Seller's Agent in 2025
Joshua Coburn
Chamberlain Real Estate
(562) 552-1127
1 in this area
44 Total Sales
154 Elm Ave Long Beach, CA 90802
East Village NeighborhoodEstimated Value: $1,576,840
1
Bed
--
Bath
7,500
Sq Ft
$210/Sq Ft
Est. Value
Highlights
- 0.09 Acre Lot
- 3-minute walk to 1St Street Station
- Corner Lot
- Long Beach Polytechnic High School Rated A
- Dual Staircase
- 5-minute walk to Promenade Square Park
About This Home
As of February 2025Prime Mixed-Use Investment Opportunity in Downtown Long Beach Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm & Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential. The building consists of four commercial business tenants on the ground floor, generating reliable income, along with 11 rented residential units above—10 studios and 1 one-bedroom—currently on month-to-month leases. Note: 10 of the residential units do not have private bathrooms 2 are shared upstairs. With a solid CAP rate over 6%, this property offers a strong return on investment. All units are due for increases as soon as the new owner decides. The units above have a motel designation, offering future flexibility for potential conversion. This property is professionally managed, ensuring ease of ownership and maintenance. For buyers interested in converting the units to a motel or renovating, new management services will be available to facilitate a smooth transition and maximize the property’s potential with rent increases and renovation. The building itself is a beautiful brick structure, adding to the character of the East Village while providing a robust and low-maintenance asset for the investor. This is an excellent opportunity to acquire a mixed-use property in one of Long Beach’s most vibrant areas. Buyer to verify all details, including the motel designation with city permitting and financials.
Last Agent to Sell the Property
Chamberlain Real Estate Brokerage Phone: 562-552-1127 License #02027758 Listed on: 12/17/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1921
Lot Details
- 3,720 Sq Ft Lot
- No Common Walls
- No Landscaping
- Corner Lot
- Rectangular Lot
Parking
- Community Parking Structure
Home Design
- Entry on the 1st floor
Interior Spaces
- 7,500 Sq Ft Home
- 2-Story Property
- Dual Staircase
- Entryway
- Microwave
Flooring
- Carpet
- Laminate
Bedrooms and Bathrooms
- 1 Bedroom
- All Upper Level Bedrooms
Outdoor Features
- Exterior Lighting
- Rain Gutters
Utilities
- Cooling System Mounted To A Wall/Window
- Central Heating
- Wall Furnace
Additional Features
- More Than Two Accessible Exits
- Urban Location
Listing and Financial Details
- Legal Lot and Block 2 / 101
- Tax Tract Number 576
- Assessor Parcel Number 7281019008
- $5,879 per year additional tax assessments
Community Details
Overview
- 15 Units
- Downtown Subdivision
Recreation
- Bike Trail
Building Details
- 14 Leased Units
- 5 Separate Electric Meters
- 5 Separate Gas Meters
- 5 Separate Water Meters
- Electric Expense $6,000
- Insurance Expense $6,000
- Professional Management Expense $10,600
- Trash Expense $5,500
- Water Sewer Expense $4,500
- Operating Expense $75,000
- Net Operating Income $106,000
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Dec 17, 2024
Closed on
Jan 29, 2025
Sold by
Jerry Galanis Bypass Trust and Crone Monica
Bought by
Lad Realty Llc
Seller's Agent
Joshua Coburn
Chamberlain Real Estate
Buyer's Agent
Elena Tarasova
Douglas Elliman of California, Inc.
List Price
$1,895,000
Sold Price
$1,620,000
Premium/Discount to List
-$275,000
-14.51%
Views
12
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$43,160
Avg. Annual Appreciation
-2.47%
Original Mortgage
$1,134,000
Outstanding Balance
$1,127,287
Interest Rate
6.93%
Mortgage Type
Credit Line Revolving
Estimated Equity
$449,553
Purchase Details
Closed on
Jul 22, 2024
Sold by
Revoc Jerry and Revoc Marian
Bought by
Jerry Galanis Bypass Trust and Crone
Purchase Details
Closed on
Jul 16, 2024
Sold by
Revoc Jerry and Revoc Marian
Bought by
Jerry Galanis Bypass Trust and Crone
Purchase Details
Closed on
Aug 10, 2012
Sold by
Galanis Jerry
Bought by
Galanis Jerry and Galanis Marian
Purchase Details
Closed on
Aug 30, 2006
Sold by
Galanis Jerry
Bought by
Galanis Jerry and The Jerry Galanis Family Trust
Purchase Details
Closed on
Jul 24, 1995
Sold by
Hiller Marjory
Bought by
Dunscombe Ronald D and Beeve Dorothy
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Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Lad Realty Llc | $1,620,000 | First American Title Company | |
| Jerry Galanis Bypass Trust | -- | None Listed On Document | |
| Jerry Galanis Bypass Trust | -- | None Listed On Document | |
| Galanis Jerry | -- | None Available | |
| Galanis Jerry | -- | None Available | |
| Dunscombe Ronald D | -- | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Lad Realty Llc | $1,134,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 02/24/2025 02/24/25 | Sold | $1,620,000 | -14.5% | $216 / Sq Ft |
| 12/17/2024 12/17/24 | For Sale | $1,895,000 | -- | $253 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
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 | $7,599 | $2,167,500 | $433,500 | $1,734,000 |
| 2024 | $7,599 | $119,418 | $46,632 | $72,786 |
| 2023 | $7,336 | $117,077 | $45,718 | $71,359 |
| 2022 | $7,006 | $114,782 | $44,822 | $69,960 |
| 2021 | $6,090 | $112,533 | $43,944 | $68,589 |
| 2019 | $5,879 | $109,197 | $42,642 | $66,555 |
| 2018 | $5,654 | $107,056 | $41,806 | $65,250 |
| 2017 | $5,523 | $104,958 | $40,987 | $63,971 |
| 2016 | $5,227 | $102,901 | $40,184 | $62,717 |
| 2015 | $5,084 | $101,356 | $39,581 | $61,775 |
| 2014 | $5,011 | $99,371 | $38,806 | $60,565 |
Source: Public Records
Agents Affiliated with this Home
-
Joshua Coburn
-
Elena Tarasova
Buyer's Agent in 2025
Elena Tarasova
Douglas Elliman of California, Inc.
(424) 203-1800
1 in this area
10 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: NP24250696
APN: 7281-019-008
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
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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