Seller's Agent in 2024
Chris van Vuuren
Lyon Stahl Investment Real Estate, Inc.
(714) 655-0098
2 in this area
22 Total Sales
2260 Santa fe Ave Long Beach, CA 90810
Westside Neighborhood
4
Beds
4
Baths
12,500
Sq Ft
0.73
Acres
Highlights
- 0.73 Acre Lot
- Laundry Room
- 1-Story Property
About This Home
As of December 2024HIGH YIELD - 8% CASH-ON-CASH RETURN w/ FINANCING AVAILABLE AT JUST 25% DOWN!!!!! pleased to present the opportunity to acquire 2260 Santa Fe Avenue and 2261 Adriatic Avenue, an investment property located in the vibrant Westside Long Beach submarket. These two adjacent parcels are situated in a high-demand area, offering a unique mix of unit configurations and robust investment potential. The properties are strategically positioned to benefit from Long Beach's ongoing urban development and revitalization efforts, providing residents with easy access to transportation, employment hubs, and diverse retail and entertainment options. 2260 Santa Fe Avenue is comprised of thirty-one (31) studio units and one (1) one-bedroom/one-bath unit, while 2261 Adriatic Avenue features two (2) standalone three-bedroom/one-bath units. Together, these properties include a total of 34 units, 16 uncovered parking spaces, and a coin-operated laundry facility, enhancing tenant convenience and income potential. The Santa Fe Avenue property currently operates as an apartment building and has for many years, per the Seller. A site plan has received approval with conditions from the City of Long Beach for legalization of an unpermitted conversion of a senior group residence into apartments. The buyer has the option to proceed with the city's conversion process or chose to operate the asset under allowable uses per the municipal code for the sites zoning. At an exceptional price of $120,000 per unit, this offering presents an attractive investment with a current 7.36% CAP rate and a pro forma 9.22% CAP rate. The current gross rent multiplier (GRM) stands at 8.27, with a pro forma GRM of 7.20, indicating significant upside potential. This investment not only promises strong cash flow and value appreciation but also offers the opportunity to capitalize on Long Beach's thriving real estate market.
Last Agent to Sell the Property
Lyon Stahl Investment Real Estate, Inc. Brokerage Phone: 714-655-0098 License #02060007 Listed on: 07/30/2024
Property Details
Home Type
- Apartment
Year Built
- Built in 1950
Lot Details
- 0.73 Acre Lot
- No Common Walls
- 7401031002
Home Design
- Entry on the 1st floor
Interior Spaces
- 12,500 Sq Ft Home
- 1-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 4 Bedrooms
- 4 Bathrooms
Listing and Financial Details
- Legal Lot and Block 2 / 7
- Assessor Parcel Number 7401031003
- $1,983 per year additional tax assessments
Community Details
Overview
- 3 Buildings
- 34 Units
- Westside/South Of Willow Subdivision
Amenities
- Laundry Facilities
Building Details
- 27 Leased Units
- 3 Separate Electric Meters
- 3 Separate Gas Meters
- 2 Separate Water Meters
- Gardener Expense $840
- Insurance Expense $27,000
- Maintenance Expense $22,100
- Other Expense $29,800
- Pest Control $2,208
- Professional Management Expense $31,168
- New Taxes Expense $53,667
- Operating Expense $179,246
- Gross Income $494,160
- Net Operating Income $300,107
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Jul 30, 2024
Closed on
Dec 16, 2024
Sold by
Slater Mark
Bought by
Roots Inc and Simple Buy Llc
Seller's Agent
Chris van Vuuren
Lyon Stahl Investment Real Estate, Inc.
Buyer's Agent
Bret Lewis
Bret Lewis, Broker
List Price
$4,380,000
Sold Price
$3,725,000
Premium/Discount to List
-$655,000
-14.95%
Views
14
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$3,590,000
Outstanding Balance
$1,705,854
Interest Rate
6.79%
Mortgage Type
New Conventional
Purchase Details
Listed on
Apr 20, 2015
Closed on
May 2, 2016
Sold by
Jamir Reynaldo M
Bought by
Slater Mark
Seller's Agent
Alex Hooks
Beach City Brokers
Buyer's Agent
Cris Molles
The Realestate Group
List Price
$3,300,000
Sold Price
$2,800,000
Premium/Discount to List
-$500,000
-15.15%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
3.40%
Original Mortgage
$1,882,000
Interest Rate
3.61%
Mortgage Type
Commercial
Purchase Details
Closed on
Apr 9, 2012
Sold by
Ortiz Luis Maria S and Jamir Maria Socorr
Bought by
Jamir Reynaldo M and Ortiz Luis Maria S
Purchase Details
Closed on
Jun 23, 2008
Sold by
Jamir Reynaldo M
Bought by
Jamir Maria Socorr
Purchase Details
Closed on
Apr 4, 2008
Sold by
Jamir Maria S
Bought by
Jamir Reynaldo M
Purchase Details
Closed on
Jun 18, 1999
Sold by
Trfman Mayer
Bought by
Jamir Reynaldo M and Jamir Maria S
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,215,000
Interest Rate
7.97%
Mortgage Type
Commercial
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 |
|---|---|---|---|
| Roots Inc | $3,725,000 | Ticor Title | |
| Roots Inc | $3,725,000 | Ticor Title | |
| Slater Mark | $2,800,000 | Progressive Title Company | |
| Jamir Reynaldo M | -- | None Available | |
| Jamir Maria Socorr | -- | None Available | |
| Jamir Reynaldo M | -- | Accommodation | |
| Jamir Reynaldo M | $1,350,000 | Commonwealth Land Title Co |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Roots Inc | $3,590,000 | |
| Closed | Roots Inc | $3,590,000 | |
| Previous Owner | Slater Mark | $1,882,000 | |
| Previous Owner | Jamir Reynaldo M | $1,215,000 | |
| Closed | Jamir Reynaldo M | $35,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 12/24/2024 12/24/24 | Sold | $3,725,000 | -8.7% | $298 / Sq Ft | |
| 10/18/2024 10/18/24 | Pending | -- | -- | -- | |
| 08/23/2024 08/23/24 | Price Changed | $4,080,000 | -6.8% | $326 / Sq Ft | |
| 07/30/2024 07/30/24 | For Sale | $4,380,000 | +56.4% | $350 / Sq Ft | |
| 06/14/2016 06/14/16 | Sold | $2,800,000 | -15.2% | $224 / Sq Ft | View Prior Sale |
| 04/19/2016 04/19/16 | Pending | -- | -- | -- | |
| 04/20/2015 04/20/15 | For Sale | $3,300,000 | -- | $264 / 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 | $31,380 | $2,100,000 | $1,100,000 | $1,000,000 |
| 2024 | $31,380 | $2,367,590 | $626,714 | $1,740,876 |
| 2023 | $30,865 | $2,321,168 | $614,426 | $1,706,742 |
| 2022 | $28,998 | $2,275,656 | $602,379 | $1,673,277 |
| 2021 | $28,398 | $2,231,036 | $590,568 | $1,640,468 |
| 2019 | $27,996 | $2,164,864 | $573,052 | $1,591,812 |
| 2018 | $27,010 | $2,122,416 | $561,816 | $1,560,600 |
| 2016 | $15,094 | $1,200,968 | $447,927 | $753,041 |
| 2015 | $14,505 | $1,182,929 | $441,199 | $741,730 |
| 2014 | $14,405 | $1,159,758 | $432,557 | $727,201 |
Source: Public Records
Agents Affiliated with this Home
-
Chris van Vuuren
-
Cris Molles
C
Seller Co-Listing Agent in 2024
Cris Molles
The Realestate Group
(310) 540-0072
2 in this area
4 Total Sales
-
Bret Lewis
B
Buyer's Agent in 2024
Bret Lewis
Bret Lewis, Broker
(480) 225-6616
2 in this area
62 Total Sales
-
A
Seller's Agent in 2016
Alex Hooks
Beach City Brokers
-
Brett Lyon
Seller Co-Listing Agent in 2016
Brett Lyon
Lyon Stahl Investment Real Estate, Inc.
(310) 780-1899
1 in this area
141 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB24156797
APN: 7401-031-002
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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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