Seller's Agent in 2023
Tyler Leeson
Marcus & Millichap RE Invest
(949) 419-3200
4 in this area
159 Total Sales
497 Saint Louis Ave Long Beach, CA 90814
North Alamitos Beach Neighborhood
6
Beds
6
Baths
23,591
Sq Ft
20,909
Sq Ft Lot
Highlights
- 0.48 Acre Lot
- Subterranean Parking
- Level Lot
- Woodrow Wilson High School Rated A
- Laundry Room
About This Home
As of May 2023Saint Louis Apartments is a 30-unit value-add multifamily investment opportunity located in Long Beach, CA. Saint Louis Apartments offers a desirable mix of spacious one, two, and three-bedroom units featuring amenities including private patios and balconies, vinyl and carpet flooring, ceiling fans, and more. Built in 1987, the property features an attractive community amenities package including a subterranean parking garage offering 45 secured parking spaces and 27 spacious storage units, gated pedestrian access, on-site laundry, and an on-site leasing office. Long Beach’s continued strong rental metrics, including a 2022 vacancy rate of just 3.4 percent and year-over-year rent growth of 10.6 percent, provide a new owner with the opportunity to take advantage of the substantial demand for rental units in the area through unit interior renovations. With current rents below market rates, Saint Louis Apartments represents an attractive value-add opportunity for a new owner.
Last Agent to Sell the Property
Marcus & Millichap RE Invest License #01451551 Listed on: 02/28/2023
Last Buyer's Agent
Marcus & Millichap RE Invest License #01451551 Listed on: 02/28/2023
Property Details
Home Type
- Apartment
Year Built
- Built in 1987
Lot Details
- 0.48 Acre Lot
- No Common Walls
- Level Lot
Parking
- 45 Car Garage
- Subterranean Parking
- Parking Available
Interior Spaces
- 23,591 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 6 Bedrooms
- 6 Bathrooms
Listing and Financial Details
- Legal Lot and Block 4 / F
- Tax Tract Number 576
- Assessor Parcel Number 7263003030
- $5,212 per year additional tax assessments
Community Details
Building Details
- 30 Leased Units
- Rent Control
- 30 Separate Electric Meters
- 30 Separate Gas Meters
- Electric Expense $7,327
- Fuel Expense $7,327
- Insurance Expense $10,500
- Maintenance Expense $21,000
- Other Expense $49,552
- Professional Management Expense $22,285
- Trash Expense $7,327
- Water Sewer Expense $7,327
- New Taxes Expense $112,966
- Operating Expense $245,611
- Gross Income $656,100
- Net Operating Income $391,093
Additional Features
- 30 Units
- Laundry Facilities
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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 |
|---|---|---|---|---|
| 05/03/2023 05/03/23 | Sold | $9,400,000 | -1.1% | $398 / Sq Ft |
| 03/16/2023 03/16/23 | Pending | -- | -- | -- |
| 02/28/2023 02/28/23 | For Sale | $9,500,000 | -- | $403 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
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 | $125,187 | $9,779,760 | $5,618,160 | $4,161,600 |
| 2024 | $125,187 | $9,588,000 | $5,508,000 | $4,080,000 |
| 2023 | $30,508 | $1,960,425 | $490,097 | $1,470,328 |
| 2022 | $28,683 | $1,921,987 | $480,488 | $1,441,499 |
| 2021 | $27,931 | $1,884,302 | $471,067 | $1,413,235 |
| 2019 | $27,537 | $1,851,515 | $457,096 | $1,394,419 |
| 2018 | $26,631 | $1,815,665 | $448,134 | $1,367,531 |
| 2016 | $24,438 | $1,722,960 | $430,734 | $1,292,226 |
| 2015 | $23,547 | $1,697,080 | $424,264 | $1,272,816 |
| 2014 | $23,339 | $1,663,838 | $415,954 | $1,247,884 |
Source: Public Records
Agents Affiliated with this Home
-
Tyler Leeson
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC23034059
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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