NOT LISTED FOR SALE
11 Beds
8 Baths
11,590 Sq Ft
0.33 Acres

Last Sold August 22, 2014

Last sale price $2,150,000 $186 Per Sq Ft

35 Days on Market

Highlights

  • 0.33 Acre Lot
  • Property is near a park
  • Landscaped

About This Home

As of August 2014

Fully occupied and well maintained multiple family dwelling property with 2 buildings and 17 units (11 one bedroom and one bath and 6 two bedroom one bath). Building entry is gated and key required for access. Owners have maintained the property well and have good tenants in place. Parking on the street and 8 spaces for tenants to park in back of the buildings. Close to shopping, parks and schools. Purchasing a property like this is a great way to earn rental income every month and to also gain equity over time. DRIVE BY ONLY. DO NOT STEP FOOT ON PROPERTY. DO NOT TALK TO TENANTS OR MANAGER. NO EXCEPTIONS.

Last Agent to Sell the Property

Shayne Lamont

Shayne Lamont, Broker License #01839813 Listed on: 03/08/2014

Last Buyer's Agent

Shayne Lamont

Shayne Lamont, Broker License #01839813 Listed on: 03/08/2014

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $17,316

Year Built

  • Built in 1963

Lot Details

  • 0.33 Acre Lot
  • Two or More Common Walls
  • Landscaped
  • Corners Of The Lot Have Been Marked
  • Irregular Lot
  • Sprinkler System
  • Density is 16-20 Units/Acre

Parking

  • 8 Open Parking Spaces
  • 4 Car Garage
  • Parking Available
  • Unassigned Parking

Home Design

  • Property Attached

Interior Spaces

  • 11,590 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 11 Bedrooms
  • 8 Bathrooms

Location

  • Property is near a park
  • Property is near public transit
  • Urban Location

Additional Features

  • Exterior Lighting
  • Sewer Paid

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas, HVAC maintenance, insurance
  • Tax Lot 14
  • Tax Tract Number 19618
  • Assessor Parcel Number 7130016033

Community Details

Overview

  • 2 Buildings
  • 17 Units

Building Details

  • 17 Leased Units
  • Rent Control
  • 17 Separate Electric Meters
  • 17 Separate Gas Meters
  • 1 Separate Water Meter
  • Gardener Expense $600
  • Insurance Expense $2,000
  • Maintenance Expense $18,000
  • Other Expense $2,400
  • Professional Management Expense $2,000
  • Trash Expense $3,000
  • Water Sewer Expense $11,500
  • New Taxes Expense $25,461
  • Operating Expense $72,061
  • Gross Income $17,095
  • Net Operating Income $133,079

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$17,316

Year Built

Built in 1963

Lot Details

0

Parking

4

Listing Details

  • Assessments: Yes
  • CapRate: 5.80
  • Professional Management Expense: 2000.00
  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Maintained, Paved
  • Subdivision Name Other: North Long Beach (NLB)
  • Water Sewer Expenses: 11500.00
  • Property Type: Residential Income
  • Gardener Expense: 600.00
  • Parcel Number: 7130016033
  • Year Built: 1963
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 185.50

Exterior Features

  • Pool Private: No

Garage/Parking

  • Garage Spaces: 4.00
  • Parking: Yes
  • Parking Features: Unassigned
  • Total Parking Spaces: 12.00
  • Uncovered Spaces: 8.00

Utilities

  • Utilities: Sewer Connected, Sewer Available
  • Sewer: Sewer Paid
  • Trash Expense: 3000.00
  • Water Source: Public

Condo/Co-op/Association

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

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Corners Marked, 16-20 Units/Acre, Landscaped, Irregular Lot, Lot 10000-19999 Sqft, Park Nearby, Sprinkler System, Near Public Transit
  • Lot Size Sq Ft: 14194.00
  • Lot Size Acres: 0.3260

Rental Info

  • Tenant Pays: Cable TV, Electricity, Gas, HVAC Maintenance, Insurance

Multi Family

  • Gross Income: 17095.00
  • Gross Operating Income: 205140.00
  • Gross Scheduled Income: 205140.00
  • Insurance Expense: 2000.00
  • Laundry Equipment Own Lease: Own
  • Laundry Income: 200.00
  • Lot Size Area: 14194.0000 Square Feet
  • Maintenance Expense: 18000.00
  • Net Operating Income: 133079.00
  • Number Of Separate Electric Meters: 17
  • Number Of Separate Gas Meters: 17
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 17
  • Number Of Units Total: 17
  • Number With Carpet: 17
  • Number With Drapes: 17
  • Number With Patio: 1
  • Number With Range: 17
  • Operating Expense: 72061.00
  • Other Expense: 2400.00
  • Other Expense Description: Assessme
  • Other Income1: 16895.00
  • Other Income Description: Rental Income
  • Rent Control: Yes
  • Total Actual Rent: 202740.00
  • Total Expenses: 72061.00

Tax Info

  • New Taxes Expense: 25461.00
  • Tax Lot: 14
  • Tax Tract Number: 19618
  • Tax Annual Amount: 17316.00
  • Tax Year: 2013

Range of Values:

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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
08/22/2014 08/22/14 Sold $2,150,000 -6.5% $186 / Sq Ft
04/12/2014 04/12/14 Pending -- -- --
03/08/2014 03/08/14 For Sale $2,300,000 -- $198 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: IG14049106

California Regional Multiple Listing Service (CRMLS)