Seller's Agent in 2021
Robert Stepp
Keller Williams Realty Downey
(310) 463-2916
4 in this area
74 Total Sales
927 Grand Ave Long Beach, CA 90804
Recreation Park NeighborhoodEstimated Value: $1,492,000
3
Beds
2
Baths
8,810
Sq Ft
$169/Sq Ft
Est. Value
Highlights
- 0.28 Acre Lot
- Laundry Room
- 8 Car Garage
- Woodrow Wilson High School Rated A
About This Home
As of December 2021907-927 Grand Avenue is a 13-unit investment asset located in the popular Eastside Long Beach rental market. Situated on two parcels, the property is comprised of three separate structures featuring a favorable mix of seven 2BD / 1BA and six 1BD / 1BA units. The property has been extensively renovated. Unit interior renovations totaling over $340,000 include: New vinyl plank flooring & custom bathroom tile, Modern designer cabinets & countertops, New appliances, New energy-efficient LED lighting, New upgraded electrical sub-panels in-unit. POTENTIAL TO BUILD 2 ADUs. The property offers onsite laundry facilities and eight garages. Four of the garages are in a stand-alone structure and have the capacity to be converted to two ADUs of approximately 350 square feet each. The addition of these two ADUs has the potential to add $1,500 rental income per unit per month, for a total combined income of $36,000 annually. PRIME EASTSIDE LOCATION. Located in prime Eastside Long Beach, which has a Walk Score of 91, the property provides tenants with convenient, walkable access to all amenities for day-to-day living. The neighborhood is ranked as one of the best neighborhoods in Long Beach for young professionals by Niche.com. The median household income is $118,600 and 31% of residents are families with children. The seller's renovations and management provide a new buyer with a solid investment at 4.25% cap rate on actuals.
Last Agent to Sell the Property
Keller Williams Realty Downey License #01456379 Listed on: 08/12/2021
Last Buyer's Agent
Keller Williams Realty Downey License #01456379 Listed on: 08/12/2021
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1963
Lot Details
- 0.28 Acre Lot
- Two or More Common Walls
- Density is 11-15 Units/Acre
- 7254015027
Parking
- 8 Car Garage
- Parking Available
Home Design
- Apartment
Interior Spaces
- 8,810 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 3 Bedrooms
- 2 Bathrooms
Laundry
- Laundry Room
- Laundry Located Outside
Location
- Urban Location
Listing and Financial Details
- Tax Lot 22
- Tax Tract Number 5770
- Assessor Parcel Number 7254015025
- $1,277 per year additional tax assessments
Community Details
Overview
- 3 Buildings
- 13 Units
- Eastside Subdivision
Building Details
- Rent Control
- 13 Separate Electric Meters
- 13 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $1,325
- Fuel Expense $1,325
- Gardener Expense $2,340
- Insurance Expense $5,500
- Maintenance Expense $7,500
- Other Expense $2,300
- Pest Control $600
- Professional Management Expense $11,047
- Trash Expense $1,325
- Water Sewer Expense $1,325
- New Taxes Expense $55,228
- Operating Expense $90,315
- Gross Income $276,165
- Net Operating Income $185,850
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
May 8, 2019
Sold by
Grand Avenue Apartments Llc
Bought by
927 Apartments Llc
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,375,000
Outstanding Balance
$2,083,865
Interest Rate
4.1%
Mortgage Type
Commercial
Estimated Equity
-$591,865
Purchase Details
Closed on
Nov 9, 2004
Sold by
Santoro Louis and Broom Kerry L
Bought by
Grand Avenue Apartments Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,050,000
Interest Rate
5.74%
Mortgage Type
Commercial
Purchase Details
Closed on
Jan 13, 1997
Sold by
Fdic
Bought by
Lincoln Trust Company
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$273,000
Interest Rate
8%
Mortgage Type
Commercial
Purchase Details
Closed on
Jan 2, 1997
Sold by
Kauffman Clifton and Lincoln Trust Company
Bought by
Santoro Louis and Broom Kerry L
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$273,000
Interest Rate
8%
Mortgage Type
Commercial
Purchase Details
Closed on
Sep 11, 1996
Sold by
Bouras Peter M and Kauffman Clifton
Bought by
Kauffman Clifton and Lincoln Trust Company
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| 927 Apartments Llc | $3,090,000 | Stewart Title | |
| Grand Avenue Apartments Llc | $1,400,000 | First American Title Ins Co | |
| Lincoln Trust Company | -- | -- | |
| Santoro Louis | $152,000 | -- | |
| Kauffman Clifton | $170,000 | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | 927 Apartments Llc | $2,375,000 | |
| Previous Owner | Grand Avenue Apartments Llc | $1,050,000 | |
| Previous Owner | Santoro Louis | $273,000 | |
| Closed | Santoro Louis | $39,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 12/16/2021 12/16/21 | Sold | $4,375,000 | 0.0% | $497 / Sq Ft |
| 10/26/2021 10/26/21 | Pending | -- | -- | -- |
| 09/23/2021 09/23/21 | Price Changed | $4,375,000 | -2.8% | $497 / Sq Ft |
| 08/12/2021 08/12/21 | For Sale | $4,500,000 | -- | $511 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
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 | $22,011 | $1,697,932 | $1,273,449 | $424,483 |
| 2024 | $22,011 | $1,664,640 | $1,248,480 | $416,160 |
| 2023 | $21,630 | $1,632,000 | $1,224,000 | $408,000 |
| 2022 | $20,081 | $1,600,000 | $1,200,000 | $400,000 |
| 2021 | $15,731 | $1,236,680 | $865,676 | $371,004 |
| 2019 | $9,303 | $687,911 | $374,865 | $313,046 |
| 2018 | $9,008 | $674,436 | $367,515 | $306,921 |
| 2016 | $8,297 | $647,614 | $353,245 | $294,369 |
| 2015 | $7,974 | $637,887 | $347,939 | $289,948 |
| 2014 | $7,655 | $600,000 | $327,300 | $272,700 |
Source: Public Records
Agents Affiliated with this Home
-
Robert Stepp
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW21178294
APN: 7254-015-027
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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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