NOT LISTED FOR SALE
5 Beds
5 Baths
7,682 Sq Ft
8,320 Sq Ft Lot

Last Sold August 23, 2013

Last sale price $1,355,000 $176 Per Sq Ft

21 Days on Market

Highlights

  • 0.19 Acre Lot
  • 4-minute walk to 1St Street Station
  • No HOA
  • Long Beach Polytechnic High School Rated A
  • Wood Flooring
  • Wall Furnace

About This Home

As of August 2013

This is a rare opportunity to own a very unique property located in the heart of the East Village Arts District of Long Beach. This area has high demand for rentals due to the uniqueness of the area and the proximity to downtown and the ocean. In addition to the bedrooms, most units include a living room, additional separate living space, walk-in closets, unique murphy bed areas in each living spaces, hardwood floors throughout, built-in shelves/storage and a designated parking space in the parking lot. There is also upside potential in the rents.

The East Village is also the city's arts district, with most of the independent shops, restaurants and galleries exhibiting work by Long Beach and Southern Californian artists.

The East Village Arts District is home to the Second Saturday Art Walk every month, featuring art receptions and special events in the shop and galleries of the District. The District is home to Tour des Artistes, an annual street festival event in June which features visual artists in every discipline, as well as performing artists ranging from singer-songwriters to Shakespeare.

The East Village Arts District is also home to Soundwalk, a unique sound art festival, which began in 2004.

Last Agent to Sell the Property

Christopher Kensinger

Nationwide Real Estate Execs License #01317776 Listed on: 07/19/2013

Last Buyer's Agent

Christopher Kensinger

Nationwide Real Estate Execs License #01317776 Listed on: 07/19/2013

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1916

Lot Details

  • 8,304 Sq Ft Lot
  • No Common Walls
  • Density is up to 1 Unit/Acre

Interior Spaces

  • 7,682 Sq Ft Home
  • 2-Story Property

Flooring

  • Wood
  • Laminate
  • Tile

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 5 Bathrooms

Parking

  • 9 Parking Spaces
  • Parking Available
  • Assigned Parking

Additional Features

  • Urban Location
  • Wall Furnace

Listing and Financial Details

  • Tenant pays for gas, trash collection
  • Tax Lot 13
  • Assessor Parcel Number 7281016051

Community Details

Overview

  • No Home Owners Association
  • 8 Units

Building Details

  • 8 Leased Units
  • 9 Separate Electric Meters
  • 8 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $600
  • Insurance Expense $2,900
  • Maintenance Expense $5,126
  • Pest Control $472
  • Professional Management Expense $5,354
  • Water Sewer Expense $1,323
  • New Taxes Expense $15,938
  • Gross Income $9,200
  • Net Operating Income $72,833

Property Details

Home Type

Multi-Family

Year Built

Built in 1916

Lot Details

8,304 Sq Ft Lot

Listing Details

  • CapRate: 5.71
  • Professional Management Expense: 5354.00
  • Property Attached: No
  • Subdivision Name Other: Downtown (DT)
  • Water Sewer Expenses: 1323.00
  • Property Type: Residential Income
  • Parcel Number: 7281016051
  • Year Built: 1916
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Flooring: Laminate, Tile, Wood
  • Levels: Two
  • Price Per Square Foot: 176.39

Exterior Features

  • Pool Private: No

Garage/Parking

  • Parking: Yes
  • Parking Features: Assigned
  • Total Parking Spaces: 9.00

Utilities

  • Utilities: Sewer Available
  • Heating: Yes
  • Heating Type: Wall Furnace
  • Pest Control Expense: 472.00
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Community Features: Sidewalks, Urban

Lot Info

  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 8304.00
  • Lot Size Acres: 0.1910

Rental Info

  • Tenant Pays: Gas, Trash Collection

Multi Family

  • Average1 Bed Area: 900
  • Electric Expense: 600.00
  • Gross Income: 9200.00
  • Gross Multiplier: 11.55
  • Gross Scheduled Income: 110400.00
  • Insurance Expense: 2900.00
  • Lot Size Area: 8304.0000 Square Feet
  • Maintenance Expense: 5126.00
  • Net Operating Income: 72833.00
  • Number Of Separate Electric Meters: 9
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 8
  • Number Of Units Total: 8
  • Operating Expense: 34255.00
  • Other Income Description: Parking Space for 223 1/2
  • Rent Control: No
  • Total Actual Rent: 9150.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 15938.00
  • Tax Lot: 13
  • Tax Tract Number: 0000
  • Tax Year: 2012
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
08/23/2013 08/23/13 Sold $1,355,000 +6.3% $176 / Sq Ft
08/09/2013 08/09/13 Pending -- -- --
07/19/2013 07/19/13 For Sale $1,275,000 -- $166 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

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 $23,539 $1,642,646 $612,928 $1,029,718
2024 $23,539 $1,610,438 $600,910 $1,009,528
2023 $23,089 $1,578,862 $589,128 $989,734
2022 $21,723 $1,547,905 $577,577 $970,328
2021 $20,950 $1,517,554 $566,252 $951,302
2019 $20,610 $1,472,544 $549,457 $923,087
2018 $19,992 $1,443,672 $538,684 $904,988
2016 $18,396 $1,387,615 $517,767 $869,848
2015 $17,685 $1,366,773 $509,990 $856,783
2014 -- $1,340,000 $500,000 $840,000
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW13146479

California Regional Multiple Listing Service (CRMLS)
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