: Multi/Split
  • Price Per Square Foot: 399.72

Exterior Features

  • Fence: Yes
  • Fencing: Security, Wrought Iron
  • Pool Private: No
  • Spa: No

Garage/Parking

  • Garage Spaces: 5.00
  • Parking: Yes
  • Parking Features: Direct Garage Access, Garage Faces Rear
  • Total Parking Spaces: 5.00

Utilities

  • Laundry: Yes
  • Appliances: Gas Oven
  • Laundry Features: Community, Gas & Electric Dryer Hookup, Individual Room
  • Pest Control Expense: 612.00
  • Sewer: Public Sewer
  • Water Source: Public
  • Cooling: Wall/Window Unit(s)
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Curbs, Sidewalks, Storm Drains

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Front Yard, Landscaped, Lawn, Level with Street, Near Public Transit
  • Lot Size Sq Ft: 7553.00
  • Lot Size Acres: 0.1734

Rental Info

  • Tenant Pays: Electricity

Multi Family

  • Electric Expense: 1945.00
  • Gross Income: 98160.00
  • Gross Scheduled Income: 98160.00
  • Insurance Expense: 2449.00
  • Lot Size Area: 7553.0000 Square Feet
  • Maintenance Expense: 1963.00
  • Maintenance Percent: 2.00
  • Net Operating Income: 64578.00
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 6
  • Number Of Units Total: 6
  • Number With Range: 6
  • Operating Expense: 33582.00
  • Rent Control: Yes
  • Total Actual Rent: 8180.00
  • Total Expenses: 33582.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 18125.00
  • Tax Census Tract: 5754.01
  • Tax Lot: 4
  • Tax Tract Number: 5421

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 24, 2015
Closed on
Jun 16, 2015
Sold by
Reno Jon R and Reno Jon Richard
Bought by
Slater Mark
Seller's Agent
Steve Warshauer
Coldwell Banker Commercial
Buyer's Agent
Cris Molles
The Realestate Group
List Price
$749,000
Sold Price
$720,000
Premium/Discount to List
-$29,000
-3.87%
Current Estimated Value
$1,733,044

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$1,013,044
Avg. Annual Appreciation
9.07%
Original Mortgage
$535,585
Interest Rate
3.62%
Mortgage Type
Commercial

Purchase Details

Closed on
Dec 14, 2005
Sold by
Kahl Reno Jon R and Kahl Reno Kristen
Bought by
Reno Jon R

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$515,000
Interest Rate
6.35%
Mortgage Type
Commercial

Purchase Details

Closed on
Feb 13, 2002
Sold by
Ream James W and Ream Bertha E
Bought by
Reno Jon R

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$165,000
Interest Rate
6.99%
Mortgage Type
Seller Take Back
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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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

Purchase History

Date Buyer Sale Price Title Company
Slater Mark $720,000 Ticor Title Company
Reno Jon R -- Fidelity National Title
Reno Jon R $220,000 First American Title Co
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Slater Mark $535,585
Previous Owner Reno Jon R $515,000
Previous Owner Reno Jon R $165,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
10/25/2021 10/25/21 Sold $1,407,000 -3.0% $400 / Sq Ft
09/08/2021 09/08/21 For Sale $1,450,000 +101.4% $412 / Sq Ft
08/14/2015 08/14/15 Sold $720,000 -3.9% $222 / Sq Ft View Prior Sale
06/24/2015 06/24/15 Pending -- -- --
03/24/2015 03/24/15 For Sale $749,000 -- $230 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

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
2025 $19,376 $1,493,118 $636,724 $856,394
2024 $19,376 $1,463,842 $624,240 $839,602
2023 $19,046 $1,435,140 $612,000 $823,140
2022 $17,883 $1,407,000 $600,000 $807,000
2021 $10,472 $787,423 $328,093 $459,330
2019 $10,324 $764,069 $318,362 $445,707
2018 $9,957 $749,088 $312,120 $436,968
2016 $9,165 $720,000 $300,000 $420,000
2015 $3,871 $270,413 $122,915 $147,498
2014 $3,879 $265,117 $120,508 $144,609
Source: Public Records

Agents Affiliated with this Home

  • C

    Seller's Agent in 2021

    Cris Molles

    The Realestate Group

    (310) 540-0072

    1 in this area

    4 Total Sales

    Cris Molles
    Section Image
  • Steve Warshauer

    Seller's Agent in 2015

    Steve Warshauer

    Coldwell Banker Commercial

    (562) 495-6070

    21 Total Sales

    Steve Warshauer
    Section Image
  • George Bustamante

    Seller Co-Listing Agent in 2015

    George Bustamante

    Coldwell Banker Commercial

    (562) 326-5043

    43 Total Sales

    George Bustamante
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB21165750

California Regional Multiple Listing Service (CRMLS)

APN: 7269-041-006

California Los Angeles County Long Beach 90813 Washington School

1497 Cedar Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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