NOT LISTED FOR SALE
10 Beds
9 Baths
4,681 Sq Ft
6,647 Sq Ft Lot

Sale Details

Date Sold: April 11, 2024

Last sale price $1,850,000 $395 Per Sq Ft

160 Days on Market

Highlights

  • Corner Lot
  • 7 Car Garage
  • Block Wall Fence
  • Lawn
  • Laundry Facilities
  • 4-minute walk to Pressburg Parkway

About This Home

As of April 2024

New Price! Take advantage of this great opportunity on this 10-Unit apartment building just north of Bixby Knolls in North Long Beach. Brand-new dual pane vinyl windows just installed throughout, over $30k spent, entire exterior building just painted, over $10k spent. Eight (8) One bedroom/one-bathroom units and One (1) Two-bedroom/one-bathroom unit, and One (1) Studio; all separately metered for gas and electric. Some units have been updated as they have come available. Room to increase rents on several units! $174,418 GSI with rents, garages and laundry income. Private courtyard area with grass area, sprinklers and professionally landscaped. On-site laundry room as well as 7 garages which earn added income. (Garages are charged separately $75/garage.) Studio (10th unit) per tax records, is not permitted as a unit. If buyer desires to permit it after purchase, plans have already been submitted and approved by the city with an extension, to convert studio and 2 garage spaces, to a 516 sq/ft ADU. Also included are additional plans (not submitted to the city) to convert 4 additional garage spaces to 697 sq/ft ADU with the potential of making 57th Street a 11-unit building. ADU plans are available upon request. Please do not disturb the tenants.

Last Agent to Sell the Property

Blair Newman

Coldwell Banker Envision Brokerage Phone: 562-822-6532 License #01459316 Listed on: 09/29/2023

Coldwell Banker Envision

Last Buyer's Agent

Blair Newman

Coldwell Banker Envision Brokerage Phone: 562-822-6532 License #01459316 Listed on: 09/29/2023

Coldwell Banker Envision
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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1961

Lot Details

  • 6,647 Sq Ft Lot
  • Two or More Common Walls
  • Block Wall Fence
  • Corner Lot
  • Sprinkler System
  • Lawn

Parking

  • 7 Car Garage
  • Parking Available
  • Single Garage Door
  • Assigned Parking

Home Design

  • Property Attached
  • Entry on the 1st floor
  • Flat Roof Shape
  • Stucco

Interior Spaces

  • 4,681 Sq Ft Home
  • 2-Story Property
  • Leased Washer and Dryer

Flooring

  • Carpet
  • Vinyl

Bedrooms and Bathrooms

  • 10 Bedrooms
  • 9 Bathrooms

Additional Features

  • Exterior Lighting
  • Wall Furnace

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Legal Lot and Block 12 / 23
  • Tax Tract Number 5992
  • Assessor Parcel Number 7126012007
  • $1,544 per year additional tax assessments

Community Details

Building Details

  • 8 Leased Units
  • 10 Separate Electric Meters
  • 10 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $1,773
  • Insurance Expense $5,623
  • Maintenance Expense $21,795
  • Other Expense $6,210
  • Pest Control $630
  • Professional Management Expense $12,741
  • New Taxes Expense $28,994
  • Operating Expense $49,680
  • Gross Income $7,787
  • Net Operating Income $119,505

Additional Features

  • 9 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1961

Lot Details

6,647 Sq Ft Lot

Parking

7

Listing Details

  • CapRate: 5.70
  • Professional Management Expense: 12741.00
  • Property Attached: Yes
  • View: No
  • Zoning: LBR1N
  • Property Sub Type: Commercial/Residential
  • Property Type: Residential Income
  • Gardener Expense: 1773.00
  • Parcel Number: 7126012007
  • Year Built: 1961
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Flooring: Carpet, Vinyl
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 395.21

Exterior Features

  • Fence: Yes
  • Fencing: Block
  • Pool Private: No
  • Roof: Flat
  • Spa: No
  • Construction Materials: Stucco

Garage/Parking

  • Garage Spaces: 7.00
  • Parking: Yes
  • Parking Features: Assigned, Garage, Garage - Single Door
  • Total Parking Spaces: 7.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Wall Furnace
  • Laundry Features: Common Area
  • Pest Control Expense: 630.00
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Corner Lot, Lawn, Sprinkler System
  • Lot Size Sq Ft: 6647.00
  • Lot Size Acres: 0.1526

Rental Info

  • Garage Rental Rate: 75.00
  • Tenant Pays: Electricity, Gas

Multi Family

  • Average1 Bed Area: 550 Square Feet
  • Average2 Bed Area: 700 Square Feet
  • Garage Income: 6300.00
  • Gross Income: 7787.00
  • Gross Multiplier: 11.90
  • Gross Operating Income: 169185.00
  • Gross Scheduled Income: 174418.00
  • Insurance Expense: 5623.00
  • Laundry Equipment Own Lease: Lease
  • Laundry Income: 1209.00
  • Lot Size Area: 6647.0000 Square Feet
  • Maintenance Expense: 21795.00
  • Net Operating Income: 119505.00
  • Number Of Rented Garages: 3
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 10
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 8
  • Number Of Units Total: 9
  • Number With Range: 9
  • Operating Expense: 49680.00
  • Other Expense: 6210.00
  • Other Expense Description: Utilitie
  • Rent Control: No
  • Total Actual Rent: 10052.00
  • Total Expenses: 49680.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 28994.00
  • Tax Block: 23
  • Tax Census Tract: 5703.03
  • Tax Lot: 12
  • Tax Tract Number: 5992
  • TaxOtherAnnualAssessmentAmount: 1544.00

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Listed on
Sep 29, 2023
Closed on
Mar 13, 2024
Sold by
David Stephen Emerson and David Barbara Anne
Bought by
Seller's Agent
Blair Newman
Coldwell Banker Envision
Buyer's Agent
Blair Newman
Coldwell Banker Envision
List Price
$2,250,000
Sold Price
$1,850,000
Premium/Discount to List
-$400,000
-17.78%
Views
66

Purchase Details

Listed on
Sep 18, 2015
Closed on
Oct 20, 2015
Sold by
Millar William
Bought by
David Stephen Emerson & Barbara Anne Eme
Seller's Agent
Michael Millea
Lyon Stahl Investment Real Estate, Inc.
Buyer's Agent
Blair Newman
Coldwell Banker Envision
List Price
$999,995
Sold Price
$1,003,750
Premium/Discount to List
$3,755
0.38%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
7.61%
Original Mortgage
$702,187
Interest Rate
3.71%
Mortgage Type
Commercial

Purchase Details

Closed on
Sep 17, 2015
Sold by
Millar William J
Bought by
Millar William and Millar Mary Ann

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$702,187
Interest Rate
3.71%
Mortgage Type
Commercial

Purchase Details

Closed on
Mar 25, 2009
Sold by
Adams William H
Bought by
Millar William J

Purchase Details

Closed on
Jun 13, 1996
Sold by
Granite Management Corp
Bought by
Adams William H

Purchase Details

Closed on
Mar 7, 1996
Sold by
Grant Ulysses S and Granite Management Corp
Bought by
Granite Management Corp
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$1,850,000 Orange Coast Title
David Stephen Emerson & Barbara Anne Eme $1,003,500 Pacific Coast Title Company
Millar William -- Pacific Coast Title
Millar William J -- Lawyers Title
Millar William J -- None Available
Adams William H $175,000 North American Title
Granite Management Corp $147,000 Stewart Title
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Previous Owner $702,187
Previous Owner Adams William H $643,000
Previous Owner Adams William H $438,750
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft Prior Sale
04/11/2024 04/11/24 Sold $1,850,000 -7.5% $395 / Sq Ft
03/08/2024 03/08/24 Pending -- -- --
02/04/2024 02/04/24 Price Changed $1,999,888 -4.3% $427 / Sq Ft
11/16/2023 11/16/23 Price Changed $2,090,000 -7.1% $446 / Sq Ft
09/29/2023 09/29/23 For Sale $2,250,000 +124.2% $481 / Sq Ft
12/11/2015 12/11/15 Sold $1,003,750 +0.4% $204 / Sq Ft View Prior Sale
10/09/2015 10/09/15 Pending -- -- --
09/18/2015 09/18/15 For Sale $999,995 -- $203 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

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 $1,927 $31,435
2024 $1,944 $37,813
2023 $1,974 $27,733 $1,950 $25,783
2022 $1,944 $20,160 $1,950 $18,210
2021 $2,070 $19,251 $0 $0
2020 $1,953 $18,796 $0 $0
2019 $1,852 $17,860 $0 $0
2018 $1,836 $17,379 $0 $0
2017 $1,783 $17,700 $0 $0
2016 $1,703 $17,598 $2,125 $15,473
2014 $1,521 $11,199 $900 $10,299
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW23181804

California Regional Multiple Listing Service (CRMLS)
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