$2,350,000
SOLD MAR 13, 2025
3 Beds
3 Baths
11,750 Sq Ft
0.29 Acres

Recently Sold

$200 Per Sq Ft

29% Below List Price

327 Days on Market

About This Home

As of March 2025

We are pleased to present a 19+1 unit apartment building located at 728 Cerritos Avenue in Long Beach, California. This is a value-add opportunity in a great location. The subject property is close to 4th Street Retro Row, Downtown Long Beach and 2nd Street in Belmont Shore where there are restaurants, shops, bars, grocery stores and entertainment venues. The subject property consists of two parcels that total 11,750 rentable square feet spread throughout a 12,614 square foot lot. One property was built in 1924 and the other was built in 1952. The properties consist of 5 studios, 12 one bed/one bath units and 2 two bedroom / one bath units. The subject property is also separately metered for gas and electricity which helps keep expenses to a minimum. There are a total of 9 garages which generate income as well. Owners enjoy the high demand for rentals in a coastal city of Southern California. Tenants enjoy living close to the ocean breeze and walking distance to shops, restaurants, cafes, entertainment centers and grocery stores.

Last Agent to Sell the Property

Kevin King

Marcus & Millichap Brokerage Email: kking@marcusmillichap.com License #01158184 Listed on: 04/17/2024

Last Buyer's Agent

NoEmail NoEmail

NONMEMBER MRML

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1924

Lot Details

  • 0.29 Acre Lot
  • Two or More Common Walls
  • Density is 16-20 Units/Acre
  • 7266-003-016

Parking

  • 9 Car Garage

Home Design

  • Apartment

Interior Spaces

  • 11,750 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 3 Bathrooms

Listing and Financial Details

  • Tax Lot 15
  • Tax Tract Number 576401
  • Assessor Parcel Number 7266003017
  • $1,768 per year additional tax assessments

Community Details

Overview

  • 2 Buildings
  • 19 Units

Building Details

  • 19 Separate Electric Meters
  • 19 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $5,000
  • Fuel Expense $5,000
  • Gardener Expense $2,000
  • Insurance Expense $18,000
  • Maintenance Expense $16,150
  • Other Expense $4,750
  • Professional Management Expense $16,292
  • Trash Expense $5,000
  • Water Sewer Expense $5,000
  • New Taxes Expense $41,250
  • Operating Expense $123,467
  • Gross Income $325,840
  • Net Operating Income $202,373

Property Details

Home Type

Multi-Family

Year Built

Built in 1924

Lot Details

0

Parking

9

Listing Details

  • Price Per Unit: 173684
  • Professional Management Expense: 16292.00
  • Property Attached: Yes
  • Water Sewer Expenses: 5000.00
  • Zoning: LBR2N
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 2000.00
  • Parcel Number: 7266003017
  • Year Built: 1924
  • Special Features: None

Interior Features

  • Stories: 2
  • Entry Location: front
  • Common Walls: 2+ Common Walls
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 200.00

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 9.00
  • Total Parking Spaces: 9.00

Utilities

  • Laundry: No
  • Sewer: Public Sewer
  • Trash Expense: 5000.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Curbs, Sidewalks

Lot Info

  • Additional Parcels: No
  • Additional Parcels Description: 7266-003-016
  • Land Lease: No
  • Lot Features: 16-20 Units/Acre
  • Lot Size Sq Ft: 12614.00
  • Lot Size Acres: 0.2896

Multi Family

  • Electric Expense: 5000.00
  • Fuel Expense: 5000.00
  • Gross Income: 325840.00
  • Gross Scheduled Income: 314268.00
  • Insurance Expense: 18000.00
  • Lot Size Area: 12614.0000 Square Feet
  • Maintenance Expense: 16150.00
  • Net Operating Income: 202373.00
  • Number Of Separate Electric Meters: 19
  • Number Of Separate Gas Meters: 19
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 19
  • Operating Expense: 123467.00
  • Other Expense: 4750.00
  • Other Expense Description: Misc.
  • Other Income1: 21000.00
  • Rent Control: No
  • Total Expenses: 123467.00

Tax Info

  • New Taxes Expense: 41250.00
  • Tax Census Tract: 5764.01
  • Tax Lot: 15
  • Tax Tract Number: 576401
  • TaxOtherAnnualAssessmentAmount: 1768.00

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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
03/13/2025 03/13/25 Sold $2,350,000 -28.8% $200 / Sq Ft
03/10/2025 03/10/25 Pending -- -- --
01/08/2025 01/08/25 For Sale $3,300,000 0.0% $281 / Sq Ft
01/07/2025 01/07/25 Pending -- -- --
11/22/2024 11/22/24 Price Changed $3,300,000 -7.0% $281 / Sq Ft
11/19/2024 11/19/24 Price Changed $3,550,000 -6.6% $302 / Sq Ft
11/19/2024 11/19/24 For Sale $3,800,000 0.0% $323 / Sq Ft
11/12/2024 11/12/24 Pending -- -- --
08/12/2024 08/12/24 Price Changed $3,800,000 -9.5% $323 / Sq Ft
05/24/2024 05/24/24 Price Changed $4,200,000 -6.7% $357 / Sq Ft
04/17/2024 04/17/24 For Sale $4,500,000 -- $383 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW24076719

California Regional Multiple Listing Service (CRMLS)