NOT LISTED FOR SALE
11 Beds
5 Baths
4,495 Sq Ft
8,046 Sq Ft Lot

Sale Details

Date Sold: December 15, 2020

Last sale price $1,500,000 $334 Per Sq Ft

17 Days on Market

Highlights

  • Gated Community
  • Double Pane Windows
  • Tile Flooring
  • Granite Countertops
  • Wainscoting
  • Turnkey

About This Home

As of December 2020

Pleased to present 1516 Cedar Ave, a meticulously renovated apartment complex in Long Beach, California. The seller spent roughly $250,000 on a full remodel completed in 2019. Located in the path of progress as there are over 750 new construction units within a .25 mile radius.
The subject property offers five spacious units comprised of two (2) 3-bd/1-ba, two (2) 2-bd/1-ba and one (1) 1-bd/1-ba across two buildings totaling 4,495 square feet. Situated on an oversized 8,046 square foot lot, 1516 Cedar boasts an 87 walk score and has a courtyard with drought resistant landscaping providing a desirable open-air space for the residents. Every unit has brand-new front-loading washers and dryers and there are four (4) garages.
Extensive interior renovations at a cost of over $35,000/unit include all new copper plumbing, electrical wiring & meters, kitchens, bathrooms, doors, drywall, flooring, paint, trim, lighting and fixtures throughout. Exterior renovations include new roofing, paint, rear stairway, dual pane & double hung windows, garage doors and removal of several trees.
1516 Cedar Avenue’s location, cashflow and high-end renovations provides an investor with the opportunity to own a brand-new condition asset that will minimize their cost and maximize their return over a long investment horizon.

Last Agent to Sell the Property

Chris van Vuuren

Lyon Stahl Investment Real Estate, Inc. License #02060007 Listed on: 10/27/2020

Lyon Stahl Investment Real Estate, Inc.

Last Buyer's Agent

Chris van Vuuren

Lyon Stahl Investment Real Estate, Inc. License #02060007 Listed on: 10/27/2020

Lyon Stahl Investment Real Estate, Inc.
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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1915

Lot Details

  • 8,046 Sq Ft Lot
  • Two or More Common Walls

Parking

  • 4 Car Garage
  • Parking Available
  • Rear-Facing Garage

Home Design

  • Property Attached
  • Turnkey
  • Raised Foundation
  • Composition Roof
  • Copper Plumbing
  • Stucco

Interior Spaces

  • 4,495 Sq Ft Home
  • Wainscoting
  • Double Pane Windows

Kitchen

  • Gas Oven
  • Gas Range
  • Range Hood
  • Microwave
  • Dishwasher
  • Granite Countertops
  • Disposal

Flooring

  • Laminate
  • Tile

Bedrooms and Bathrooms

  • 11 Bedrooms
  • 5 Bathrooms

Laundry

  • Laundry in unit
  • Stacked Washer and Dryer

Home Security

  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Outdoor Features

  • Exterior Lighting
  • Rain Gutters

Utilities

  • Wall Furnace
  • Water Heater

Listing and Financial Details

  • Tenant pays for electricity, gas, trash collection
  • Tax Lot 20
  • Tax Tract Number 575401
  • Assessor Parcel Number 7269002010

Community Details

Overview

  • 2 Buildings
  • 5 Units
  • Downtown Subdivision

Building Details

  • Rent Control
  • 5 Separate Electric Meters
  • 5 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $225
  • Insurance Expense $2,556
  • Professional Management Expense $6,027
  • Water Sewer Expense $1,602
  • New Taxes Expense $19,928
  • Operating Expense $35,146
  • Gross Income $124,200
  • Net Operating Income $85,400

Additional Features

  • Laundry Facilities
  • Gated Community

Property Details

Home Type

Multi-Family

Year Built

Built in 1915

Lot Details

8,046 Sq Ft Lot

Parking

4

Listing Details

  • CapRate: 5.42
  • Professional Management Expense: 6027.00
  • Property Attached: Yes
  • Security: Carbon Monoxide Detector(s), Gated Community, Smoke Detector(s)
  • Subdivision Name Other: Downtown (DT)
  • Water Sewer Expenses: 1602.00
  • Property Condition: Turnkey
  • Property Type: Residential Income
  • Parcel Number: 7269002010
  • Year Built: 1915
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Interior Amenities: Copper Plumbing Full, Granite Counters, Wainscoting
  • Common Walls: 2+ Common Walls
  • Flooring: Laminate, Tile
  • Appliances: Yes
  • Levels: Two
  • Price Per Square Foot: 333.70
  • Window Features: Double Pane Windows

Exterior Features

  • Foundation: Raised
  • Exterior Features: Lighting, Rain Gutters
  • Pool Private: No
  • Roof: Composition
  • Construction Materials: Stucco

Garage/Parking

  • Garage Spaces: 4.00
  • Parking: Yes
  • Parking Features: Garage Faces Rear
  • Total Parking Spaces: 4.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Appliances: Dishwasher, Disposal, Gas Oven, Gas Range, Microwave, Range Hood, Water Heater
  • Heating Type: Wall Furnace
  • Laundry Features: Dryer Included, Inside, Stackable, Washer Included
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Lot 6500-9999
  • Lot Size Sq Ft: 8046.00
  • Lot Size Acres: 0.1847

Rental Info

  • Garage Rental Rate: 100.00
  • Tenant Pays: Electricity, Gas, Trash Collection

Multi Family

  • Electric Expense: 225.00
  • Garage Income: 1200.00
  • Gross Income: 124200.00
  • Gross Multiplier: 12.93
  • Gross Scheduled Income: 121800.00
  • Insurance Expense: 2556.00
  • Lot Size Area: 8046.0000 Square Feet
  • Net Operating Income: 85400.00
  • Number Of Rented Garages: 1
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Gas Meters: 5
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 5
  • Number With Dishwasher: 5
  • Number With Disposal: 5
  • Number With Range: 5
  • Operating Expense: 35146.00
  • Other Income1: 1200.00
  • Other Income Description: Pet
  • Rent Control: Yes
  • Total Actual Rent: 10150.00
  • Total Expenses: 35146.00

Tax Info

  • New Taxes Expense: 19928.00
  • Tax Lot: 20
  • Tax Tract Number: 575401

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

Listed on
Oct 27, 2020
Closed on
Dec 1, 2020
Sold by
Lee Victor Weng Kwong and Wakiyama Hanako
Bought by
Seller's Agent
Chris van Vuuren
Lyon Stahl Investment Real Estate, Inc.
Buyer's Agent
Chris van Vuuren
Lyon Stahl Investment Real Estate, Inc.
List Price
$1,575,000
Sold Price
$1,500,000
Premium/Discount to List
-$75,000
-4.76%

Purchase Details

Closed on
Feb 6, 2018
Sold by
Fruchter Ezra L and Fruchter Joyce R
Bought by
Lee Victor Weng Kwong and Wakiyama Hanako

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$9,000,000
Interest Rate
4.22%
Mortgage Type
Commercial

Purchase Details

Closed on
Aug 23, 2017
Sold by
Fruchter Ezra L and Fruchter Joyce R
Bought by
Fruchter Ezra L and Fruchter Joyce R

Purchase Details

Closed on
Sep 9, 2005
Sold by
Stojakovic Danny B
Bought by
Fruchter Ezra L and Fruchter Joyce R

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$495,000
Interest Rate
5.7%
Mortgage Type
Commercial

Purchase Details

Closed on
Feb 17, 2005
Sold by
Substance Abuse Foundation Of Long Beach
Bought by
Stojakovic Danny B

Purchase Details

Closed on
Apr 22, 2003
Sold by
Boss Gardner John David and Boss Gardner Valerie
Bought by
Substance Abuse Foundation Of Long Beach

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,500,000
Interest Rate
5.84%
Mortgage Type
Commercial

Purchase Details

Closed on
Apr 21, 2003
Sold by
Substance Abuse Foundation Of Long Beach
Bought by
Substance Abuse Foundation Of Long Beach

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,500,000
Interest Rate
5.84%
Mortgage Type
Commercial

Purchase Details

Closed on
Feb 5, 2003
Sold by
D & V Gardner Llc
Bought by
Boss Gardner John David and Boss Gardner Valerie

Purchase Details

Closed on
Oct 10, 2000
Sold by
Boss Gardner John David and Boss Gardner Valerie
Bought by
D & V Gardner Llc

Purchase Details

Closed on
Jun 23, 1995
Sold by
Emc Mtg Corp
Bought by
Gardner John David

Purchase Details

Closed on
Sep 24, 1993
Sold by
Professional Foreclosure Corp
Bought by
Emc Mtg Corp
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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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
$1,500,000 Chicago Title Company
Lee Victor Weng Kwong $900,000 Progressive Title Company
Fruchter Ezra L -- None Available
Fruchter Ezra L $779,000 Ticor Title Fullerton
Stojakovic Danny B $599,000 North American Title Co
Substance Abuse Foundation Of Long Beach $700,000 Orange Coast Title
Substance Abuse Foundation Of Long Beach -- Orange Coast Title
Boss Gardner John David -- Orange Coast Title
D & V Gardner Llc -- --
Gardner John David $83,000 --
Emc Mtg Corp $180,000 First Southwestern Title Com
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
Previous Owner $981,500
Previous Owner Lee Victor Weng Kwong $9,000,000
Previous Owner Fruchter Ezra L $495,000
Previous Owner Substance Abuse Foundation Of Long Beach $1,500,000
Previous Owner Gardner John David $147,823
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
12/15/2020 12/15/20 Sold $1,500,000 -4.8% $334 / Sq Ft
11/13/2020 11/13/20 Pending -- -- --
10/27/2020 10/27/20 For Sale $1,575,000 -- $350 / 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 $21,824 $1,656,120 $552,040 $1,104,080
2025 $21,824 $1,623,648 $541,216 $1,082,432
2024 $20,894 $1,591,812 $530,604 $1,061,208
2023 $20,544 $1,560,600 $520,200 $1,040,400
2022 $19,287 $1,530,000 $510,000 $1,020,000
2021 $18,899 $1,500,000 $500,000 $1,000,000
2020 $12,268 $936,900 $416,160 $520,740
2019 $12,126 $918,540 $408,000 $510,540
2018 $10,531 $800,540 $472,300 $328,240
2016 $8,882 $700,000 $413,300 $286,700
2015 $8,092 $650,000 $383,800 $266,200
2014 $7,291 $570,000 $336,600 $233,400
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB20227183

California Regional Multiple Listing Service (CRMLS)
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