Seller's Agent in 2025
Kristopher German
RE/MAX
(909) 645-0443
1 in this area
119 Total Sales
1641 Locust Ave Long Beach, CA 90813
Washington School Neighborhood
3
Beds
10
Baths
7,020
Sq Ft
7,405
Sq Ft Lot
About This Home
As of June 2025NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.
Last Agent to Sell the Property
RE/MAX 2000 REALTY Brokerage Phone: 909-645-0443 License #01800021 Listed on: 04/24/2023
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1927
Lot Details
- 7,405 Sq Ft Lot
- Two or More Common Walls
- Density is 11-15 Units/Acre
Parking
- 5 Car Garage
Home Design
- Apartment
- Entry on the 1st floor
Interior Spaces
- 7,020 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 3 Bedrooms
- 10 Bathrooms
Outdoor Features
- Rain Gutters
Listing and Financial Details
- Tenant pays for electricity, gas
- Legal Lot and Block 8 / 1
- Tax Tract Number 20
- Assessor Parcel Number 7269011020
- $2,249 per year additional tax assessments
Community Details
Overview
- 3 Buildings
- 14 Units
Building Details
- Rent Control
- 14 Separate Electric Meters
- 14 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $711
- Fuel Expense $2,341
- Insurance Expense $2,808
- Maintenance Expense $13,586
- Other Expense $2,100
- Pest Control $800
- Trash Expense $750
- Water Sewer Expense $2,750
- New Taxes Expense $27,480
- Operating Expense $53,326
- Gross Income $209,019
- Net Operating Income $149,422
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 06/06/2025 06/06/25 | Sold | $2,245,000 | -8.4% | $320 / Sq Ft |
| 08/25/2023 08/25/23 | Pending | -- | -- | -- |
| 07/17/2023 07/17/23 | For Sale | $2,450,000 | 0.0% | $349 / Sq Ft |
| 06/28/2023 06/28/23 | Pending | -- | -- | -- |
| 05/30/2023 05/30/23 | Price Changed | $2,450,000 | 0.0% | $349 / Sq Ft |
| 05/30/2023 05/30/23 | For Sale | $2,450,000 | +9.1% | $349 / Sq Ft |
| 05/25/2023 05/25/23 | Off Market | $2,245,000 | -- | -- |
| 05/24/2023 05/24/23 | For Sale | $2,600,000 | +15.8% | $370 / Sq Ft |
| 05/15/2023 05/15/23 | Off Market | $2,245,000 | -- | -- |
| 05/12/2023 05/12/23 | For Sale | $2,600,000 | +15.8% | $370 / Sq Ft |
| 05/11/2023 05/11/23 | Off Market | $2,245,000 | -- | -- |
| 04/24/2023 04/24/23 | For Sale | $2,600,000 | -- | $370 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Kristopher German
-
Andrew McAllister
A
Buyer's Agent in 2025
Andrew McAllister
eXp Realty of Greater L.A
(562) 423-8134
1 in this area
16 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: CV23068594
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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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