Seller's Agent in 2020
Jeff Anderson
eXp Realty of California Inc
(800) 784-2616
9 in this area
315 Total Sales
944 Pacific Ave Long Beach, CA 90813
Saint Mary's Neighborhood
6
Beds
5
Baths
4,583
Sq Ft
6,766
Sq Ft Lot
Highlights
- Laundry Room
- Central Heating and Cooling System
- Rectangular Lot
- Long Beach Polytechnic High School Rated A
About This Home
As of October 2020944 Pacific represents a rare opportunity to acquire a non-rent controlled, 2020 built, turn-key apartment complex in Downtown Long Beach, an extremely hot sub-market in the Los Angeles MSA.
The property has been exquisitely built, with features including shared out-door space, open floor-plans, excessive natural light, and loft ceiling heights. The attractive unit-mix includes one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units. With nearly every inch of the property being completely brand new having been converted from a creative office building, all building systems are new and to current building codes including plumbing, electrical, and mechanical (mini-split units for each apartment), which will significantly reduce ongoing maintenance costs for several years.
There is further value to be added by constructing three additional units as the asset contains excess parking on-site beyond what's required by code (preliminary estimates by entitlement consultant suggest the planning approval could be obtained within 6-8 months of submission of the conceptual site plan review package). Utilizing conservative assumptions, by completing the addition of the 3 units the asset could produce a CAP rate of 7.48% by year-5. Preliminary site-plans and construction budgets for the 3 additional units are available upon request.
Last Agent to Sell the Property
eXp Realty of California Inc License #01729514 Listed on: 03/20/2020
Property Details
Home Type
- Multi-Family
Year Built
- Built in 2020
Lot Details
- 6,766 Sq Ft Lot
- No Common Walls
- Rectangular Lot
- Level Lot
Interior Spaces
- 4,583 Sq Ft Home
- 2-Story Property
Bedrooms and Bathrooms
- 6 Bedrooms
- 5 Bathrooms
Laundry
- Laundry Room
- Washer and Gas Dryer Hookup
Parking
- 10 Open Parking Spaces
- 10 Parking Spaces
Additional Features
- Urban Location
- Central Heating and Cooling System
Listing and Financial Details
- Tax Lot 1
- Tax Tract Number 5758
- Assessor Parcel Number 7273014003
Community Details
Overview
- 6 Units
- Downtown Subdivision
Building Details
- 5 Leased Units
- 7 Separate Electric Meters
- 7 Separate Gas Meters
- 7 Separate Water Meters
- Electric Expense $900
- Gardener Expense $600
- Insurance Expense $1,800
- Maintenance Expense $3,600
- Other Expense $900
- New Taxes Expense $28,337
- Operating Expense $40,555
- Gross Income $151,800
- Net Operating Income $106,691
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
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 10/30/2020 10/30/20 | Sold | $2,250,000 | 0.0% | $491 / Sq Ft |
| 09/29/2020 09/29/20 | Pending | -- | -- | -- |
| 09/18/2020 09/18/20 | Price Changed | $2,250,000 | 0.0% | $491 / Sq Ft |
| 09/18/2020 09/18/20 | For Sale | $2,250,000 | 0.0% | $491 / Sq Ft |
| 05/27/2020 05/27/20 | Off Market | $2,250,000 | -- | -- |
| 05/01/2020 05/01/20 | For Sale | $2,450,000 | +8.9% | $535 / Sq Ft |
| 04/14/2020 04/14/20 | Off Market | $2,250,000 | -- | -- |
| 03/20/2020 03/20/20 | For Sale | $2,450,000 | +119.7% | $535 / Sq Ft |
| 12/07/2017 12/07/17 | Sold | $1,115,000 | -6.3% | $243 / Sq Ft |
| 10/10/2017 10/10/17 | Pending | -- | -- | -- |
| 09/03/2017 09/03/17 | For Sale | $1,190,000 | -- | $260 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
Jeff Anderson
-
Matthew Firth
Seller Co-Listing Agent in 2020
Matthew Firth
Matthew Firth, Broker
(562) 760-9447
2 in this area
9 Total Sales
-
G. Michael Lawrence
Buyer's Agent in 2020
G. Michael Lawrence
GML Homes, Inc.
(310) 406-4739
1 in this area
29 Total Sales
-
A
Buyer Co-Listing Agent in 2020
Austin Shake
Douglas Elliman of California, Inc.
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW20056333
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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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