NOT LISTED FOR SALE
3 Beds
3 Baths
10,472 Sq Ft
0.29 Acre Lot

Sale Details

Date Sold: October 23, 2018

Last sale price $4,675,000 $446 Per Sq Ft

7 Days on Market

Highlights

  • 12,632 Sq Ft lot
  • Corner Lot
  • Laundry Facilities
  • Fremont Elementary School Rated A
  • Landscaped

About This Home

As of October 2018

Belmont Square is a 16-unit multifamily investment property located in the Belmont Heights neighborhood of Long Beach, one of the premier housing markets in Southern California. Situated on a 0.29-acre lot, the 10,472 square foot property consists of studio, one-, and two-bedroom floor plans. From 2016-2018 current ownership has renovated nine of the sixteen units. Built in 1972, Belmont Square offers amenities including phone entry access system, lush landscaping, spacious courtyard with BBQ, on-site laundry, and garage and open parking. Current ownership has renovated the property in 2017 with a new roof, new paint, asphalt sealing and striping, and remodeled laundry room, new LED energy saving lighting and new vinyl double pane e-glass windows.

Last Agent to Sell the Property

Tyler Leeson

Marcus & Millichap RE Invest License #01451551 Listed on: 08/28/2018

Last Buyer's Agent

Tyler Leeson

Marcus & Millichap RE Invest License #01451551 Listed on: 08/28/2018

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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1972

Lot Details

  • 12,632 Sq Ft Lot
  • No Common Walls
  • Landscaped
  • Corner Lot

Parking

  • 10 Open Parking Spaces
  • 9 Car Garage

Interior Spaces

  • 10,472 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 3 Bathrooms

Listing and Financial Details

  • Legal Lot and Block 8 / K
  • Tax Tract Number 577100
  • Assessor Parcel Number 7255016026

Community Details

Building Details

  • 16 Leased Units
  • Electric Expense $5,643
  • Fuel Expense $5,643
  • Insurance Expense $4,200
  • Maintenance Expense $9,600
  • Professional Management Expense $11,540
  • Trash Expense $5,643
  • Water Sewer Expense $5,643
  • New Taxes Expense $65,740
  • Operating Expense $138,554
  • Gross Income $297,360
  • Net Operating Income $149,940

Additional Features

  • 16 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1972

Lot Details

0.29 Acres

Parking

9

Listing Details

  • Professional Management Expense: 11540.00
  • Property Attached: No
  • Subdivision Name Other: Belmont Heights (BH)
  • Water Sewer Expenses: 5643.00
  • Zoning: LBR3T
  • Property Type: Residential Income
  • Parcel Number: 7255016026
  • Year Built: 1972
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: No Common Walls
  • Levels: Two
  • Price Per Square Foot: 446.43

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 9.00
  • Total Parking Spaces: 19.00
  • Uncovered Spaces: 10.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Trash Expense: 5643.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Corner Lot, Landscaped
  • Lot Size Sq Ft: 12632.40

Multi Family

  • Electric Expense: 5643.00
  • Fuel Expense: 5643.00
  • Gross Income: 297360.00
  • Gross Operating Income: 288493.00
  • Gross Scheduled Income: 297360.00
  • Insurance Expense: 4200.00
  • Maintenance Expense: 9600.00
  • Net Operating Income: 149940.00
  • Number Of Units Leased: 16
  • Number Of Units Total: 16
  • Operating Expense: 138554.00
  • Rent Control: No
  • Total Actual Rent: 24630.00
  • Total Expenses: 138554.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 65740.00
  • Tax Block: K
  • Tax Census Tract: 5771.00
  • Tax Lot: 8
  • Tax Tract Number: 577100

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Listed on
Aug 28, 2018
Closed on
Sep 5, 2018
Sold by
Bought by
Seller's Agent
Tyler Leeson
Marcus & Millichap RE Invest
Buyer's Agent
Tyler Leeson
Marcus & Millichap RE Invest
List Price
$5,200,000
Sold Price
$4,675,000
Premium/Discount to List
-$525,000
-10.1%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$4,200,000
Interest Rate
4.5%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Mar 15, 2006
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,375,000
Interest Rate
6.66%
Mortgage Type
Commercial

Purchase Details

Closed on
Apr 19, 2004
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,120,000
Interest Rate
6.06%
Mortgage Type
Commercial
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$4,675,000 Fidelity National Title
$2,415,000 Alliance
$2,400,000 First American Title Company
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $3,421,000
Previous Owner $4,200,000
Previous Owner $1,615,000
Previous Owner $1,540,000
Previous Owner $1,375,000
Previous Owner $595,000
Previous Owner $1,120,000
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
10/23/2018 10/23/18 Sold $4,675,000 -10.1% $446 / Sq Ft
09/04/2018 09/04/18 Pending -- -- --
08/28/2018 08/28/18 For Sale $5,200,000 -- $497 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

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 $69,486 $5,215,047 $3,653,323 $1,561,724
2024 $66,485 $5,112,792 $3,581,690 $1,531,102
2023 $65,360 $5,012,542 $3,511,461 $1,501,081
2022 $61,327 $4,914,258 $3,442,609 $1,471,649
2021 $60,111 $4,817,901 $3,375,107 $1,442,794
2019 $59,250 $4,675,900 $3,275,000 $1,400,900
2018 $36,752 $2,844,550 $1,177,494 $1,667,056
2016 $33,811 $2,733,229 $1,131,771 $1,601,458
2015 $32,465 $2,692,174 $1,114,771 $1,577,403
2014 $32,281 $2,639,439 $1,092,935 $1,546,504
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC18210381

California Regional Multiple Listing Service (CRMLS)
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