NOT LISTED FOR SALE

1861 Pacific Ave Long Beach, CA 90806

South Wrigley Neighborhood

Estimated Value: $2,341,295

11 Beds
8 Baths
6,072 Sq Ft
$386/Sq Ft Est. Value

Last Sold December 13, 2023

Last sale price $2,195,000 $361 Per Sq Ft

Est. 7% increase in value since last sale

Current estimated payment $14,669/month

15 Days on Market

Highlights

  • Spanish Architecture
  • 5 Car Attached Garage
  • Ceiling Fan

About This Home

As of December 2023

Huge 200k Price Reduction! 8-unit building with 6 fully renovated residential units (100% occupied) and 2 store-front retail units (with RTI plans to convert to 2 residential units) in Long Beach. Incredible Current Cap Rate of 6% and 11.9 GRM from day 1 with upside to 7.3% Cap Rate and 10.2 GRM on Proforma. RTI Plans to convert each retail store into a 2 bed/1 bath residential unit to maximize rents. Large unit mix consisting of 1 (3bed/1bath), 4 (2bed/1bath), 1 (studio/1bath), and 2 large storefronts. Preliminary plans to add 2 Detached (3bed/1bath) ADUs for future upside. Rare 5 vacant garages in the back for additional income. The 8-unit building presents a unique opportunity for investors and business owners alike. With 6 recently renovated residential units the upside potential for rental income is significant. In addition, the two store-front retail units offer excellent visibility and foot traffic in a bustling commercial area. The location of this property is highly desirable with proximity to major transportation routes and popular amenities such as parks, restaurants, and shopping centers. Furthermore, the recent renovations of the residential units have added value to the property making it an attractive investment opportunity for those looking to capitalize on its upside potential. Overall, this 8-unit building represents a promising proposition for investors seeking high returns in one of Southern California's thriving communities.

Last Agent to Sell the Property

Julio Ruiz

Global Platinum Properties, Inc. License #01911261 Listed on: 09/12/2023

Last Buyer's Agent

Cary Tong

VISMAR REAL ESTATE License #02006893

VISMAR REAL ESTATE

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1946

Lot Details

  • 9,180

Parking

  • 5 Car Attached Garage

Home Design

  • Spanish Architecture

Interior Spaces

  • 6,072 Sq Ft Home
  • 2-Story Property
  • Ceiling Fan

Bedrooms and Bathrooms

  • 11 Bedrooms
  • 8 Bathrooms

Additional Features

  • 9,180 Sq Ft Lot
  • Heating System Mounted To A Wall or Window

Community Details

  • 3 Buildings
  • 8 Units

Listing and Financial Details

  • Assessor Parcel Number 7209-022-010

Property Details

Home Type

Multi-Family

Year Built

Built in 1946

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Style: Spanish
  • Levels: Two
  • Street Number Display: Yes
  • Advertising Remarks: Huge 200k Price Reduction! 8 Unit building with 6 fully renovated residential units (1 vacant) and 2 store-front retail units (with RTI plans to convert to 2 residential units) in Long Beach. Incredible Current Cap Rate of 6% and 11.9 GRM from day 1 with upside to 7.3% Cap Rate and 10.2 GRM on Proforma. RTI Plans to convert each retail store into a 2 bed/1 bath residential unit to maximize rents. Large unit mix consisting of 1 (3bed/1bath), 4 (2bed/1bath), 1 (studio/1bath), and 2 large storefronts. Preliminary plans to add 2 Detached (3bed/1bath) ADUs for future upside. Rare 5 vacant garages in the back for additional income. The 8-unit building presents a unique opportunity for investors and business owners alike. With 6 recently renovated residential units the upside potential for rental income is significant. In addition, the two store-front retail units offer excellent visibility!
  • Living Area: 6072
  • Lot Acreage: 0.1837
  • Stories: 2
  • Year Built: 1946
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 11
  • Total Bathrooms: 8.00
  • Equipment: Ceiling Fan
  • Price Per S Q F T: 361.50

Exterior Features

  • Other Structures: Other

Garage/Parking

  • Parking Garage: Garage Is Attached
  • Total Parking: 5

Utilities

  • Cooling: Ceiling Fan
  • Heating: Wall Electric
  • Water Heaters: Yes

Lot Info

  • Assessed Improvement Percent: 65.17
  • Assessed Improvement Value: 190750
  • Assessed Land Percent: 34.83
  • Assessed Land Value: 101950
  • Total Assessed Value: 292700
  • Assessor Parcel Number: 7209-022-010
  • Lot Size Area: 9180

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113
  • Gross Rent Multiplier: 11.95
  • Number Of Units: 8
  • Type Of Units: Mixed-Use

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Nov 18, 2021
Sold by
Lydia A Jones Trust and Jones Lydia A
Bought by
Pacific Pch Llc and Insta Properties Llc
Current Estimated Value
$2,341,295

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$935,000
Interest Rate
3.12%
Mortgage Type
New Conventional

Purchase Details

Closed on
Mar 28, 2018
Sold by
Johnson Lydia Ann Jones
Bought by
Jones Lydia A and Lydia A Jones Trust

Purchase Details

Closed on
Dec 14, 2012
Sold by
Jones Vincent W
Bought by
Johnson Lydia Ann Jones
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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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
Pacific Pch Llc $1,100,000 Ticor Title
Jones Lydia A -- None Available
Johnson Lydia Ann Jones -- None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Pacific Pch Llc $935,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
12/13/2023 12/13/23 Sold $2,195,000 0.0% $361 / Sq Ft
09/27/2023 09/27/23 Pending -- -- --
09/12/2023 09/12/23 For Sale $2,195,000 -- $361 / Sq Ft
Source: The MLS

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 $29,269 $2,238,900 $719,100 $1,519,800
2024 $29,269 $2,195,000 $705,000 $1,490,000
2023 $15,948 $1,122,000 $571,200 $550,800
2022 $5,292 $291,600 $101,950 $189,650
2021 $5,133 $285,883 $99,951 $185,932
2019 $5,060 $278,506 $96,988 $181,518
2018 $4,796 $273,068 $95,087 $177,981
2016 $4,422 $261,409 $91,396 $170,013
2015 $4,276 $257,484 $90,024 $167,460
2014 $4,251 $252,441 $88,261 $164,180
Source: Public Records

Agents Affiliated with this Home

  • Julio Ruiz

    Seller's Agent in 2023

    Julio Ruiz

    Global Platinum Properties, Inc.

    (818) 524-0706

    1 in this area

    47 Total Sales

    Julio Ruiz
    Section Image
  • Cary Tong

    Buyer's Agent in 2023

    Cary Tong

    VISMAR REAL ESTATE

    (626) 774-6444

    1 in this area

    87 Total Sales

    Cary Tong
    Section Image
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Map

Source: The MLS

MLS Number: 23-310541

The MLS

APN: 7209-022-010

California Los Angeles County Long Beach 90806 South Wrigley

1861 Pacific Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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