L
Seller's Agent in 2021
Logan Altman
Altman Apartments LLC
(310) 903-0222
1 in this area
1 Total Sale
3620 S Santa fe Ave Compton, CA 90221
11
Beds
4
Baths
8,096
Sq Ft
0.38
Acres
Highlights
- 0.38 Acre Lot
- Wood Flooring
- No HOA
- Dual Staircase
- Corner Lot
- Laundry Room
About This Home
As of October 2021**Price Reduction** 3 buildings Mixed use with 1 neighborhood commercial shops building and two residential buildings on a large 16,500+ square foot lot in West Long Beach. The residential buildings consist of a two story 12-unit complex and a one story 7-unit structure. This Carson adjacent property is all about stable cash flow at over 6% cap rate on current income! The unit mix consists of 18 studio apartments, 1 one-bedroom apartment, 1 mini market convenience store, and 1 barber shop (total of 21 units). The two retail leases are long term tenants with 10+ years and built in annual CPI increases with long term leases. This pocket of Long Beach is a consistently high demand residential area with great access to regional freeways and central to employment hubs. There may be an additional 16% upside remaining in rents with prudent and cost effective unit upgrades.
The as-is cap rate is estimated to be 6.13% with a 7.54% cap rate on market rents. The acquisition Gross Rent Multiplier is 10.59 and may go as low as 9.11 with unit upgrades. The property generates additional streams of income with parking, laundry, and storage fees plus RUBS utility reimbursements and property tax reimbursements from retail leases. The park like grounds of the property are inviting and tranquil which has contributed to long term tenant retention.
Last Agent to Sell the Property
Altman Apartments LLC License #01965826 Listed on: 07/26/2021
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1911
Lot Details
- 0.38 Acre Lot
- No Common Walls
- Corner Lot
- Irregular Lot
Home Design
- Frame Construction
- Asphalt Roof
- Partial Copper Plumbing
- Stucco
Interior Spaces
- 8,096 Sq Ft Home
- 2-Story Property
- Dual Staircase
- Ceiling Fan
- Wood Flooring
Kitchen
- Gas Oven
- Gas Range
Bedrooms and Bathrooms
- 11 Bedrooms
- 4 Bathrooms
Laundry
- Laundry Room
- Leased Washer and Dryer
- 220 Volts In Laundry
Parking
- 15 Open Parking Spaces
- 15 Parking Spaces
- Parking Available
- Driveway
- Paved Parking
- Assigned Parking
Location
- Suburban Location
Utilities
- Wall Furnace
- Natural Gas Connected
- Phone Available
- Cable TV Available
Listing and Financial Details
- Tenant pays for cable TV, electricity, gas, parking fee, taxes, water
- Legal Lot and Block 21 / 19
- Tax Tract Number 5224
- Assessor Parcel Number 7311020050
Community Details
Overview
- No Home Owners Association
- 3 Buildings
- 21 Units
- Westside/North Of Willow Subdivision
Amenities
- Laundry Facilities
Building Details
- 19 Leased Units
- 4 Separate Electric Meters
- 4 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $11,597
- Fuel Expense $4,591
- Gardener Expense $1,200
- Insurance Expense $5,913
- Maintenance Expense $14,700
- Pest Control $600
- Professional Management Expense $16,585
- Trash Expense $3,551
- Water Sewer Expense $3,170
- New Taxes Expense $47,113
- Operating Expense $109,824
- Gross Income $19,170
- Net Operating Income $221,894
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 10/29/2021 10/29/21 | Sold | $3,500,000 | -3.3% | $432 / Sq Ft |
| 09/27/2021 09/27/21 | Pending | -- | -- | -- |
| 09/13/2021 09/13/21 | Price Changed | $3,620,000 | -1.3% | $447 / Sq Ft |
| 08/05/2021 08/05/21 | Price Changed | $3,669,000 | -2.2% | $453 / Sq Ft |
| 07/26/2021 07/26/21 | For Sale | $3,750,000 | -- | $463 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Logan Altman
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR21163372
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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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