NOT LISTED FOR SALE
2 Beds
2 Baths
21,724 Sq Ft
0.38 Acres

Last Sold December 15, 2017

Last sale price $8,000,000 $368 Per Sq Ft

9 Days on Market

Highlights

  • Private Yard
  • Laundry Room
  • 4-minute walk to Los Altos Plaza Park
  • Minnie Gant Elementary School Rated A

About This Home

As of December 2017

Outstanding location in the Park Estates! This 22 unit 2-story apartment was built in 1987. Each unit is 2 Bedroom 2 Bath with their own private patio/balcony. Assigned subterranean parking with 20 of the units having 2 parking spaces. Second story units have vaulted ceilings in the living room and in the bedrooms. Walking distance to California State University Long Beach and Circle Area shopping centers. Tremendous upside in rents based upon the current and market rates.

Last Agent to Sell the Property

Scott Hamilton

Engel & Völkers Long Beach License #01125930 Listed on: 09/19/2017

Engel & Völkers Long Beach

Last Buyer's Agent

Robert Stepp

Keller Williams Realty Downey License #01456379

Keller Williams Realty Downey

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1987

Lot Details

  • 0.38 Acre Lot
  • Two or More Common Walls
  • Private Yard

Parking

  • 42 Car Garage

Home Design

  • Property Attached

Interior Spaces

  • 21,724 Sq Ft Home
  • 2-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 2 Bathrooms

Listing and Financial Details

  • Legal Lot and Block 001 / 018
  • Tax Tract Number 7240
  • Assessor Parcel Number 7240018001

Community Details

Building Details

  • 23 Separate Electric Meters
  • 22 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $1,440
  • Gardener Expense $1,440
  • Insurance Expense $5,722
  • Maintenance Expense $9,900
  • Other Expense $3,300
  • Professional Management Expense $22,889
  • Trash Expense $4,400
  • Water Sewer Expense $13,180
  • New Taxes Expense $96,875
  • Operating Expense $161,146
  • Gross Income $384,120
  • Net Operating Income $211,450

Additional Features

  • 22 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1987

Lot Details

0

Parking

42

Listing Details

  • CapRate: 2.73
  • Professional Management Expense: 22889.00
  • Property Attached: Yes
  • Subdivision Name Other: College Park Estates (CPS)
  • Water Sewer Expenses: 13180.00
  • Zoning: LBR4R
  • Property Type: Residential Income
  • Gardener Expense: 1440.00
  • Parcel Number: 7240018001
  • Year Built: 1987
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 368.26

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 42.00
  • Total Parking Spaces: 42.00

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Trash Expense: 4400.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Yard
  • Lot Size Sq Ft: 16708.00

Multi Family

  • Electric Expense: 1440.00
  • Gross Income: 384120.00
  • Gross Multiplier: 20.32
  • Gross Scheduled Income: 381480.00
  • Insurance Expense: 5722.00
  • Laundry Income: 2640.00
  • Maintenance Expense: 9900.00
  • Net Operating Income: 211450.00
  • Number Of Separate Electric Meters: 23
  • Number Of Separate Gas Meters: 22
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 22
  • Operating Expense: 161146.00
  • Other Expense: 3300.00
  • Other Expense Description: Reserves
  • Rent Control: No
  • Total Expenses: 161146.00

Tax Info

  • New Taxes Expense: 96875.00
  • Tax Block: 018
  • Tax Census Tract: 5748.00
  • Tax Lot: 001
  • Tax Tract Number: 7240

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
12/15/2017 12/15/17 Sold $8,000,000 +3.2% $368 / Sq Ft
09/29/2017 09/29/17 For Sale $7,750,000 0.0% $357 / Sq Ft
09/28/2017 09/28/17 Pending -- -- --
09/21/2017 09/21/17 Pending -- -- --
09/19/2017 09/19/17 For Sale $7,750,000 -- $357 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: OC17216898

California Regional Multiple Listing Service (CRMLS)