NOT LISTED FOR SALE

1518 E 3rd St Long Beach, CA 90802

North Alamitos Beach Neighborhood
3 Beds
2 Baths
16,428 Sq Ft
8,269 Sq Ft Lot

Last Sold December 08, 2020

Last sale price $6,600,000 $402 Per Sq Ft

382 Days on Market

Highlights

  • 0.19 Acre Lot
  • Subterranean Parking
  • 2 Car Garage
  • Long Beach Polytechnic High School Rated A
  • Laundry Room
  • 5-minute walk to Miracle On Fourth Street Park

About This Home

As of December 2020

1518 E. 3rd Street is a 22-unit apartment complex located in prime Alamitos Beach, just three blocks to the ocean and bike path. The property offers a desirable mix of (19) one-bedroom and (3) two-bedroom units. Seventeen of the 22 units are fully renovated, including new flooring, modern kitchens and baths and upgraded fixtures throughout. A majority of remodeled apartments have in-unit washer/dryers and on-site laundry is available for the remaining units. The property is in close proximity to the hip boutiques, restaurants and bars along Fourth Street/Retro Row and along the Broadway Corridor. The neighborhood is also adjacent to East Village Arts District, Downtown Long Beach and a myriad of employment opportunities. According to Niche website, Alamitos Beach ranks as the number three of 47 Best Neighborhoods for Young Professionals. Rents in this submarket are 19% higher than other Long Beach submarkets, on average. 1518 E. 3rd Street is an attractive investment asset with rental upside potential in an outstanding Alamitos Beach location with historically low vacancy rates.

Last Agent to Sell the Property

Robert Stepp

Keller Williams Realty Downey License #01456379 Listed on: 09/27/2019

Keller Williams Realty Downey

Co-Listed By

Todd Hawke

Keller Williams Realty Downey License #01376219

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1964

Lot Details

  • 8,269 Sq Ft Lot
  • Two or More Common Walls
  • Density is 21-25 Units/Acre

Parking

  • 2 Car Garage
  • Subterranean Parking
  • Parking Available

Home Design

  • Apartment

Interior Spaces

  • 16,428 Sq Ft Home
  • 3-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 2 Bathrooms

Additional Features

  • Urban Location
  • Radiant Heating System

Listing and Financial Details

  • Legal Lot and Block 3 / 130
  • Tax Tract Number 5765
  • Assessor Parcel Number 7275012016

Community Details

Overview

  • 22 Units

Building Details

  • Rent Control
  • 23 Separate Electric Meters
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Electric Expense $3,850
  • Fuel Expense $3,850
  • Gardener Expense $1,200
  • Insurance Expense $4,543
  • Maintenance Expense $8,250
  • Other Expense $7,937
  • Pest Control $840
  • Professional Management Expense $25,659
  • Trash Expense $3,850
  • Water Sewer Expense $3,850
  • New Taxes Expense $86,093
  • Operating Expense $151,196
  • Gross Income $476,476
  • Net Operating Income $325,281

Property Details

Home Type

Multi-Family

Year Built

Built in 1964

Lot Details

0

Parking

2

Listing Details

  • Professional Management Expense: 25659.00
  • Property Attached: Yes
  • Subdivision Name Other: Alamitos Beach (AB)
  • Water Sewer Expenses: 3850.00
  • Zoning: LBR2N
  • Property Type: Residential Income
  • Gardener Expense: 1200.00
  • Parcel Number: 7275012016
  • Year Built: 1964
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 3
  • Common Walls: 2+ Common Walls
  • Levels: Three Or More
  • Price Per Square Foot: 401.75

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 2.00
  • Parking: Yes
  • Parking Features: Garage, Subterranean
  • Total Parking Spaces: 16.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Radiant
  • Laundry Features: Individual Room
  • Pest Control Expense: 840.00
  • Sewer: Public Sewer
  • Trash Expense: 3850.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Sidewalks, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 21-25 Units/Acre
  • Lot Size Sq Ft: 8269.00
  • Lot Size Acres: 0.1898

Multi Family

  • Electric Expense: 3850.00
  • Fuel Expense: 3850.00
  • Gross Income: 476476.00
  • Gross Scheduled Income: 491213.00
  • Insurance Expense: 4543.00
  • Lot Size Area: 8269.0000 Square Feet
  • Maintenance Expense: 8250.00
  • Net Operating Income: 325281.00
  • Number Of Separate Electric Meters: 23
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 22
  • Operating Expense: 151196.00
  • Other Expense: 7937.00
  • Other Expense Description: Reserves
  • Rent Control: Yes
  • Total Expenses: 151196.00

Tax Info

  • New Taxes Expense: 86093.00
  • Tax Block: 130
  • Tax Census Tract: 5765.02
  • Tax Lot: 3
  • Tax Tract Number: 5765

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
12/08/2020 12/08/20 Sold $6,600,000 -3.6% $402 / Sq Ft
10/13/2020 10/13/20 Pending -- -- --
07/30/2020 07/30/20 Price Changed $6,850,000 -4.2% $417 / Sq Ft
02/13/2020 02/13/20 Price Changed $7,150,000 -4.6% $435 / Sq Ft
09/27/2019 09/27/19 For Sale $7,495,000 -- $456 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Robert Stepp

    Seller's Agent in 2020

    Robert Stepp

    Keller Williams Realty Downey

    (310) 463-2916

    16 in this area

    76 Total Sales

    Robert Stepp
    Section Image
  • Todd Hawke

    Seller Co-Listing Agent in 2020

    Todd Hawke

    Keller Williams Realty Downey

    (310) 774-3746

    2 in this area

    10 Total Sales

    Todd Hawke
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW19229471

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90802 North Alamitos Beach

1518 E 3rd St, 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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