Seller's Agent in 2019
Greg Bassirpou
Marcus & Millichap RE Invest
(949) 419-3269
30 Total Sales
58 Argonne Ave Long Beach, CA 90803
Belmont Shore Neighborhood
1
Bed
2
Baths
10,128
Sq Ft
9,012
Sq Ft Lot
Highlights
- 0.21 Acre Lot
- Property is near public transit
- Laundry Room
- Lowell Elementary School Rated A-
About This Home
As of March 2019The Argonne Avenue Apartments is a rare 24-unit apartment building located just steps from the beach in the highly desirable Belmont Shore district of Long Beach, CA. The property is conveniently located near the popular retail, entertainment, and dining district on Belmont Shore’s East Second Street. It offers more than 250 unique, upscale boutiques and specialty shops and a myriad of coffee shops, cafes, casual dining taverns, and international specialty restaurants.
The offering is comprised of three contiguous eight-unit buildings, each situated on a separate parcel. Each building contains (5) one bedroom/ one bathroom units and (3) studio units. The seller will also consider selling each building separately. Tenants enjoy an on-site laundry facility and a short walk to the beach. There is also tremendous opportunity to capitalize on strong market trends that should increase rental income by over 45 percent. Given the fantastic location and strong demographics, The Argonne Avenue Apartments is well suited to provide investors with strong returns and value appreciation over the long-term investment horizon.
Last Agent to Sell the Property
Marcus & Millichap RE Invest License #01365951 Listed on: 10/16/2018
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1946
Lot Details
- 9,012 Sq Ft Lot
- No Common Walls
- 7247021030, 7247021031
Parking
- On-Street Parking
Interior Spaces
- 10,128 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 1 Bedroom
- 2 Bathrooms
Additional Features
- Exterior Lighting
- Property is near public transit
Listing and Financial Details
- Tax Lot 1
- Tax Tract Number 3750
- Assessor Parcel Number 7247021029
Community Details
Overview
- 3 Buildings
- 24 Units
Amenities
- Laundry Facilities
Building Details
- 24 Separate Electric Meters
- 24 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $1,650
- Fuel Expense $1,650
- Insurance Expense $10,500
- Professional Management Expense $14,000
- Trash Expense $1,650
- Water Sewer Expense $1,650
- New Taxes Expense $72,000
- Operating Expense $118,100
- Gross Income $354,120
- Net Operating Income $225,396
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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 |
|---|---|---|---|---|
| 03/27/2019 03/27/19 | Sold | $6,100,000 | -3.9% | $602 / Sq Ft |
| 01/25/2019 01/25/19 | Pending | -- | -- | -- |
| 10/16/2018 10/16/18 | For Sale | $6,350,000 | -- | $627 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
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 |
|---|---|---|---|---|
| 2025 | $28,454 | $2,231,033 | $1,338,620 | $892,413 |
| 2024 | $28,454 | $2,187,288 | $1,312,373 | $874,915 |
| 2023 | $27,966 | $2,144,401 | $1,286,641 | $857,760 |
| 2022 | $26,236 | $2,102,355 | $1,261,413 | $840,942 |
| 2021 | $25,717 | $2,061,133 | $1,236,680 | $824,453 |
| 2020 | $25,652 | $2,041,200 | $1,224,000 | $817,200 |
| 2019 | $22,118 | $1,734,200 | $1,233,000 | $501,200 |
| 2018 | $8,836 | $642,923 | $385,040 | $257,883 |
| 2016 | $8,141 | $616,806 | $370,090 | $246,716 |
| 2015 | $7,829 | $607,542 | $364,531 | $243,011 |
| 2014 | $7,811 | $595,642 | $357,391 | $238,251 |
Source: Public Records
Agents Affiliated with this Home
-
Greg Bassirpou
-
Jon Swire
Buyer's Agent in 2019
Jon Swire
The Agency
(310) 948-2631
34 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC18252312
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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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