Seller's Agent in 2021
Han Widjaja-Chen
GIG Real Estate Inc.
(626) 594-4901
1 in this area
54 Total Sales
2185 Pacific Ave Long Beach, CA 90806
South Wrigley NeighborhoodEstimated Value: $1,670,205
5
Beds
6
Baths
6,612
Sq Ft
$253/Sq Ft
Est. Value
Highlights
- Property is near public transit
- Cooling System Mounted To A Wall/Window
- 3 Car Garage
- No HOA
- Laundry Room
- East Facing Home
About This Home
As of August 20212185-89 Pacific Ave, a 6-unit value add mixed-use apartment/retail investment opportunity located in the City of Long Beach, CA. The property offers a rare opportunity for investors to get into a high cash-flow property on year-1 with upside potential in a strategic part of Long Beach (within OPPORTUNITY ZONE). The property has been in the same family since 1994 and owner is relocating to another state. With the right financing structure, investor can realize a high (over ±10%) cash-on-cash levered return!
The property is a 2-story, 6-unit mixed use building built in 1958. It has a total of 6,612 SF building size and situated on a 4,708SF lot; it has commercial zoning and located within an OPPORTUNITY ZONE. The 2nd floor units consist of 4 apartment units with 100% occupancy (owner is occupying 1 unit). It has 1 x 2bed+2bath, 1x 2bed+1.5bath, and 2 x 1bed+1bath units. 2 of the units have been partially upgraded. All tenants are on month to month and current rental income is significantly below market.
The ground floor consists of 2 retail units. The 1st retail unit is occupied by a long-time tenant that has been there for more than 10 years and are on month-to-month agreement. This retail unit size is ±1,800SF and current rent is significantly below market. The 2nd retail unit has ±1,800SF in size and currently vacant (tenant recently moved out). Retail tenants pay their own utilities. Each unit is separately metered for electricity and gas.
Last Agent to Sell the Property
GIG Real Estate Inc. License #01749321 Listed on: 01/25/2021
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1958
Lot Details
- 4,708 Sq Ft Lot
- Two or More Common Walls
- East Facing Home
- Rectangular Lot
- Level Lot
Parking
- 3 Car Garage
- Parking Available
- Rear-Facing Garage
Home Design
- Apartment
Interior Spaces
- 6,612 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 5 Bedrooms
- 6 Bathrooms
Location
- Property is near public transit
- Urban Location
Utilities
- Cooling System Mounted To A Wall/Window
- Wall Furnace
- Natural Gas Connected
- Phone Available
- Cable TV Available
Listing and Financial Details
- Tenant pays for electricity, gas
- Tax Lot 17
- Tax Tract Number 5162
- Assessor Parcel Number 7205028018
Community Details
Overview
- No Home Owners Association
- 6 Units
- Wrigley Area Subdivision
Amenities
- Laundry Facilities
Building Details
- 5 Leased Units
- Rent Control
- 6 Separate Electric Meters
- 6 Separate Gas Meters
- 1 Separate Water Meter
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Nov 1, 1994
Sold by
Dodds Charles C and Charles C Dodds Trust
Bought by
Hassan Shahzad
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$168,725
Interest Rate
9.08%
Mortgage Type
Seller Take Back
Create a Home Valuation Report for This Property
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Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Hassan Shahzad | $185,000 | Gateway Title |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Closed | Hassan Shahzad | $168,725 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 08/23/2021 08/23/21 | Sold | $1,500,000 | -6.3% | $227 / Sq Ft |
| 06/02/2021 06/02/21 | Pending | -- | -- | -- |
| 01/25/2021 01/25/21 | For Sale | $1,600,000 | -- | $242 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
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 | $21,307 | $1,541,934 | $382,034 | $1,159,900 |
| 2024 | $20,350 | $1,511,701 | $374,544 | $1,137,157 |
| 2023 | $19,999 | $1,482,060 | $367,200 | $1,114,860 |
| 2022 | $18,785 | $1,453,000 | $360,000 | $1,093,000 |
| 2021 | $4,749 | $287,054 | $85,333 | $201,721 |
| 2020 | $4,733 | $284,112 | $84,459 | $199,653 |
| 2019 | $4,678 | $278,542 | $82,803 | $195,739 |
| 2018 | $4,480 | $273,081 | $81,180 | $191,901 |
| 2016 | $4,093 | $262,479 | $78,029 | $184,450 |
| 2015 | $3,954 | $258,537 | $76,857 | $181,680 |
| 2014 | $3,938 | $253,474 | $75,352 | $178,122 |
Source: Public Records
Agents Affiliated with this Home
-
Han Widjaja-Chen
-
Justin McCardle
Seller Co-Listing Agent in 2021
Justin McCardle
Growth Investment Group Pasade
(626) 594-4650
1 in this area
27 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: AR21015994
APN: 7205-028-018
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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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