NOT LISTED FOR SALE
3 Beds
3 Baths
8,146 Sq Ft
0.28 Acres Lot

Sale Details

Date Sold: January 31, 2025

Last sale price $2,775,000 $341 Per Sq Ft

58 Days on Market

Highlights

  • 0.28 Acre Lot
  • No HOA
  • Level Lot
  • Longfellow Elementary School Rated A-
  • Laundry Room
  • 3-minute walk to Reservoir Park

About This Home

As of January 2025

3402 Gundry Avenue is a 10-unit multifamily investment property located in the California Heights neighborhood of Long Beach, CA. 3402 Gundry Avenue offers an attractive mix consisting of 6, one-bedroom units and 4, two-bedroom units. The property offers gated pedestrian access leading to a charming common-area courtyard, nine tuck-under parking with storage lockers, a tandem surface space, an on-site laundry facility, and a spacious storage unit. Additionally, there is an unused open space which could be converted into an additional storage unit, with both storage units providing potential additional revenue streams. 3402 Gundry Avenue is situated in the desirable California Heights neighborhood of Long Beach where residents enjoy convenient access to everyday needs as well as a plethora of cafes, restaurants, and retailers located along Atlantic Avenue. The property is located within 0.50 miles of a Target anchored retail center, providing residents easy access to everyday needs. Additionally, 3402 Gundry Avenue is just over 1.75 miles from Long Beach Exchange, a recently developed outdoor shopping mall with a plethora of retail, dining, and entertainment options. Furthermore, the property is proximate to Long Beach Memorial Medical Center, the third top employer in the city with nearly 5,500 practitioners and staff members according to Long Beach’s 2023 Annual Comprehensive Financial Report. 3402 Gundry benefits from its close proximity to Interstate 405, connecting residents to employment hubs throughout Southern California. The neighborhoods surrounding the property provide tenants convenient access to a wide variety of activities, employment, transportation, and retail amenities. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at 3402 Gundry Avenue.

Last Agent to Sell the Property

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Email: tleeson@marcusmillichap.com License #01451551 Listed on: 09/09/2024

Last Buyer's Agent

Tyler Leeson

Marcus & Millichap RE Invest Brokerage Email: tleeson@marcusmillichap.com License #01451551 Listed on: 09/09/2024

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1963

Lot Details

  • 12,197 Sq Ft Lot
  • No Common Walls
  • Level Lot

Parking

  • 1 Open Parking Space
  • 1 Car Garage
  • 9 Carport Spaces

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 8,146 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 3 Bathrooms

Outdoor Features

  • Rain Gutters

Listing and Financial Details

  • Legal Lot and Block 45 / 11
  • Tax Tract Number 5875
  • Assessor Parcel Number 7147016034
  • $2,081 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 10 Units
  • California Heights Subdivision

Amenities

  • Laundry Facilities

Building Details

  • 10 Separate Electric Meters
  • 10 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $3,935
  • Fuel Expense $3,935
  • Insurance Expense $8,500
  • Maintenance Expense $6,500
  • Other Expense $9,081
  • Professional Management Expense $12,358
  • Trash Expense $3,935
  • Water Sewer Expense $3,935
  • New Taxes Expense $36,022
  • Operating Expense $88,201
  • Gross Income $254,737
  • Net Operating Income $158,950

Property Details

Home Type

Apartment

Year Built

Built in 1963

Lot Details

0.28 Acres

Parking

1

Listing Details

  • CapRate: 5.49
  • Professional Management Expense: 12358.00
  • Property Attached: No
  • Subdivision Name Other: California Heights (CH)
  • Water Sewer Expenses: 3935.00
  • Zoning: LBR1N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 7147016034
  • Year Built: 1963
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 340.66

Exterior Features

  • Pool Private: No

Garage/Parking

  • Carport Spaces: 9.00
  • Garage Spaces: 1.00
  • Total Parking Spaces: 11.00
  • Uncovered Spaces: 1.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Trash Expense: 3935.00
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Level with Street
  • Lot Size Sq Ft: 12196.80
  • Lot Size Acres: 0.2800

Multi Family

  • Electric Expense: 3935.00
  • Fuel Expense: 3935.00
  • Gross Income: 254737.00
  • Gross Multiplier: 11.36
  • Gross Operating Income: 245306.00
  • Gross Scheduled Income: 252893.00
  • Insurance Expense: 8500.00
  • Lot Size Area: 0.2800 Acres
  • Maintenance Expense: 6500.00
  • Net Operating Income: 158950.00
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 10
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 10
  • Operating Expense: 88201.00
  • Operating Expense Percent: 35.70
  • Other Expense: 9081.00
  • Other Expense Description: Misc
  • Other Income1: 1844.00
  • Other Income Description: Misc
  • Rent Control: No
  • Total Expenses: 88201.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 36022.00
  • Tax Block: 11
  • Tax Census Tract: 5720.01
  • Tax Lot: 45
  • Tax Tract Number: 5875
  • TaxOtherAnnualAssessmentAmount: 2081.00
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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
01/31/2025 01/31/25 Sold $2,775,000 -4.1% $341 / Sq Ft
11/06/2024 11/06/24 Pending -- -- --
09/09/2024 09/09/24 For Sale $2,895,000 -- $355 / 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 $43,065 $3,213,000 $1,020,000 $2,193,000
2024 $41,201 $3,150,000 $1,000,000 $2,150,000
2023 $5,862 $303,934 $113,081 $190,853
2022 $5,561 $297,975 $110,864 $187,111
2021 $5,381 $292,134 $108,691 $183,443
2019 $5,305 $283,471 $105,468 $178,003
2018 $4,998 $277,913 $103,400 $174,513
2016 $4,573 $267,124 $99,386 $167,738
2015 $4,427 $263,113 $97,894 $165,219
2014 $4,458 $257,960 $95,977 $161,983
Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC24187202

California Regional Multiple Listing Service (CRMLS)
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