Seller's Agent in 2018
Tyler Leeson
Marcus & Millichap RE Invest
(949) 419-3200
156 Total Sales
620 Coronado Ave Long Beach, CA 90814
Bluff Heights Neighborhood
3
Beds
2
Baths
15,364
Sq Ft
0.31
Acres
Highlights
- 13,504 Sq Ft lot
- No HOA
- Landscaped
- Woodrow Wilson High School Rated A
- Laundry Room
About This Home
As of May 2018VALUE-ADD INVESTMENT - OVER 55% UPSIDE POTENTIAL.
620 Coronado Avenue is an 18-unit multifamily investment property located in the Belmont Heights neighborhood of Long Beach. This is the first time the building has been on the market in decades and presents investors with a rare opportunity to acquire a true value-add apartment asset with over 55% rental upside potential.
Situated on a 0.31-acre lot, the 15,364 square foot property consists of one-bedroom and two-bedroom floor plans averaging over 850 square feet. The two-bedroom units make up 78% of the total units within the building. 620 Coronado offers amenities including nine garages, controlled access, a spacious courtyard and on-site laundry. In addition, the building is within walking distance to numerous local and national retail stores and only one mile from the beach.
Given the strength of the overall apartment market within the city of Long Beach, 620 Coronado offers an investor the ability to capture tenants seeking a great beach neighborhood with convenient access to a wide variety of activities, transportation and retail amenities. This overall demand will be the driver in creating a very strong apartment investment at 620 Coronado Avenue.
Last Agent to Sell the Property
Marcus & Millichap RE Invest License #01451551 Listed on: 03/28/2018
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1963
Lot Details
- 0.31 Acre Lot
- No Common Walls
- Landscaped
Parking
- 9 Car Garage
Home Design
- 15,364 Sq Ft Home
Bedrooms and Bathrooms
- 3 Bedrooms
- 2 Bathrooms
Laundry
- Laundry Room
Listing and Financial Details
- Legal Lot and Block 17 / 2
- Tax Tract Number 577100
- Assessor Parcel Number 7258027030
Community Details
Overview
- No Home Owners Association
- 18 Units
Amenities
- Laundry Facilities
Building Details
- 18 Leased Units
- 18 Separate Electric Meters
- 18 Separate Gas Meters
- Electric Expense $3,600
- Fuel Expense $3,600
- Insurance Expense $5,400
- Maintenance Expense $12,600
- Other Expense $15,900
- Professional Management Expense $12,282
- Trash Expense $3,600
- Water Sewer Expense $3,600
- New Taxes Expense $62,525
- Operating Expense $123,107
- Gross Income $253,080
- Net Operating Income $122,542
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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 |
|---|---|---|---|---|
| 05/16/2018 05/16/18 | Sold | $4,850,000 | -0.9% | $316 / Sq Ft |
| 04/04/2018 04/04/18 | Pending | -- | -- | -- |
| 03/28/2018 03/28/18 | For Sale | $4,895,000 | -- | $319 / 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 | $70,780 | $5,518,468 | $2,275,657 | $3,242,811 |
| 2024 | $70,780 | $5,410,264 | $2,231,037 | $3,179,227 |
| 2023 | $69,584 | $5,304,182 | $2,187,292 | $3,116,890 |
| 2022 | $65,306 | $5,200,179 | $2,144,404 | $3,055,775 |
| 2021 | $63,981 | $5,098,215 | $2,102,357 | $2,995,858 |
| 2019 | $63,064 | $4,947,450 | $2,040,000 | $2,907,450 |
| 2018 | $9,394 | $536,951 | $75,389 | $461,562 |
| 2016 | $8,584 | $515,669 | $72,462 | $443,207 |
| 2015 | $8,303 | $507,924 | $71,374 | $436,550 |
| 2014 | $8,352 | $497,975 | $69,976 | $427,999 |
Source: Public Records
Agents Affiliated with this Home
-
Tyler Leeson
-
Jon Swire
Buyer's Agent in 2018
Jon Swire
The Agency
(310) 948-2631
1 in this area
34 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: OC18070906
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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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