Oliver Darwich
Compass
(747) 998-0783
38 Total Sales
1 in Saint Mary's
$467,500 Price
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
- Central Heating and Cooling System
- Long Beach Polytechnic High School Rated A
- Rectangular Lot
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
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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 in unit
- 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
Amenities
- Laundry Facilities
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
Ownership History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Mar 20, 2020
Closed on
Oct 20, 2020
Sold by
Bought by
Seller's Agent
Jeff Anderson
eXp Realty of California Inc
Buyer's Agent
G. Michael Lawrence
GML Homes, Inc.
List Price
$2,250,000
Sold Price
$2,250,000
Purchase Details
Listed on
Sep 3, 2017
Closed on
Nov 29, 2017
Sold by
Bought by
Seller's Agent
Matthew Firth
Matthew Firth, Broker
Buyer's Agent
Jeff Anderson
eXp Realty of California Inc
List Price
$1,190,000
Sold Price
$1,115,000
Premium/Discount to List
-$75,000
-6.3%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
27.39%
Purchase Details
Closed on
Apr 12, 2016
Sold by
Bought by
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$450,000
Interest Rate
3.59%
Mortgage Type
Commercial
Home Values in the Area
Average Home Value in this Area
Agents Specializing in Saint Mary's, CA
-
Oliver Darwich
-
Mike Dunfee
Mike Dunfee
Dunfee Real Estate Services
(424) 358-3624
127 Total Sales
1 in Saint Mary's
$370,000 Price
-
Leah Dilbeck
Leah Dilbeck
Engel & Völkers La Canada
(626) 414-5224
20 Total Sales
1 in Saint Mary's
$650,000 Price
-
Mark Yusupov
Mark Yusupov
Responds QuicklyKeller Williams Beverly Hills
(562) 222-5835
27 Total Sales
1 in Saint Mary's
$555,000 Price
-
Leslie Stonick
Leslie Stonick
Compass
(424) 381-0410
73 Total Sales
2 in Saint Mary's
$730,000 Price Range
-
Ramon Sanchez
Ramon Sanchez
Century 21 Allstars
(562) 684-6070
173 Total Sales
2 in Saint Mary's
$515,000 Price Range
Purchase History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| $2,250,000 | Old Republic Title Company | ||
| $1,115,000 | Old Republic Title Company | ||
| $750,000 | Lawyers Title Company |
Source: Public Records
Mortgage History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Previous Owner | $450,000 |
Source: Public Records
Property History
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 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 | View Prior Sale |
| 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
We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.
| 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 | $32,276 | $2,435,470 | $649,458 | $1,786,012 |
| 2024 | $30,893 | $2,387,717 | $636,724 | $1,750,993 |
| 2023 | $30,375 | $2,340,900 | $624,240 | $1,716,660 |
| 2022 | $28,500 | $2,295,000 | $612,000 | $1,683,000 |
| 2021 | $27,946 | $2,250,000 | $600,000 | $1,650,000 |
| 2019 | $14,892 | $1,137,300 | $581,400 | $555,900 |
| 2018 | $14,421 | $1,115,000 | $570,000 | $545,000 |
| 2017 | $10,243 | $765,000 | $489,600 | $275,400 |
| 2016 | $6,890 | $522,951 | $212,130 | $310,821 |
| 2015 | $6,628 | $515,097 | $208,944 | $306,153 |
| 2014 | $6,589 | $505,008 | $204,852 | $300,156 |
Source: Public Records
Agents Affiliated with this Home
-
Jeff Anderson
Seller's Agent in 2020
Jeff Anderson
eXp Realty of California Inc
(562) 261-0310
6 in this area
297 Total Sales
-
Matthew Firth
Seller Co-Listing Agent in 2020
Matthew Firth
Matthew Firth, Broker
(562) 760-9447
1 in this area
6 Total Sales
-
G. Michael Lawrence
Buyer's Agent in 2020
G. Michael Lawrence
GML Homes, Inc.
(310) 406-4739
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
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.
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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