Seller's Agent in 2016
Stephen Lampe
RE/MAX
(310) 802-2500
45 Total Sales
539 E 14th St Long Beach, CA 90813
Central Neighborhood
3
Beds
2
Baths
5,468
Sq Ft
8,997
Sq Ft Lot
About This Home
As of May 2016The subject property is a 9 unit apartment complex in Long Beach consisting of 3 buildings on one large parcel. All of the buildings have pitched roofs, and the unit mix is three( 2+1 units) and & six (1+1 units) with parking for 12 cars (8 open spaces plus 4 garages presently being used for storage at no charge).
Unit's A, B & C are all 2+1 units, the rest (1-6) are all 1+1 units. Unit #1 $877 (1+1) and unit #5 $900 (1+1) are Section 8 Tenants. All tenant's pay gas and electric utilities. There is a laundry room on-site that averages $175 per month in additional income.
The property has been in the same family for decades and the rents are below market with significant upside in rental income. The CAP rate is over 6% at the list price on stabilized market rents and operating expenses.
The property is on a quiet east - west street, between Atlantic and Long Beach Blvd which primarily has smaller triplexes and fourplexes. The property is adjacent to a small neighborhood park with jungle gyms/tot lot and is walking distance to a shopping center that is anchored by Smart & Final Grocers.
Last Agent to Sell the Property
Re/Max Commercial & Investment License #01164364 Listed on: 03/15/2016
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1959
Lot Details
- 8,997 Sq Ft Lot
- Two or More Common Walls
Parking
- 4 Car Garage
Home Design
- 5,468 Sq Ft Home
- Property Attached
Bedrooms and Bathrooms
- 3 Bedrooms
- 2 Bathrooms
Listing and Financial Details
- Tax Lot 5
- Tax Tract Number 758
- Assessor Parcel Number 7269030005
Community Details
Overview
- 3 Buildings
- 9 Units
Building Details
- 9 Leased Units
- 10 Separate Electric Meters
- 10 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $750
- Insurance Expense $1,859
- Professional Management Expense $6,000
- Trash Expense $750
- Water Sewer Expense $750
- New Taxes Expense $14,063
- Gross Income $8,372
- Net Operating Income $65,292
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 05/17/2016 05/17/16 | Sold | $1,250,000 | 0.0% | $229 / Sq Ft |
| 03/21/2016 03/21/16 | Pending | -- | -- | -- |
| 03/15/2016 03/15/16 | For Sale | $1,250,000 | -- | $229 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
-
D
Buyer's Agent in 2016
Dalida Lim
Starburst Realty
(562) 225-1975
10 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SB16054715
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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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