$3,225,000
SOLD AUG 28, 2024

2930 E 5th St Long Beach, CA 90814

Bluff Heights Neighborhood
5 Beds
3 Baths
6,702 Sq Ft
6,534 Sq Ft Lot

Recently Sold

$481 Per Sq Ft

7% Below List Price

49 Days on Market

About This Home

As of August 2024

We are pleased to present an eight unit multifamily asset located at 2930 E 5th Street in Long Beach, California. Built in 1963, the subject property
consists of 6,702 rentable square feet spread throughout a 0.15 acre lot. The building consists of seven 2-Bedroom / 1- Bathroom units and one 3- Bedroom/ 2-Bathroom unit .
Owners enjoy the high demand for rentals in a coastal city of Southern California. Located just off the retro row corridor of 4th street, 2930 E 5th is considered a "walker's paradise" with a "walk score" of 91, ideal for tenants who can easily get to restaurants, shopping, entertainment, and schools by foot. Tenants are also easily able to commute to large employment centers like Downtown Long Beach and CSULB, both just a few miles away. In addition, all of the eight units have been extensively renovated, including, but not limited to, new flooring, new cabinets, new fixtures, new electrical subpanels, and new paint. Those units are achieving top of market rents, demonstrating the viabilty of this asset in a prime Belmont Heights location. The city of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The city is undergoing a building boom with more than $5 billion in private and public investments in various stages of development. The new $520 million Long Beach Civic Center development will house a new City Hall, Port of Long Beach headquarters and the Main Library. Long Beach sustains its ability to attract renters due to its strong economy and quality of life. This is an excellent opportunity to acquire a quality asset in a great location with strong current income that will provide a stable return.

Last Agent to Sell the Property

Kevin King

Marcus & Millichap Brokerage Email: kking@marcusmillichap.com License #01158184 Listed on: 07/02/2024

Co-Listed By

Ryan Gonzalez

Lyon Stahl Investment Real Est Brokerage Email: kking@marcusmillichap.com License #01874815

Last Buyer's Agent

Kelly Howard

Compass License #01258451

Compass

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1963

Lot Details

  • 6,534 Sq Ft Lot
  • 1 Common Wall
  • Density is 6-10 Units/Acre

Parking

  • 4 Car Garage

Home Design

  • Apartment

Interior Spaces

  • 6,702 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 3 Bathrooms

Utilities

  • Septic Type Unknown

Listing and Financial Details

  • Legal Lot and Block 11 / D
  • Tax Tract Number 576802
  • Assessor Parcel Number 7257008012
  • $1,606 per year additional tax assessments

Community Details

Building Details

  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $2,424
  • Fuel Expense $2,424
  • Insurance Expense $5,940
  • Maintenance Expense $4,500
  • Other Expense $5,292
  • Professional Management Expense $12,234
  • Trash Expense $2,424
  • Water Sewer Expense $2,424
  • New Taxes Expense $42,610
  • Operating Expense $80,273
  • Gross Income $177,281
  • Net Operating Income $177,281

Additional Features

  • 8 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1963

Lot Details

0

Parking

4

Listing Details

  • Price Per Unit: 431250
  • Professional Management Expense: 12234.00
  • Property Attached: Yes
  • Water Sewer Expenses: 2424.20
  • Zoning: LBR2N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 7257008012
  • Year Built: 1963
  • Special Features: None

Interior Features

  • Stories: 2
  • Entry Location: front
  • Common Walls: 1 Common Wall
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 481.20

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Total Parking Spaces: 4.00

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area
  • Sewer: Septic Type Unknown, Unknown
  • Trash Expense: 2424.20
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 6534.00
  • Lot Size Acres: 0.1500

Multi Family

  • Electric Expense: 2424.20
  • Fuel Expense: 2424.00
  • Gross Income: 177281.00
  • Gross Scheduled Income: 251280.00
  • Insurance Expense: 5940.00
  • Lot Size Area: 6534.0000 Square Feet
  • Maintenance Expense: 4500.00
  • Net Operating Income: 177281.00
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 8
  • Operating Expense: 80273.00
  • Other Expense: 5292.00
  • Other Expense Description: Misc.
  • Other Income1: 13812.00
  • Rent Control: No
  • Total Actual Rent: 20940.00
  • Total Expenses: 80273.00

Tax Info

  • New Taxes Expense: 42610.00
  • Tax Block: D
  • Tax Census Tract: 5768.02
  • Tax Lot: 11
  • Tax Tract Number: 576802
  • TaxOtherAnnualAssessmentAmount: 1606.00

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Range of Values:

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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 Change Sq Ft Price
08/28/2024 08/28/24 Sold $3,225,000 -6.5% $481 / Sq Ft
08/20/2024 08/20/24 Pending -- -- --
07/02/2024 07/02/24 For Sale $3,450,000 -- $515 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Kevin King

    Seller's Agent in 2024

    Kevin King

    Marcus & Millichap

    (562) 257-1245

    3 in this area

    45 Total Sales

    Kevin King
    Section Image

  • R

    Seller Co-Listing Agent in 2024

    Ryan Gonzalez

    Lyon Stahl Investment Real Est

    (562) 879-3206

    1 in this area

    20 Total Sales

    Ryan Gonzalez
    Section Image
  • Kelly Howard

    Buyer's Agent in 2024

    Kelly Howard

    Compass

    (760) 419-1240

    1 in this area

    100 Total Sales

    Kelly Howard
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW24135301

California Regional Multiple Listing Service (CRMLS)

California Los Angeles County Long Beach 90814 Bluff Heights

2930 E 5th St, Long Beach, CA

This home is located at 2930 E 5th St, Long Beach, CA 90814 and is currently priced at $3,225,000, approximately $481 per square foot. This property was built in 1963. 2930 E 5th St is a home located in Los Angeles County with nearby schools including Mann Elementary School, Woodrow Wilson High School, and Maple Village Waldorf School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) 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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