NOT LISTED FOR SALE

3025 E 5th St Long Beach, CA 90814

Bluff Heights Neighborhood
3 Beds
2 Baths
14,584 Sq Ft
0.31 Acres

Last Sold April 23, 2024

Last sale price $5,800,000 $398 Per Sq Ft

123 Days on Market

Highlights

  • 0.31 Acre Lot
  • Woodrow Wilson High School Rated A
  • Laundry Room

About This Home

As of April 2024

3025 E. 5th Street is a 20-unit apartment asset located just one block from popular Retro Row in Long Beach, California. The property is comprised of (10) 2BD / 2BA units and (10) 1BD / 1BA units surrounding a landscaped courtyard. Fourteen (14) of the units have been fully remodeled with recessed lighting, new flooring, new kitchen countertops, cabinetry, and stainless steel appliance, new bathroom vanities, tiling, and modern fixtures and features throughout. All renovated units offer in-unit washers and dryers. The ten (10) existing garages offer the opportunity for additional income or for ADU conversion to increase rental income. The property is located in walking distance to vibrant Retro Row with attractive shopping, dining and nightlife amenities.

Last Agent to Sell the Property

Robert Stepp

Keller Williams Realty Downey Brokerage Phone: 310-463-2916 License #01456379 Listed on: 12/07/2023

Keller Williams Realty Downey

Last Buyer's Agent

Robert Stepp

Keller Williams Realty Downey Brokerage Phone: 310-463-2916 License #01456379 Listed on: 12/07/2023

Keller Williams Realty Downey

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1961

Lot Details

  • 0.31 Acre Lot
  • Two or More Common Walls
  • Density is 16-20 Units/Acre

Parking

  • 10 Car Garage

Home Design

  • Apartment
  • Entry on the 1st floor

Interior Spaces

  • 14,584 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 2 Bathrooms

Listing and Financial Details

  • Legal Lot and Block 17 / G
  • Tax Tract Number 5768
  • Assessor Parcel Number 7257006031
  • $3,614 per year additional tax assessments

Community Details

Overview

  • 20 Units
  • Eastside Subdivision

Building Details

  • Rent Control
  • 20 Separate Electric Meters
  • 20 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $13,720
  • Gardener Expense $1,200
  • Insurance Expense $13,000
  • Maintenance Expense $14,000
  • Other Expense $6,000
  • Pest Control $1,200
  • Professional Management Expense $30,885
  • New Taxes Expense $74,541
  • Operating Expense $156,345
  • Gross Income $473,698
  • Net Operating Income $317,352

Property Details

Home Type

Multi-Family

Year Built

Built in 1961

Lot Details

0

Parking

10

Listing Details

  • CapRate: 5.29
  • Professional Management Expense: 30885.00
  • Property Attached: Yes
  • Subdivision Name Other: Eastside (ES)
  • Zoning: LBR2N
  • Property Sub Type: Commercial/Residential
  • Property Type: Residential Income
  • Gardener Expense: 1200.00
  • Parcel Number: 7257006031
  • Year Built: 1961
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 397.70

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 10.00
  • Total Parking Spaces: 10.00

Utilities

  • Laundry: Yes
  • Laundry Features: Inside
  • Pest Control Expense: 1200.00
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 16-20 Units/Acre
  • Lot Size Sq Ft: 13501.00
  • Lot Size Acres: 0.3099

Multi Family

  • Electric Expense: 13720.00
  • Gross Income: 473698.00
  • Gross Multiplier: 12.28
  • Gross Scheduled Income: 488348.00
  • Insurance Expense: 13000.00
  • Lot Size Area: 13501.0000 Square Feet
  • Maintenance Expense: 14000.00
  • Net Operating Income: 317352.00
  • Number Of Separate Electric Meters: 20
  • Number Of Separate Gas Meters: 20
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 20
  • Operating Expense: 156345.00
  • Other Expense: 6000.00
  • Other Expense Description: Reserves
  • Rent Control: Yes
  • Total Expenses: 156345.00

Tax Info

  • New Taxes Expense: 74541.00
  • Tax Block: G
  • Tax Census Tract: 5768.02
  • Tax Lot: 17
  • Tax Tract Number: 5768
  • TaxOtherAnnualAssessmentAmount: 3614.00

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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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
04/23/2024 04/23/24 Sold $5,800,000 -3.3% $398 / Sq Ft
04/08/2024 04/08/24 Pending -- -- --
03/18/2024 03/18/24 Price Changed $5,995,000 -4.8% $411 / Sq Ft
12/07/2023 12/07/23 For Sale $6,300,000 -- $432 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Robert Stepp

    Seller's Agent in 2024

    Robert Stepp

    Keller Williams Realty Downey

    (310) 463-2916

    4 in this area

    76 Total Sales

    Robert Stepp
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW23222053

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90814 Bluff Heights

3025 E 5th St, Long Beach, CA

Not Listed for Sale

MultiFamily

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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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