NOT LISTED FOR SALE
11 Beds
11 Baths
6,544 Sq Ft
7,501 Sq Ft Lot

Sale Details

Date Sold: September 11, 2019

Last sale price $1,900,000 $290 Per Sq Ft

165 Days on Market

Highlights

  • 0.17 Acre Lot
  • Corner Lot
  • Laundry Facilities
  • Long Beach Polytechnic High School Rated A

About This Home

As of September 2019

First time on the market in over 17 years and Seller is extremely motivated. Property is currently operating as 9 units, but shows 10 legal units on record. Huge value-add opportunity with below market rents and a Pro Forma Cap Rate of 6.44% based on conservative market rents. The property is comprised of EIGHT (Studios) and ONE (11+ 3 House). The house was built as two separate single family houses and legally converted into a duplex in 1999. 4 of the 8 Studios have been remodeled and the house is in good condition. All leases are month to month and there is significant upside for a new investor by remodeling unit interiors and raising rents to market. The house and two studios are currently vacant, allowing a Buyer to begin raising rents immediately.

Last Agent to Sell the Property

Andrew McAllister

eXp Realty of Greater L.A License #01946829 Listed on: 03/18/2019

eXp Realty of Greater L.A

Last Buyer's Agent

Peter Sun

Realty One Group Diamond License #01960205

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Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1926

Lot Details

  • 7,501 Sq Ft Lot
  • No Common Walls
  • Corner Lot

Home Design

  • 6,544 Sq Ft Home

Bedrooms and Bathrooms

  • 11 Bedrooms
  • 11 Bathrooms

Outdoor Features

  • Exterior Lighting
  • Rain Gutters

Location

  • Urban Location

Listing and Financial Details

  • Legal Lot and Block 3 / 26
  • Tax Tract Number 11
  • Assessor Parcel Number 7274020013

Community Details

Overview

  • 3 Buildings
  • 9 Units

Amenities

  • Laundry Facilities

Building Details

  • 7 Leased Units
  • 11 Separate Electric Meters
  • 11 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $2,618
  • Maintenance Expense $5,400
  • Other Expense $2,250
  • Pest Control $995
  • Professional Management Expense $7,703
  • Trash Expense $2,032
  • Water Sewer Expense $7,421
  • New Taxes Expense $25,471
  • Operating Expense $52,297
  • Gross Income $158,820
  • Net Operating Income $101,758

Property Details

Home Type

Multi-Family

Year Built

Built in 1926

Lot Details

7,501 Sq Ft Lot

Listing Details

  • Assessments: Yes
  • CapRate: 5.22
  • Professional Management Expense: 7703.00
  • Property Attached: No
  • Subdivision Name Other: East Village
  • Water Sewer Expenses: 7421.00
  • Zoning: LBCO
  • Property Type: Residential Income
  • Parcel Number: 7274020013
  • Year Built: 1926
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: No Common Walls
  • Price Per Square Foot: 290.34

Exterior Features

  • Pool Private: No

Utilities

  • Laundry: Yes
  • Laundry Features: Community
  • Pest Control Expense: 995.00
  • Sewer: Public Sewer
  • Trash Expense: 2032.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Curbs, Gutters, Sidewalks, Street Lights, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Corner Lot, Lot 6500-9999
  • Lot Size Sq Ft: 7501.00
  • Lot Size Acres: 0.1722

Multi Family

  • Gross Income: 158820.00
  • Gross Multiplier: 12.28
  • Gross Operating Income: 154055.00
  • Gross Scheduled Income: 158820.00
  • Insurance Expense: 2618.00
  • Laundry Equipment Own Lease: Own
  • Lot Size Area: 7501.0000 Square Feet
  • Maintenance Expense: 5400.00
  • Net Operating Income: 101758.00
  • Number Of Separate Electric Meters: 11
  • Number Of Separate Gas Meters: 11
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 7
  • Number Of Units Total: 9
  • Operating Expense: 52297.00
  • Other Expense: 2250.00
  • Other Expense Description: Reserves
  • Rent Control: No
  • Total Actual Rent: 5645.00
  • Total Expenses: 52297.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 25471.00
  • Tax Area: 11933
  • Tax Block: 26
  • Tax Census Tract: 5763.02
  • Tax Lot: 3
  • Tax Tract Number: 11-933

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 18, 2019
Closed on
Aug 21, 2019
Sold by
Bought by
Seller's Agent
Andrew McAllister
eXp Realty of Greater L.A
Buyer's Agent
Peter Sun
Realty One Group Diamond
List Price
$2,125,000
Sold Price
$1,900,000
Premium/Discount to List
-$225,000
-10.59%

Purchase Details

Closed on
Jul 30, 2002
Sold by
Bought by

Purchase Details

Closed on
Mar 4, 2002
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$37,050
Interest Rate
6.94%
Mortgage Type
Construction

Purchase Details

Closed on
Apr 27, 1998
Sold by
Bought by

Purchase Details

Closed on
Nov 9, 1993
Sold by
Bought by
Source: Public Records

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

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Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$1,900,000 Fidelity National Title Co
$396,100 Stewart Title
-- --
-- --
-- --
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $500,000
Previous Owner $450,000
Previous Owner $37,050
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
09/11/2019 09/11/19 Sold $1,900,000 -2.6% $290 / Sq Ft
08/30/2019 08/30/19 Pending -- -- --
06/10/2019 06/10/19 Price Changed $1,950,000 -8.2% $298 / Sq Ft
03/18/2019 03/18/19 For Sale $2,125,000 -- $325 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

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
2026 $3,007 $93,764 $25,001 $68,763
2025 $2,918 $91,926 $24,511 $67,415
2024 $2,813 $90,125 $24,031 $66,094
2023 $2,813 $88,359 $23,560 $64,799
2022 $2,602 $86,628 $23,099 $63,529
2021 $2,422 $84,931 $22,647 $62,284
2020 $2,349 $84,061 $22,415 $61,646
2019 $2,257 $84,061 $22,415 $61,646
2018 $2,196 $80,799 $21,546 $59,253
2017 $2,163 $79,216 $21,124 $58,092
2016 $1,840 $77,663 $20,710 $56,953
2015 $1,839 $76,497 $20,399 $56,098
2014 $1,797 $75,000 $20,000 $55,000
Source: Public Records

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: RS19059595

California Regional Multiple Listing Service (CRMLS)
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