NOT LISTED FOR SALE

372 Freeman Ave Long Beach, CA 90814

Bluff Heights Neighborhood
6 Beds
5 Baths
11,187 Sq Ft
0.3 Acres

Last Sold October 04, 2024

Last sale price $4,795,000 $429 Per Sq Ft

72 Days on Market

Highlights

  • 0.3 Acre Lot
  • Laundry Room
  • Radiant Heating System
  • Woodrow Wilson High School Rated A

About This Home

As of October 2024

We are pleased to present a 14-unit multifamily property. Built in 1969, the subject property consists of 11,187 rentable square feet spread throughout a 13,002 square foot lot. The building consists of ten 1-Bedroom / 1-Bathroom units, two 2-Bedroom / 2-Bathroom units, and two 3-Bedroom / 2-Bathroom units. It contains 14 garages providing ample on-site parking.

Tenants enjoy living in the Bluff Heights Neighborhood East of Downtown Long Beach, a short distance to local beaches, California State University of Long Beach, as well as shopping, restaurants, and nightlife. 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.

Last Agent to Sell the Property

Kevin King

Marcus & Millichap Brokerage Email: kking@marcusmillichap.com License #01158184 Listed on: 07/23/2024

Last Buyer's Agent

Anthony Walker

Buckingham Investments, Inc License #01908153

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1969

Lot Details

  • 0.3 Acre Lot
  • Two or More Common Walls
  • Density is 11-15 Units/Acre

Parking

  • 14 Car Garage

Home Design

  • Apartment
  • Entry on the 1st floor

Interior Spaces

  • 11,187 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 5 Bathrooms

Utilities

  • Radiant Heating System
  • Septic Type Unknown

Listing and Financial Details

  • Tax Lot 8
  • Tax Tract Number 5768
  • Assessor Parcel Number 7257012027
  • $2,796 per year additional tax assessments

Community Details

Building Details

  • 14 Separate Electric Meters
  • 14 Separate Gas Meters
  • 14 Separate Water Meters
  • Electric Expense $2,875
  • Fuel Expense $2,875
  • Gardener Expense $3,200
  • Insurance Expense $9,600
  • Maintenance Expense $9,500
  • Professional Management Expense $17,910
  • Trash Expense $2,875
  • Water Sewer Expense $2,875
  • New Taxes Expense $61,188
  • Operating Expense $113,998
  • Gross Income $364,856
  • Net Operating Income $250,858

Additional Features

  • 14 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1969

Lot Details

0

Parking

14

Listing Details

  • CapRate: 5.00
  • Professional Management Expense: 17910.00
  • Property Attached: Yes
  • Water Sewer Expenses: 2875.00
  • Zoning: LBR2A
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 3200.00
  • Parcel Number: 7257012027
  • Year Built: 1969
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 428.62

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 14.00
  • Total Parking Spaces: 14.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Radiant
  • Laundry Features: Community
  • Sewer: Public Sewer, Septic Type Unknown
  • Trash Expense: 2875.00
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 11-15 Units/Acre
  • Lot Size Sq Ft: 13002.00
  • Lot Size Acres: 0.2985

Multi Family

  • Electric Expense: 2875.00
  • Fuel Expense: 2875.00
  • Garage Income: 19020.00
  • Gross Income: 364856.00
  • Gross Scheduled Income: 352920.00
  • Insurance Expense: 9600.00
  • Laundry Income: 3000.00
  • Lot Size Area: 13002.0000 Square Feet
  • Maintenance Expense: 9500.00
  • Net Operating Income: 250858.00
  • Number Of Separate Electric Meters: 14
  • Number Of Separate Gas Meters: 14
  • Number Of Separate Water Meters: 14
  • Number Of Units Total: 14
  • Operating Expense: 113998.00
  • Other Income1: 1200.00
  • Other Income Description: Pet Income
  • Rent Control: No
  • Total Expenses: 113998.00

Tax Info

  • New Taxes Expense: 61188.00
  • Tax Census Tract: 5768.02
  • Tax Lot: 8
  • Tax Tract Number: 5768
  • TaxOtherAnnualAssessmentAmount: 2796.00

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
Collateral Analytics

Collateral Analytics Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.

Not Available

Collateral Analytics does not have data for the current month. Please view the chart for historical values.

ICE

ICE Mortgage Technology ICE Mortgage Technology’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.

Not Available

ICE Mortgage Technology does not have data for the current month. Please view the chart for historical values.

First American

First American First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.

Not Available

First American does not have data for the current month. Please view the chart for historical values.

Quantarium

Quantarium Quantarium’s valuation service, repeatedly proven the industry’s most accurate and comprehensive, is supercharged with a self-learning and auto-tuning AI engine that continually becomes smarter and more accurate as it processes daily inputs from the industry’s leading RE data lake.

Not Available

Quantarium does not have data for the current month. Please view the chart for historical values.

Average Value
Not Available
List Price
Sold Price
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

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/04/2024 10/04/24 Sold $4,795,000 -2.0% $429 / Sq Ft
10/03/2024 10/03/24 Pending -- -- --
08/26/2024 08/26/24 Price Changed $4,895,000 -2.0% $438 / Sq Ft
07/23/2024 07/23/24 For Sale $4,995,000 -- $447 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Kevin King

    Seller's Agent in 2024

    Kevin King

    Marcus & Millichap

    (562) 257-1245

    3 in this area

    41 Total Sales

    Kevin King
    Section Image
  • Anthony Walker

    Buyer's Agent in 2024

    Anthony Walker

    Buckingham Investments, Inc

    (310) 982-7055

    4 in this area

    91 Total Sales

    Anthony Walker
    Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW24150865

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

372 Freeman Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) 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

Nearby Homes