NOT LISTED FOR SALE

720 Belmont Ave Long Beach, CA 90804

Recreation Park Neighborhood
6 Beds
6 Baths
3,559 Sq Ft
5,223 Sq Ft Lot

Last Sold May 10, 2018

Last sale price $1,690,000 $475 Per Sq Ft

53 Days on Market

Highlights

  • No HOA
  • Laundry Room
  • 1-Story Property
  • Fremont Elementary School Rated A
  • Wall Furnace

About This Home

As of May 2018

We are proud to offer a “Turn Key” six-unit apartment in the heart of Belmont Heights in the city of Long Beach. The subject property is located at 720 Belmont Avenue, one street East of Termino Avenue, one block North of 7th Street. This investment consists of 3 one bedrooms/ one-bathroom units and 3 Junior one bedrooms/ one-bathroom well maintained units. Built in 1988, this property is a two-story walk up style building with private carports and approximately 3,559 rentable square feet. With condo style amenities such as fireplaces, dishwashers, vaulted ceilings, and small office/ dens each unit provides a living space that attracts a “professional” tenant base.

Located within close proximity to numerous restaurants and shopping corridors this property offers an investor the rare opportunity to acquire a “Turn Key” income property in a strong rental market in the most desirable community of Belmont Heights. With rents over 10% below market value, an investor looking to add value could dramatically improve their cash flow by bumping rents up to market rate thus making this acquisition a valuable addition to any investor’s portfolio.

Last Agent to Sell the Property

Justin White

Justin White License #01267826 Listed on: 02/01/2018

Last Buyer's Agent

David Popelka

Century 21 Union Realty License #01317056

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1988

Lot Details

  • 5,223 Sq Ft Lot
  • No Common Walls
  • Density is 6-10 Units/Acre

Interior Spaces

  • 3,559 Sq Ft Home
  • 1-Story Property
  • Den with Fireplace
  • Laundry Room

Bedrooms and Bathrooms

  • 6 Bedrooms
  • 6 Bathrooms

Parking

  • 8 Parking Spaces
  • 8 Carport Spaces
  • Parking Available
  • Assigned Parking

Outdoor Features

  • Exterior Lighting

Utilities

  • Wall Furnace
  • Cable TV Available

Listing and Financial Details

  • Tenant pays for all utilities
  • Tax Lot 1
  • Tax Tract Number 5770
  • Assessor Parcel Number 7254021026

Community Details

Overview

  • No Home Owners Association
  • 2 Buildings
  • 6 Units

Amenities

  • Laundry Facilities

Building Details

  • 6 Separate Electric Meters
  • 6 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $900
  • Insurance Expense $1,600
  • Professional Management Expense $4,986
  • Trash Expense $900
  • Water Sewer Expense $900
  • New Taxes Expense $19,069
  • Operating Expense $32,647
  • Gross Income $96,728
  • Net Operating Income $64,081

Property Details

Home Type

Multi-Family

Year Built

Built in 1988

Lot Details

0

Listing Details

  • CapRate: 3.78
  • Other Phone Number: 562.225.3811
  • Professional Management Expense: 4986.00
  • Property Attached: No
  • Subdivision Name Other: Belmont Heights (BH)
  • Water Sewer Expenses: 900.00
  • Zoning: LBCCA
  • Property Type: Residential Income
  • Parcel Number: 7254021026
  • Year Built: 1988
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: Yes
  • Stories: 1
  • Common Walls: No Common Walls
  • Fireplace Features: Den
  • Levels: One
  • Price Per Square Foot: 474.85

Exterior Features

  • Pool Private: No

Garage/Parking

  • Carport Spaces: 8.00
  • Parking: Yes
  • Parking Features: Assigned
  • Total Parking Spaces: 8.00

Utilities

  • Utilities: Cable Available
  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Wall Furnace
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Trash Expense: 900.00
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 6-10 Units/Acre
  • Lot Size Sq Ft: 5223.00

Rental Info

  • Tenant Pays: All Utilities

Multi Family

  • Average1 Bed Area: 625 Square Feet
  • Average Studio Area: 560 Square Feet
  • Electric Expense: 900.00
  • Gross Income: 96728.00
  • Gross Multiplier: 17.00
  • Gross Operating Income: 96728.00
  • Gross Scheduled Income: 99720.00
  • Insurance Expense: 1600.00
  • Net Operating Income: 64081.00
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 6
  • Operating Expense: 32647.00
  • Rent Control: No
  • Total Actual Rent: 8250.00
  • Total Expenses: 32647.00
  • Vacancy Allowance: 2992

Tax Info

  • New Taxes Expense: 19069.00
  • Tax Census Tract: 5770.00
  • Tax Lot: 1
  • Tax Tract Number: 5770.0

Range of Values:

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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 Change Sq Ft Price
05/10/2018 05/10/18 Sold $1,690,000 -0.3% $475 / Sq Ft
03/26/2018 03/26/18 Pending -- -- --
02/01/2018 02/01/18 For Sale $1,695,000 0.0% $476 / Sq Ft
08/13/2014 08/13/14 Rented $980 0.0% --
08/13/2014 08/13/14 For Rent $980 -- --
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Justin White

    Seller's Agent in 2018

    Justin White

    Justin White

    (714) 231-2537

    46 Total Sales

    Section Image

  • D

    Buyer's Agent in 2018

    David Popelka

    Century 21 Union Realty

  • E

    Seller's Agent in 2014

    Eric Adrian

    CA Property Management

    (562) 489-3704

    7 Total Sales

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW18024544

California Regional Multiple Listing Service (CRMLS)

California Los Angeles County Long Beach 90804 Recreation Park

720 Belmont Ave, Long Beach, CA

This home is located at 720 Belmont Ave, Long Beach, CA 90804 since 01 February 2018. This property was built in 1988. 720 Belmont Ave is a home located in Los Angeles County with nearby schools including Fremont Elementary School, Woodrow Wilson High School, and Maple Village Waldorf School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

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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