NOT LISTED FOR SALE
8 Beds
8 Baths
7,308 Sq Ft
7,496 Sq Ft Lot

Last Sold May 10, 2024

Last sale price $2,200,000 $301 Per Sq Ft

2 Days on Market

About This Home

As of May 2024

Introducing our newest listing, 3656 E. 2nd St, affectionately known as "The Navy." This distinguished 8-unit building, boasting spacious one-bedroom residences, stands as a testament to old-world charm. Each unit exudes character with original wood floors, hardware, and doors, creating a timeless appeal.

Upon arrival, guests are welcomed by dual staircases leading to four units on each level. The property offers a private rear yard, providing a tranquil retreat amidst urban living, complemented by four garages accessible via the alley.

Nestled in the coveted rental market of Belmont Heights, "The Navy" epitomizes a desirable lifestyle. With an impressive walk score of 89, residents enjoy convenient access to the beach, grocery stores, and an array of shops and restaurants along 2nd St and Broadway.

Offered at an enticing $275,000 per door, this investment opportunity presents exceptional value. Additionally, the adjacent property, 3650 E. 2nd, is also available for sale, offering investors the possibility of consolidating investments for added strategic advantage.

Don't miss the chance to own a piece of history while securing a lucrative investment in one of Belmont Heights' most sought-after locations. Contact us today to seize this opportunity!

Last Agent to Sell the Property

Juan Huizar

Sage Real Estate Group, Inc. Brokerage Phone: 562-307-0838 License #01417642 Listed on: 04/02/2024

Co-Listed By

Caleb Baldwin

INTI Realty Brokerage Phone: 562-307-0838 License #02056751

Last Buyer's Agent

NoEmail NoEmail

NONMEMBER MRML

NONMEMBER MRML

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1925

Lot Details

  • 7,496 Sq Ft Lot
  • No Common Walls
  • Density is up to 1 Unit/Acre

Parking

  • 4 Car Garage

Home Design

  • Entry on the 1st floor

Interior Spaces

  • 7,308 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 8 Bathrooms

Listing and Financial Details

  • Tenant pays for electricity
  • Legal Lot and Block 8 / 78
  • Assessor Parcel Number 7256005009
  • $1,655 per year additional tax assessments

Community Details

Overview

  • 8 Units
  • Belmont Heights Subdivision

Amenities

  • Laundry Facilities

Building Details

  • 8 Leased Units
  • Rent Control
  • 8 Separate Electric Meters
  • 1 Separate Gas Meter
  • 1 Separate Water Meter
  • Electric Expense $1,952
  • Fuel Expense $2,600
  • Gardener Expense $1,680
  • Insurance Expense $8,578
  • Pest Control $816
  • Professional Management Expense $12,392
  • Trash Expense $2,933
  • Water Sewer Expense $5,200
  • New Taxes Expense $27,500
  • Operating Expense $64,057
  • Gross Income $156,300
  • Net Operating Income $87,554

Property Details

Home Type

Apartment

Year Built

Built in 1925

Lot Details

0

Parking

4

Listing Details

  • Assessments: No
  • CapRate: 3.98
  • Professional Management Expense: 12392.00
  • Property Attached: No
  • Subdivision Name Other: Belmont Heights (BH)
  • Water Sewer Expenses: 5200.00
  • Zoning: LBR4R
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 1680.00
  • Parcel Number: 7256005009
  • Year Built: 1925
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Levels: One
  • Price Per Square Foot: 301.04

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Parking: No
  • Total Parking Spaces: 4.00

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area
  • Pest Control Expense: 816.00
  • Sewer: Public Sewer
  • Trash Expense: 2933.00
  • 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: 0-1 Unit/Acre
  • Lot Size Sq Ft: 7496.00
  • Lot Size Acres: 0.1721

Rental Info

  • Tenant Pays: Electricity

Multi Family

  • Electric Expense: 1952.00
  • Fuel Expense: 2600.00
  • Gross Income: 156300.00
  • Gross Multiplier: 14.08
  • Gross Operating Income: 151611.00
  • Gross Scheduled Income: 156300.00
  • Insurance Expense: 8578.00
  • Lot Size Area: 7496.0000 Square Feet
  • Net Operating Income: 87554.00
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 8
  • Number Of Units Total: 8
  • Operating Expense: 64057.00
  • Rent Control: Yes
  • Total Actual Rent: 13025.00
  • Total Expenses: 64057.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 27500.00
  • Tax Block: 78
  • Tax Census Tract: 5772.00
  • Tax Lot: 8
  • TaxOtherAnnualAssessmentAmount: 1655.00

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 List to Sale Price per Sq Ft
05/10/2024 05/10/24 Sold $2,200,000 0.0% $301 / Sq Ft
04/02/2024 04/02/24 For Sale $2,200,000 -- $301 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW24063002

California Regional Multiple Listing Service (CRMLS)