Seller's Agent in 2017
Bill Mulkey
TR Wealth Management Inc.
(310) 919-7554
15 Total Sales
1519 Obispo Ave Long Beach, CA 90804
Zaferia Neighborhood
1
Bed
2
Baths
4,992
Sq Ft
6,370
Sq Ft Lot
Highlights
- Gated Community
- Dual Staircase
- Lawn
- Woodrow Wilson High School Rated A
- Traditional Architecture
- Laundry Room
About This Home
As of September 2017This 14 unit, two story cash cow, has 10 singles and 4 1 bedrooms in front with 4 car parking garages off alley and community coin laundry too. The property has been over 70% remodeled and still has rental upside for a new investor. With further attention to detail, the new investor can buy into a cash flow stream with further upside in modernizing or restoring this beauty. The 10 single units measure approximately 350 sf and the 4 1 beds approximately 400 sf. The property is master metered for gas and electricity which saves the tenants the monthly expense and hassles of paying two utility bills. The building is very efficient and the amount of units placed on the lot cannot be replaced by current building parameters on new construction, so this means a lot of bang for your buck.
With leverage from a new loan using the banks money, your amount invested can go into building and unit renovations and making your returns greater. THE EAST SIDE CIRCLE AREA has been on a major improvement swing being just off Pacific Coast Hwy and a block west of Redondo Avenue near the traffic circle area. It is close to employment and freeway close too. There is an insatiable demand for affordable units for 1-2 occupants anywhere in LA County and there a re many tenants wanting to apply should you get a vacancy. Th cash flow and GRM & CAP rate are are lower than market deals that have sold recently.
Last Agent to Sell the Property
TR Wealth Management Inc. License #00986020 Listed on: 07/19/2017
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1923 | Remodeled
Lot Details
- 6,370 Sq Ft Lot
- 1 Common Wall
- Landscaped
- Level Lot
- Lawn
- Density is up to 1 Unit/Acre
Parking
- 4 Car Garage
- Parking Available
- Assigned Parking
Home Design
- Traditional Architecture
- Property Attached
- Cosmetic Repairs Needed
- Flat Roof Shape
- Combination Foundation
- Raised Foundation
Interior Spaces
- 4,992 Sq Ft Home
- 2-Story Property
- Dual Staircase
- Window Screens
- Laundry Room
Kitchen
- Gas Oven
- Gas Cooktop
Flooring
- Laminate
- Tile
Bedrooms and Bathrooms
- 1 Bedroom
- 2 Bathrooms
Home Security
- Carbon Monoxide Detectors
- Fire and Smoke Detector
Accessible Home Design
- More Than Two Accessible Exits
- Accessible Parking
Additional Features
- Exterior Lighting
- Urban Location
- Wall Furnace
Listing and Financial Details
- Tax Lot 9
- Tax Tract Number 5751
- Assessor Parcel Number 7259027021
Community Details
Amenities
- Picnic Area
- Laundry Facilities
Building Details
- Electric Expense $6,750
- Gardener Expense $2,400
- Insurance Expense $2,363
- Maintenance Expense $8,169
- Other Expense $2,200
- Professional Management Expense $9,990
- Trash Expense $1,750
- Water Sewer Expense $2,536
- New Taxes Expense $22,701
- Operating Expense $58,859
- Gross Income $166,380
- Net Operating Income $99,472
Additional Features
- 14 Units
- Gated Community
Create a Home Valuation Report for This Property
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/18/2017 09/18/17 | Sold | $1,800,000 | +2.9% | $361 / Sq Ft |
| 08/19/2017 08/19/17 | Pending | -- | -- | -- |
| 07/19/2017 07/19/17 | For Sale | $1,750,000 | -- | $351 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Bill Mulkey
-
Shawn Mohler
Buyer's Agent in 2017
Shawn Mohler
The Mohler Real Estate Group
(562) 505-7953
21 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB17165813
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