477 E South St Long Beach, CA 90805
DeForest Park NeighborhoodEstimated payment $25,249/month
Highlights
- No HOA
- Level Lot
- No Heating
- Laundry Room
About This Home
Invest in Long Beach near Bixby Knolls and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels, and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Listing Agent
eXp Realty of California, Inc. Brokerage Email: Jeff@kimrealtygroup.com License #01959539 Listed on: 11/14/2024
Co-Listing Agent
eXp Realty of California, Inc. Brokerage Email: Jeff@kimrealtygroup.com License #02091500
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1961
Lot Details
- 10,429 Sq Ft Lot
- Two or More Common Walls
- Level Lot
Home Design
- Property Attached
- Entry on the 1st floor
Interior Spaces
- 9,840 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 20 Bedrooms
- 10 Bathrooms
Parking
- 12 Open Parking Spaces
- 12 Parking Spaces
Additional Features
- Urban Location
- No Heating
Listing and Financial Details
- Legal Lot and Block 44 / 18
- Tax Tract Number 5992
- Assessor Parcel Number 7125032033
- $2,877 per year additional tax assessments
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- 2 Buildings
- 16 Units
Amenities
- Laundry Facilities
Building Details
- 13 Leased Units
- 16 Separate Electric Meters
- 16 Separate Gas Meters
- 1 Separate Water Meter
- Gardener Expense $1,740
- Insurance Expense $6,260
- Professional Management Expense $17,701
- Trash Expense $256
- Water Sewer Expense $3,909
- New Taxes Expense $56,997
- Operating Expense $120,910
- Gross Income $302,885
- Net Operating Income $181,975
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 02/14/2025 02/14/25 | Price Changed | $3,990,000 | -2.7% | $405 / Sq Ft |
| 11/26/2024 11/26/24 | Price Changed | $4,100,000 | -6.8% | $417 / Sq Ft |
| 11/14/2024 11/14/24 | For Sale | $4,400,000 | 0.0% | $447 / Sq Ft |
| 10/08/2024 10/08/24 | Off Market | $1,895 | -- | -- |
| 09/03/2024 09/03/24 | For Rent | $1,895 | 0.0% | -- |
| 12/01/2023 12/01/23 | Sold | $3,597,000 | -5.3% | $366 / Sq Ft |
| 09/20/2023 09/20/23 | Pending | -- | -- | -- |
| 09/15/2023 09/15/23 | For Sale | $3,800,000 | -- | $386 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PTP2407021
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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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