J
Seller's Agent in 2023
Janet Neman
Kidder Mathews of California, Inc.
(310) 926-5181
1 in this area
15 Total Sales
495 The Promenade N Long Beach, CA 90802
Downtown NeighborhoodEstimated Value: $11,107,882
37
Beds
37
Baths
35,429
Sq Ft
$314/Sq Ft
Est. Value
Highlights
- New Construction
- 3-minute walk to 5Th Street Station
- 3-minute walk to Harvey Milk Promenade Park
- Long Beach Polytechnic High School Rated A
- Central Heating and Cooling System
About This Home
As of December 2023495 The Promenade North, is a brand-new 2022 construction mixed-use building with 20-units and 5,621 SF of retail in the heart of prime Downtown Long Beach. 495 The Promenade North provides an investor the rare opportunity to acquire a thoughtfully designed asset with quality construction and exquisite design features. Property features a strong unit mix of spacious and beautifully designed units including (4) one-bedroom, one-bath units, (15) two-bedroom, two-bath units, and (1) three-bedroom, three-bath townhome style unit with two separate entrances. Unit interiors feature open floor plans, high ceilings, in-unit washer and dryers, central air conditioning, recessed lighting, balconies, floor to ceiling windows in some units, and more. All units include luxury finishes, stainless steel appliances, beautifully designed kitchens and bathrooms, European kitchen cabinets, stone countertops and tile backsplashes, hardwood flooring throughout, recessed lighting, and walk-in closets with custom built-ins. The building totals 35,429 SF of improvements on a 12,801 SF lot.Situated in the heart the highly desirable Downtown Long Beach, 495 The Promenade North is ideally positioned in one of the most walkable areas of SoCal. The Property is surrounded by countless amenities including an array of restaurants, shops, trendy bars, hotels, beaches, and cultural and entertainment venues. The Property is minutes to notable destinations including the Long Beach Convention and Entertainment Center, Shoreline Village, Aquarium of the Pacific, The Pike and Rainbow Harbor Waterfront, The Marina, and the Promenade. Other notable locations include The Port of Los Angeles, The Queen Mary, Pine Street, and the charming coastal neighborhood of Alamitos Beach. Additionally, the Property is surrounded by major employers and has convenient access to transportation and the 710 and 405 Freeways. Downtown Long Beach is the known as city's economic center and a waterfront metropolis, where residents are able to live, work, and play. 495 The Promenade North is situated in a highly sought after market and is surrounded by countless nearby amenities and developments that continue to transform the city's landscape. This is a perfect opportunity for an investor looking to acquire a newly-constructed, luxury building with strong cash-flow, excellent visibility, strong market fundamentals and upward trending demographics. 495 The Promenade North is poised to offer an investor long-term returns and appreciation.
Last Agent to Sell the Property
Kidder Mathews of California, Inc. License #01069127 Listed on: 10/16/2023
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $144,074
Year Built
- Built in 2022 | New Construction
Lot Details
- 0.29
Home Design
- Split Level Home
Interior Spaces
- 35,429 Sq Ft Home
- 4-Story Property
Kitchen
- Freezer
- Dishwasher
- Disposal
Bedrooms and Bathrooms
- 37 Bedrooms
- 37 Bathrooms
Laundry
- Dryer
- Washer
Additional Features
- 0.29 Acre Lot
- Central Heating and Cooling System
Community Details
- 20 Units
Listing and Financial Details
- Tenant pays for electricity, gas
- The owner pays for water
- Assessor Parcel Number 7280-005-064
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Oct 16, 2023
Closed on
Nov 27, 2023
Sold by
Retail On Promenade Llc and Retail On Promenade Two Llc
Bought by
495 Promenade Llc
Seller's Agent
Janet Neman
Kidder Mathews of California, Inc.
Buyer's Agent
Jon Swire
The Agency
List Price
$11,495,000
Sold Price
$10,900,000
Premium/Discount to List
-$595,000
-5.18%
Total Days on Market
28
Views
86
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$207,882
Avg. Annual Appreciation
1.17%
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Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| 495 Promenade Llc | $10,900,000 | Chicago Title Company |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | 495 Promenade Llc | $7,100,000 | |
| Previous Owner | The Retail On Promenade Llc | $9,250,000 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 12/11/2023 12/11/23 | For Sale | $11,495,000 | +5.5% | $324 / Sq Ft |
| 12/07/2023 12/07/23 | Sold | $10,900,000 | 0.0% | $308 / Sq Ft |
| 11/30/2023 11/30/23 | Off Market | $10,900,000 | -- | -- |
| 10/16/2023 10/16/23 | For Sale | $11,495,000 | -- | $324 / Sq Ft |
Source: The MLS
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 |
|---|---|---|---|---|
| 2024 | $144,074 | $10,900,000 | $3,900,000 | $7,000,000 |
| 2023 | $182,180 | $13,948,694 | $3,721,293 | $10,227,401 |
| 2022 | $136,472 | $10,776,654 | $2,296,655 | $8,479,999 |
| 2021 | $51,211 | $3,858,095 | $2,251,623 | $1,606,472 |
| 2019 | $32,329 | $2,184,840 | $2,184,840 | $0 |
| 2018 | $9,863 | $351,900 | $341,700 | $10,200 |
Source: Public Records
Agents Affiliated with this Home
-
Janet Neman
-
Angelica Gotzev
Seller Co-Listing Agent in 2023
Angelica Gotzev
Kidder Mathews of California, Inc.
(818) 636-6342
1 in this area
4 Total Sales
-
Jon Swire
Buyer's Agent in 2023
Jon Swire
The Agency
(310) 948-2631
1 in this area
31 Total Sales
Map
Source: The MLS
MLS Number: 23-322085
APN: 7280-005-064
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