NOT LISTED FOR SALE

5441 E 2nd St Long Beach, CA 90803

Naples Neighborhood
1 Bed
2 Baths
5,639 Sq Ft
0.29 Acres

Last Sold April 29, 2015

Last sale price $2,700,000 $479 Per Sq Ft

9 Days on Market

Highlights

  • Marina
  • 0.29 Acre Lot
  • No HOA
  • Naples Bayside Academy Rated A
  • Lawn
  • Level Lot

About This Home

As of April 2015

Includes 5441, 5443, 5451 E. 2nd St. (APN 7244-002-034, 7244-002-041 and 7244-002-040). 154 feet frontage.
I am pleased to present this 16 unit bungalow style property situated in an A Plus location on Naples Island in Long Beach. This property consists of 3 separate lots with three individual assessor parcel numbers, and could possibly be sold individually. However the current owner is selling it as one investment. 7- 1 bedroom, 1 bath and 9 singles with a total of 5639 sf., it sits on 12,597 sf. of prime lots with open courtyards and endless possibilities. Convenient location among multi-million dollar single-family residences, it is steps to beach, bay, and Belmont Shore. With a little TLC and vision, this gem of an investment can be transformed into a charming Laguna Beach or Carmel cottage style with huge upside in rent. (Very long-term tenants are paying way below the market rent for the location). The size of the property may offer an option for redevelopment. (Buyer to check with the City and satisfy themselves). 2 garages and 5 parking spaces.

Last Agent to Sell the Property

Mohsen Shahbani

Coldwell Banker Realty License #01068932 Listed on: 03/21/2015

Coldwell Banker Realty

Last Buyer's Agent

Mohsen Shahbani

Coldwell Banker Realty License #01068932 Listed on: 03/21/2015

Coldwell Banker Realty

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1942

Lot Details

  • 0.29 Acre Lot
  • Property fronts an alley
  • No Common Walls
  • Level Lot
  • Lawn

Parking

  • 2 Car Garage

Home Design

  • 5,639 Sq Ft Home

Bedrooms and Bathrooms

  • 1 Bedroom
  • 2 Bathrooms

Additional Features

  • Leased Washer and Dryer
  • Exterior Lighting

Listing and Financial Details

  • Tax Lot 10
  • Tax Tract Number 7239
  • Assessor Parcel Number 7244002034

Community Details

Overview

  • No Home Owners Association
  • 5 Buildings
  • 16 Units

Recreation

  • Marina

Building Details

  • 16 Leased Units
  • 3 Separate Electric Meters
  • 3 Separate Gas Meters
  • 3 Separate Water Meters
  • Insurance Expense $7,156
  • Maintenance Expense $12,610
  • Other Expense $960
  • New Taxes Expense $29,880
  • Gross Income $13,135
  • Net Operating Income $93,948

Property Details

Home Type

Multi-Family

Year Built

Built in 1942

Lot Details

0

Parking

2

Listing Details

  • CapRate: 3.80
  • Property Attached: No
  • Road Frontage Type: Alley
  • Subdivision Name Other: Naples (NA)
  • Property Type: Residential Income
  • Parcel Number: 7244002034
  • Year Built: 1942
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: No Common Walls
  • Levels: One
  • Price Per Square Foot: 478.81

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 2.00
  • Total Parking Spaces: 7.00

Utilities

  • Utilities: Sewer Available
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Community Features: Curbs, Sidewalks, Street Lights, Storm Drains

Lot Info

  • Lot Features: Level, Lawn
  • Lot Size Sq Ft: 12597.00
  • Lot Size Acres: 0.2890

Multi Family

  • Average1 Bed Area: 400
  • Average Studio Area: 300
  • Gross Income: 13135.00
  • Gross Multiplier: 15.80
  • Gross Scheduled Income: 157620.00
  • Insurance Expense: 7156.00
  • Laundry Equipment Own Lease: Lease
  • Lot Size Area: 12597.0000 Square Feet
  • Maintenance Expense: 12610.00
  • Maintenance Percent: 8.00
  • Net Operating Income: 93948.00
  • Number Of Separate Electric Meters: 3
  • Number Of Separate Gas Meters: 3
  • Number Of Separate Water Meters: 3
  • Number Of Units Leased: 16
  • Number Of Units Total: 16
  • Operating Expense: 63672.00
  • Other Expense: 960.00
  • Other Expense Description: lease
  • Other Income Description: Actual income
  • Rent Control: No
  • Total Actual Rent: 12935.00
  • Vacancy Allowance Rate: 3.00
  • Waterfront Features: Marina in Community

Tax Info

  • New Taxes Expense: 29880.00
  • Tax Lot: 10
  • Tax Tract Number: 7239

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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Sold Price
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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
04/29/2015 04/29/15 Sold $2,700,000 +8.4% $479 / Sq Ft
03/30/2015 03/30/15 Pending -- -- --
03/21/2015 03/21/15 For Sale $2,490,000 -- $442 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Mohsen Shahbani

    Seller's Agent in 2015

    Mohsen Shahbani

    Coldwell Banker Realty

    (562) 547-3324

    4 in this area

    35 Total Sales

    Mohsen Shahbani
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW15059583

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90803 Naples

5441 E 2nd St, Long Beach, CA

Not Listed for Sale

MultiFamily

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