Seller's Agent in 2023
Tyler Leeson
Marcus & Millichap RE Invest
(949) 419-3200
2 in this area
156 Total Sales
4676 N Banner Dr Long Beach, CA 90807
Bixby Knolls Neighborhood
3
Beds
3
Baths
10,300
Sq Ft
0.34
Acres
Highlights
- 0.34 Acre Lot
- Laundry Room
- Level Lot
- Hughes Middle School Rated A-
About This Home
As of April 2023Banner Gardens Apartments is a 16-unit multifamily investment property located in Long Beach, CA. The property offers attractive assumable financing at 4.06% through November 2024. Banner Gardens Apartments contains an excellent mix of studio, one, and two-bedroom floor plans with amenities including a private patio and deck (select units), hardwood and tile flooring, garage and surface parking, on-site laundry, and security doors. Additionally, 9 of 16 units have been renovated with quartz countertops, recessed lighting, shaker-style cabinetry, and more. Long Beach’s strong rental metrics, including a 2021 vacancy rate of just 1.8 percent and year-over-year rent growth of 12.1 percent, are evidence of the substantial demand for rental units in the area. With current rents below market rates, Banner Gardens Apartments represents an attractive value-add opportunity for a new owner. Banner Gardens Apartments is situated in the desirable Bixby Knolls neighborhood of Long Beach, which primarily features single-family homes. Residents enjoy convenient access to everyday needs as well as a plethora of retail, dining, and entertainment options at the recently constructed Long Beach Exchange that is within 2 miles of the property. Banner Gardens Apartments is in close proximity to all levels of schooling including Barton Elementary School, Hughes Middle School, and Jordan High School. Additionally, the property benefits from its location within 1.90 miles of Interstates 710 and 405, connecting residents to employment hubs throughout Los Angeles and Orange Counties.
Last Agent to Sell the Property
Marcus & Millichap RE Invest License #01451551 Listed on: 11/17/2022
Property Details
Home Type
- Apartment
Year Built
- Built in 1946
Lot Details
- 0.34 Acre Lot
- No Common Walls
- Level Lot
- 7136012017
Parking
- 6 Open Parking Spaces
- 4 Car Garage
Interior Spaces
- 10,300 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 3 Bedrooms
- 3 Bathrooms
Listing and Financial Details
- Tax Lot 3
- Tax Tract Number 13199
- Assessor Parcel Number 7136012018
- $2,718 per year additional tax assessments
Community Details
Overview
- 2 Buildings
- 16 Units
Amenities
- Laundry Facilities
Building Details
- 16 Leased Units
- Rent Control
- 16 Separate Electric Meters
- 16 Separate Gas Meters
- Electric Expense $1,516
- Fuel Expense $1,516
- Insurance Expense $4,924
- Maintenance Expense $8,800
- Other Expense $11,518
- Professional Management Expense $12,507
- Trash Expense $1,516
- Water Sewer Expense $1,519
- New Taxes Expense $47,565
- Operating Expense $91,381
- Gross Income $286,363
- Net Operating Income $186,544
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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 |
|---|---|---|---|---|
| 04/27/2023 04/27/23 | Sold | $3,950,000 | -1.3% | $383 / Sq Ft |
| 03/20/2023 03/20/23 | Pending | -- | -- | -- |
| 02/08/2023 02/08/23 | Price Changed | $4,000,000 | -2.4% | $388 / Sq Ft |
| 11/17/2022 11/17/22 | For Sale | $4,100,000 | -- | $398 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
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 | $26,510 | $2,054,790 | $1,040,400 | $1,014,390 |
| 2024 | $26,510 | $2,014,500 | $1,020,000 | $994,500 |
| 2023 | $12,482 | $883,963 | $357,757 | $526,206 |
| 2022 | $11,739 | $866,632 | $350,743 | $515,889 |
| 2021 | $11,472 | $849,640 | $343,866 | $505,774 |
| 2020 | $11,442 | $842,129 | $340,341 | $501,788 |
| 2019 | $11,308 | $825,641 | $333,668 | $491,973 |
| 2018 | $10,982 | $809,476 | $327,126 | $482,350 |
| 2016 | $10,102 | $776,891 | $314,424 | $462,467 |
| 2015 | $9,713 | $765,223 | $309,702 | $455,521 |
| 2014 | $9,681 | $750,234 | $303,636 | $446,598 |
Source: Public Records
Agents Affiliated with this Home
-
Tyler Leeson
-
Anthony Walker
Buyer's Agent in 2023
Anthony Walker
Buckingham Investments, Inc
(310) 982-7055
3 in this area
91 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC22243593
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.
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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