Seller's Agent in 2024
Kevin King
Marcus & Millichap
(562) 257-1245
3 in this area
42 Total Sales
2930 E 5th St Long Beach, CA 90814
Bluff Heights Neighborhood
5
Beds
3
Baths
6,702
Sq Ft
6,534
Sq Ft Lot
About This Home
As of August 2024We 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
Marcus & Millichap Brokerage Email: kking@marcusmillichap.com License #01158184 Listed on: 07/02/2024
Co-Listed By
Lyon Stahl Investment Real Est Brokerage Email: kking@marcusmillichap.com License #01874815
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
- Entry on the 1st floor
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
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 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
Agents Affiliated with this Home
-
Kevin King
-
Ryan Gonzalez
R
Seller Co-Listing Agent in 2024
Ryan Gonzalez
Lyon Stahl Investment Real Est
(562) 879-3206
1 in this area
20 Total Sales
-
Kelly Howard
Buyer's Agent in 2024
Kelly Howard
Compass
(760) 419-1240
1 in this area
99 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW24135301
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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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