NOT LISTED FOR SALE

1629 Cedar Ave Long Beach, CA 90813

Washington School Neighborhood

Estimated Value: $1,140,000 - $1,374,000

8 Beds
4 Baths
3,091 Sq Ft
$412/Sq Ft Est. Value

Last Sold October 15, 2017

Last sale price $770,000 $249 Per Sq Ft

Est. 65% increase in value since last sale

Current estimated payment $7,618/month

4 Days on Market

Highlights

  • No Units Above
  • Laundry Room
  • Level Lot
  • Property is near public transit

About This Home

As of October 2017

Well maintained 4 unit garden style building in a strong rental area of Long Beach. Each unit has 2 bedrooms and 1 bath and all the units have been upgraded in the past two years. Each unit also has a one car garage. With current rents this building generates close to a 7% cap rate. Buyer to cooperate with seller on a 1031 exchange. Agents please see showing instructions. Excellent investment property.

Last Agent to Sell the Property

Greg Sorah

S & L Property Sales License #00481575 Listed on: 09/01/2017

Last Buyer's Agent

Greg Sorah

S & L Property Sales License #00481575 Listed on: 09/01/2017

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1942

Lot Details

  • 7,551 Sq Ft Lot
  • No Units Above
  • Two or More Common Walls
  • Level Lot
  • Density is 11-15 Units/Acre

Parking

  • 4 Car Garage

Home Design

  • 3,091 Sq Ft Home
  • Quadruplex

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 4 Bathrooms

Additional Features

  • Laundry Room
  • Exterior Lighting
  • Property is near public transit
  • Sewer Paid

Listing and Financial Details

  • Tax Lot 4
  • Tax Tract Number 22222
  • Assessor Parcel Number 7269039012

Community Details

Building Details

  • 4 Leased Units
  • 4 Separate Electric Meters
  • 4 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $360
  • Insurance Expense $2,000
  • Trash Expense $2,300
  • Water Sewer Expense $3,100
  • New Taxes Expense $7,500
  • Operating Expense $15,260
  • Gross Income $3,000
  • Net Operating Income $47,000

Additional Features

  • 4 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1942

Lot Details

0

Parking

4

Listing Details

  • Assessments: No
  • CapRate: 6.67
  • Property Attached: Yes
  • Subdivision Name Other: Alamitos Beach (AB)
  • Water Sewer Expenses: 3100.00
  • Zoning: LBR4N
  • Property Sub Type: Quadruplex
  • Property Type: Residential Income
  • Parcel Number: 7269039012
  • Year Built: 1942
  • Special Features: None

Interior Features

  • Common Walls: 2+ Common Walls, No One Above
  • Price Per Square Foot: 249.11

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Total Parking Spaces: 4.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Sewer: Public Sewer, Sewer Paid
  • Trash Expense: 2300.00
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 11-15 Units/Acre, Lot 6500-9999, Level, Near Public Transit
  • Lot Size Sq Ft: 7551.00

Multi Family

  • Electric Expense: 360.00
  • Gross Income: 3000.00
  • Gross Multiplier: 11.30
  • Gross Scheduled Income: 60000.00
  • Insurance Expense: 2000.00
  • Laundry Equipment Own Lease: Own
  • Laundry Income: 250.00
  • Net Operating Income: 47000.00
  • Number Of Rented Garages: 4
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 4
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 4
  • Number Of Units Total: 4
  • Operating Expense: 13000.00
  • Rent Control: No
  • Total Actual Rent: 4800.00
  • Total Expenses: 15260.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 7500.00
  • Tax Census Tract: 5754.01
  • Tax Lot: 4
  • Tax Tract Number: 22222

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Sep 1, 2017
Closed on
Sep 14, 2017
Sold by
Elohim Properties Llc
Bought by
Fallahassady Ali
Seller's Agent
Greg Sorah
S & L Property Sales
Buyer's Agent
Greg Sorah
S & L Property Sales
List Price
$679,000
Sold Price
$770,000
Premium/Discount to List
$91,000
13.4%
Current Estimated Value
$1,273,438

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$503,438
Avg. Annual Appreciation
6.26%
Original Mortgage
$612,000
Outstanding Balance
$508,726
Interest Rate
3.82%
Mortgage Type
New Conventional
Estimated Equity
$764,712

Purchase Details

Closed on
Feb 27, 2012
Sold by
Federal National Mortgage Association
Bought by
Elohim Properties Llc

Purchase Details

Closed on
Jan 3, 2011
Sold by
Ngoy Tracy Lynn
Bought by
Federal National Mortgage Association

Purchase Details

Closed on
Jul 15, 2005
Sold by
Manzo Kathy
Bought by
Ngoy Tracy Lynn

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$552,800
Interest Rate
6%
Mortgage Type
Fannie Mae Freddie Mac

Purchase Details

Closed on
Jan 10, 2005
Sold by
Manzo Bobby
Bought by
Manzo Kathy

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$420,000
Interest Rate
7.87%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Nov 22, 2004
Sold by
Wimbish Marvin Don
Bought by
Manzo Kathy

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$420,000
Interest Rate
7.87%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Mar 31, 2004
Sold by
Jones Aaron
Bought by
Wimbish Marvin Don

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$468,000
Interest Rate
7.62%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Mar 4, 2004
Sold by
Wimbish Karen
Bought by
Wimbish Marvin Don

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$468,000
Interest Rate
7.62%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Nov 4, 2003
Sold by
Mccary Diaje
Bought by
Jones Aaron

Purchase Details

Closed on
Jan 28, 2003
Sold by
Lau Alfred Chi Ming
Bought by
Mccary Diane

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$360,000
Interest Rate
5.71%

Purchase Details

Closed on
Jun 12, 2002
Sold by
Oak Crest Properties
Bought by
Lau Alfred Chi Ming

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$160,000
Interest Rate
6.86%

Purchase Details

Closed on
May 29, 2002
Sold by
Hud
Bought by
Oakcrest Properties Inc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$160,000
Interest Rate
6.86%

Purchase Details

Closed on
Mar 18, 2002
Sold by
Wells Fargo Home Mtg Inc
Bought by
Hud

Purchase Details

Closed on
Jan 22, 2002
Sold by
Pena Antonio
Bought by
Pena Antonio and Pena Raquel M

Purchase Details

Closed on
Nov 5, 2001
Sold by
Flores Oscar M
Bought by
Wells Fargo Home Mtg Inc and Norwest Mtg Inc

Purchase Details

Closed on
Dec 23, 1997
Sold by
Cyprus Kip C
Bought by
Flores Oscar M and Linares Maria

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$282,772
Interest Rate
7.06%
Mortgage Type
FHA

Purchase Details

Closed on
Oct 2, 1997
Sold by
Cyprus Amy L
Bought by
Cyprus Kip C

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$133,930
Interest Rate
7.54%

Purchase Details

Closed on
Sep 25, 1997
Sold by
Federal Home Loan Mortgage Corporation
Bought by
Cyprus Kip C

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$133,930
Interest Rate
7.54%

Purchase Details

Closed on
Jul 11, 1997
Sold by
Herrera Lorenzo and Herrera Gildardo
Bought by
Federal Home Loan Mortgage Corporation
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Fallahassady Ali $765,000 Western Resources Title Co
Elohim Properties Llc $380,000 Lawyers Title Company
Federal National Mortgage Association $634,934 Landsafe Title
Ngoy Tracy Lynn $691,000 United Title Company Westlak
Manzo Kathy -- United Title Company-La
Manzo Kathy $600,000 United Title Company-La
Wimbish Marvin Don $520,000 Investors Title Company
Wimbish Marvin Don -- Investors Title Company
Jones Aaron $1,000 --
Mccary Diane $380,000 Fidelity
Lau Alfred Chi Ming $240,000 First Southwestern Title Co
Oakcrest Properties Inc $240,000 First Southwestern Title Co
Hud -- First American Title Ins Co
Pena Antonio -- --
Wells Fargo Home Mtg Inc $298,225 First American Title Ins Co
Flores Oscar M $295,000 Southland Title Corporation
Cyprus Kip C -- First American Title Co
Cyprus Kip C $120,000 First American Title Co
Federal Home Loan Mortgage Corporation $150,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Fallahassady Ali $612,000
Previous Owner Ngoy Tracy Lynn $552,800
Previous Owner Manzo Kathy $420,000
Previous Owner Wimbish Marvin Don $468,000
Previous Owner Mccary Diane $360,000
Previous Owner Lau Alfred Chi Ming $160,000
Previous Owner Flores Oscar M $282,772
Previous Owner Cyprus Kip C $133,930
Closed Lau Alfred Chi Ming $44,000
Closed Mccary Diane $67,500
Closed Wimbish Marvin Don $26,000
Closed Manzo Kathy $180,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/15/2017 10/15/17 Sold $770,000 +13.4% $249 / Sq Ft
09/05/2017 09/05/17 Pending -- -- --
09/01/2017 09/01/17 For Sale $679,000 -- $220 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

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 $11,978 $870,435 $341,347 $529,088
2024 $11,456 $853,368 $334,654 $518,714
2023 $11,261 $836,637 $328,093 $508,544
2022 $10,583 $820,233 $321,660 $498,573
2021 $10,363 $804,151 $315,353 $488,798
2020 $10,335 $795,906 $312,120 $483,786
2019 $10,214 $780,300 $306,000 $474,300
2018 $9,827 $765,000 $300,000 $465,000
2016 $5,277 $403,193 $265,259 $137,934
2015 $5,076 $397,138 $261,275 $135,863
2014 $5,060 $389,359 $256,157 $133,202
Source: Public Records

Agents Affiliated with this Home

  • Greg Sorah

    Seller's Agent in 2017

    Greg Sorah

    S & L Property Sales

    (714) 804-0737

    14 Total Sales

    Greg Sorah
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW17202981

California Regional Multiple Listing Service (CRMLS)

APN: 7269-039-012

California Los Angeles County Long Beach 90813 Washington School

1629 Cedar Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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