Seller's Agent in 2023
Robert Stepp
Keller Williams Realty Downey
(310) 463-2916
1 in this area
75 Total Sales
945 Locust Ave Long Beach, CA 90813
Saint Mary's Neighborhood
4
Beds
3
Baths
13,054
Sq Ft
7,523
Sq Ft Lot
Highlights
- 0.17 Acre Lot
- Long Beach Polytechnic High School Rated A
- Laundry Room
About This Home
As of November 2023945 Locust Avenue is a 16-unit apartment property in Long Beach, California, adjacent to the vibrant East Village Arts District and Downtown. The controlled-access, all-electric, separately-metered building features two (2) 2BD / 2 BA units and fourteen (14) 2BD / 1 BA units. Seven (7) of the units are fully remodeled with new flooring, kitchens, stainless steel appliances, new bathrooms and modern fixtures and finishes. Double-pane windows are installed throughout the building for additional energy efficiency. An onsite laundry / storage room can provide extra income, and the eight (8) garages offer the opportunity for ADU conversion for additional rental income. 945 Locust Avenue is priced at 11.73 GRM and 5.39% cap rate at current rents.
Last Agent to Sell the Property
Keller Williams Realty Downey License #01456379 Listed on: 08/15/2023
Last Buyer's Agent
Keller Williams Realty Downey License #01456379 Listed on: 08/15/2023
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1964
Lot Details
- 7,521 Sq Ft Lot
- Two or More Common Walls
- Density is 16-20 Units/Acre
Parking
- 8 Car Garage
Home Design
- Apartment
- Entry on the 1st floor
Interior Spaces
- 13,054 Sq Ft Home
- 3-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 4 Bedrooms
- 3 Bathrooms
Listing and Financial Details
- Legal Lot and Block 7 / 8
- Tax Tract Number 5763
- Assessor Parcel Number 7273013003
- $2,905 per year additional tax assessments
Community Details
Overview
- 16 Units
- Downtown Subdivision
Amenities
- Laundry Facilities
Building Details
- Rent Control
- 16 Separate Electric Meters
- 1 Separate Water Meter
- Electric Expense $1,377
- Gardener Expense $1,200
- Insurance Expense $11,000
- Maintenance Expense $11,200
- Other Expense $4,800
- Pest Control $1,000
- Professional Management Expense $24,363
- Trash Expense $6,461
- Water Sewer Expense $4,782
- New Taxes Expense $51,985
- Operating Expense $119,668
- Gross Income $343,264
- Net Operating Income $223,595
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 11/14/2023 11/14/23 | Sold | $3,900,000 | -6.0% | $299 / Sq Ft | |
| 09/01/2023 09/01/23 | Pending | -- | -- | -- | |
| 08/15/2023 08/15/23 | For Sale | $4,150,000 | +17.7% | $318 / Sq Ft | |
| 05/26/2017 05/26/17 | Sold | $3,525,000 | -6.0% | $270 / Sq Ft | View Prior Sale |
| 05/08/2017 05/08/17 | Pending | -- | -- | -- | |
| 03/24/2017 03/24/17 | For Sale | $3,750,000 | -- | $287 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
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 | $51,497 | $3,978,000 | $2,585,700 | $1,392,300 |
| 2024 | $51,497 | $3,900,000 | $2,535,000 | $1,365,000 |
| 2023 | $51,970 | $3,932,200 | $2,755,330 | $1,176,870 |
| 2022 | $48,782 | $3,855,099 | $2,701,304 | $1,153,795 |
| 2021 | $47,772 | $3,779,510 | $2,648,338 | $1,131,172 |
| 2019 | $47,087 | $3,670,410 | $2,569,788 | $1,100,622 |
| 2018 | $45,955 | $3,598,500 | $2,519,400 | $1,079,100 |
| 2016 | $21,065 | $1,623,389 | $1,136,373 | $487,016 |
| 2015 | $20,254 | $1,599,005 | $1,119,304 | $479,701 |
| 2014 | $20,179 | $1,567,684 | $1,097,379 | $470,305 |
Source: Public Records
Agents Affiliated with this Home
-
Robert Stepp
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: PW23149053
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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