NOT LISTED FOR SALE

915 Freeman Ave Long Beach, CA 90804

Rose Park Neighborhood
4 Beds
3 Baths
3,502 Sq Ft
6,774 Sq Ft Lot

Last Sold November 02, 2017

Last sale price $1,399,000 $399 Per Sq Ft

88 Days on Market

Highlights

  • Property is near public transit
  • Laundry Room
  • Level Lot
  • Woodrow Wilson High School Rated A
  • Landscaped
  • 1-minute walk to Rose Park

About This Home

As of November 2017

Back on Market, Buyer fell out of escrow. The Freeman Apartments is a Six-Unit complex located in the Rose Park area of Long Beach, CA and is NOT subject to rent control. This is a value add investment opportunity, as current ownership renovated Two out of the Six units, but rents are still below market. There are (2) on-site garages and the unit mix is comprised of (1) large 2 Bed / 1 Bath, (5) 1 Bed / 1 Bath units. A new investor can realize a significant upside in rents by renovating the remaining Four units and updating the exterior of the building. Great Rose Park location with a Walk Score of 86.

Last Agent to Sell the Property

Andrew McAllister

eXp Realty of Greater L.A License #01946829 Listed on: 07/24/2017

eXp Realty of Greater L.A

Last Buyer's Agent

NoEmail NoEmail

NONMEMBER MRML

NONMEMBER MRML

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $7,068

Year Built

  • Built in 1949

Lot Details

  • 6,774 Sq Ft Lot
  • No Common Walls
  • Landscaped
  • Level Lot

Parking

  • 2 Car Garage

Home Design

  • Shingle Roof
  • Composition Roof

Interior Spaces

  • 3,502 Sq Ft Home
  • 1-Story Property
  • Laundry Room

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 3 Bathrooms

Location

  • Property is near public transit
  • Urban Location

Additional Features

  • Rain Gutters
  • Wall Furnace

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Legal Lot and Block 8 / A
  • Tax Tract Number 1
  • Assessor Parcel Number 7258014009

Community Details

Building Details

  • 6 Leased Units
  • 7 Separate Electric Meters
  • 7 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $300
  • Fuel Expense $574
  • Gardener Expense $600
  • Insurance Expense $1,953
  • Maintenance Expense $3,924
  • Supplies Expense $1,500
  • Water Sewer Expense $2,450
  • New Taxes Expense $17,301
  • Operating Expense $29,677
  • Gross Income $104,700
  • Net Operating Income $72,938

Additional Features

  • 6 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$7,068

Year Built

Built in 1949

Lot Details

0

Parking

2

Listing Details

  • Assessments: Yes
  • CapRate: 5.21
  • Property Attached: No
  • Subdivision Name Other: Eastside (ES)
  • Supplies Expense: 1500.00
  • Water Sewer Expenses: 2450.00
  • Zoning: LBR2N
  • Property Type: Residential Income
  • Gardener Expense: 600.00
  • Parcel Number: 7258014009
  • Year Built: 1949
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 1
  • Common Walls: No Common Walls
  • Levels: One
  • Price Per Square Foot: 399.49

Exterior Features

  • Pool Private: No
  • Roof: Composition, Shingle

Garage/Parking

  • Garage Spaces: 2.00
  • Total Parking Spaces: 2.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Heating Type: Wall Furnace
  • Laundry Features: Community
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Curbs, Gutters, Sidewalks, Storm Drains, Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Landscaped, Level with Street, Near Public Transit
  • Lot Size Sq Ft: 6774.00

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Average1 Bed Area: 530 Square Feet
  • Average2 Bed Area: 850 Square Feet
  • Electric Expense: 300.00
  • Fuel Expense: 574.00
  • Garage Income: 50.00
  • Gross Income: 104700.00
  • Gross Multiplier: 13.36
  • Gross Operating Income: 101615.00
  • Gross Scheduled Income: 104700.00
  • Insurance Expense: 1953.00
  • Laundry Equipment Own Lease: Own
  • Laundry Income: 105.00
  • Maintenance Expense: 3924.00
  • Net Operating Income: 72938.00
  • Number Of Rented Garages: 1
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 6
  • Number Of Units Total: 6
  • Operating Expense: 28677.00
  • Operating Expense Percent: 30.00
  • Other Income Description: Only one garage rented
  • Rent Control: No
  • Total Actual Rent: 8570.00
  • Total Expenses: 29677.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 17301.00
  • Tax Area: 5500
  • Tax Block: A
  • Tax Census Tract: 5769.04
  • Taxes Percent: 1.18
  • Tax Lot: 8
  • Tax Rate: 1.18
  • Tax Tract Number: 1
  • Tax Annual Amount: 7068.00
  • Tax Year: 2016

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
Sold Price
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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 List to Sale Price per Sq Ft Prior Sale
11/02/2017 11/02/17 Sold $1,399,000 0.0% $399 / Sq Ft
07/24/2017 07/24/17 For Sale $1,399,000 +42.8% $399 / Sq Ft
08/19/2016 08/19/16 Sold $980,000 +3.2% $280 / Sq Ft View Prior Sale
05/26/2016 05/26/16 Pending -- -- --
05/02/2016 05/02/16 For Sale $950,000 -- $271 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

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 $20,165 $1,561,722 $892,413 $669,309
2024 $20,165 $1,531,101 $874,915 $656,186
2023 $19,822 $1,501,080 $857,760 $643,320
2022 $18,607 $1,471,648 $840,942 $630,706
2021 $18,234 $1,442,793 $824,453 $618,340
2019 $17,974 $1,400,000 $800,000 $600,000
2018 $17,795 $1,399,000 $800,000 $599,000
2016 $7,068 $539,302 $215,041 $324,261
2015 $6,797 $531,202 $211,811 $319,391
2014 $6,778 $520,797 $207,662 $313,135
Source: Public Records

Agents Affiliated with this Home

  • A

    Seller's Agent in 2017

    Andrew McAllister

    eXp Realty of Greater L.A

    (562) 423-8134

    17 Total Sales

    Andrew McAllister
    Section Image

  • N

    Buyer's Agent in 2017

    NoEmail NoEmail

    NONMEMBER MRML

    (646) 541-2551

    6,232 Total Sales

    NoEmail NoEmail
    Section Image

  • R

    Seller's Agent in 2016

    Ryan Rayburn

    Marcus & Millichap

See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: RS17165616

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Long Beach 90804 Rose Park

915 Freeman Ave, Long Beach, CA

Not Listed for Sale

MultiFamily

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