NOT LISTED FOR SALE

1585 Pacific Ave Long Beach, CA 90813

Washington School Neighborhood
12 Beds
10 Baths
8,716 Sq Ft
7,569 Sq Ft Lot

Last Sold September 25, 2013

Last sale price $1,200,000 $138 Per Sq Ft

85 Days on Market

Highlights

  • Laundry Room
  • Wrought Iron Fence
  • 5-minute walk to 14th Street Park
  • Closed Circuit Camera

About This Home

As of September 2013

Excellent buy located in a high rental demand area. Building is a hands on owner and fully occupied with NO VACANCIES. Most of the tenants are long term tenants. There are 10 units total consisting of (2) 3br/2ba, (6) 2br/2ba, and (2) 1br/1ba. Building is very well kept and properly maintained. Owner also invested in a security camera worth $5k+. Conveniently located minutes from downtown Long Beach and major freeways 710 & 405, shopping centers, convention center, shoreline village. etc.

Last Agent to Sell the Property

Julieanne Lam Phan

Phan Property Management License #01218721 Listed on: 04/17/2013

Last Buyer's Agent

Gary Ruhlen

Grason Homes License #01770129

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1963

Lot Details

  • 7,569 Sq Ft Lot
  • 1 Common Wall
  • Wrought Iron Fence
  • Density is 6-10 Units/Acre

Parking

  • 5 Car Garage

Home Design

  • 8,716 Sq Ft Home
  • Property Attached

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 10 Bathrooms

Laundry

  • Laundry Room

Listing and Financial Details

  • Legal Lot and Block 40 / 8
  • Tax Tract Number 39
  • Assessor Parcel Number 7269002020

Community Details

Building Details

  • 10 Leased Units
  • 10 Separate Electric Meters
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Insurance Expense $2,332
  • Maintenance Expense $1,400
  • Water Sewer Expense $9,227
  • New Taxes Expense $14,107
  • Gross Income $9,625
  • Net Operating Income $85,500

Additional Features

  • 10 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1963

Lot Details

0

Parking

5

Listing Details

  • CapRate: 6.10
  • Property Attached: Yes
  • Security: Closed Circuit Camera(s)
  • Subdivision Name Other: Alamitos Beach (AB)
  • Water Sewer Expenses: 9227.00
  • Zoning: LBR4
  • Property Type: Residential Income
  • Parcel Number: 7269002020
  • Year Built: 1963
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: 1 Common Wall
  • Levels: Two
  • Price Per Square Foot: 137.68

Exterior Features

  • Fencing: Wrought Iron
  • Pool Private: No

Garage/Parking

  • Garage Spaces: 5.00
  • Total Parking Spaces: 5.00

Utilities

  • Utilities: Sewer Available
  • Laundry: Yes
  • Laundry Features: Community
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Sidewalks

Lot Info

  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 7569.00
  • Lot Size Acres: 0.1740

Multi Family

  • Average1 Bed Area: 430
  • Average2 Bed Area: 870
  • Average3 Bed Area: 1300
  • Gross Income: 9625.00
  • Gross Multiplier: 12.00
  • Gross Scheduled Income: 115500.00
  • Insurance Expense: 2332.00
  • Lot Size Area: 7569.0000 Square Feet
  • Maintenance Expense: 1400.00
  • Net Operating Income: 85500.00
  • Number Of Rented Garages: 5
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 10
  • Number Of Units Total: 10
  • Number With Carpet: 10
  • Operating Expense: 27066.00
  • Operating Expense Percent: 23.40
  • Rent Control: No

Tax Info

  • New Taxes Expense: 14107.00
  • Tax Block: 8
  • Tax Lot: 40
  • Tax Rate: 1.25
  • Tax Tract Number: 39
  • Tax Year: 2012

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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Sold Price
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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
09/25/2013 09/25/13 Sold $1,200,000 -14.3% $138 / Sq Ft
07/11/2013 07/11/13 Pending -- -- --
04/17/2013 04/17/13 For Sale $1,400,000 -- $161 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • J

    Seller's Agent in 2013

    Julieanne Lam Phan

    Phan Property Management

    (714) 655-1434

    8 Total Sales

    Julieanne Lam Phan
    Section Image

  • G

    Buyer's Agent in 2013

    Gary Ruhlen

    Grason Homes

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC13068751

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90813 Washington School

1585 Pacific Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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