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1000 E 1st St Long Beach, CA 90802

$2,650,000 Sold Price as of 12/16/2020

11 Beds
8 Baths
7,056 Sq.Ft.

Sold

$2,650,000 Sold Price as of 12/16/2020 Refinance Your Mortgage

Map preview of 1000 E 1st St, Long Beach, CA 90802

Property Overview: 1000 E 1st St Long Beach, CA has 11 bedrooms, 8 bathrooms, 7,056 living square feet and 5,003 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are pleased to present 1000 East 1st Street, a 8 unit investment property in Long Beach, California. The property is located between Bonito and Cerritos Avenues. The property is in an ideal Long Beach location, a block away from the beach and a few blocks away from Shoreline Village. 1000 East 1st Street consists of five 1 Bedroom 1 Bathroom units and three 2 Bedroom 1 Bathroom Units. All of the units are separately metered for gas and electricity. This offering presents a great opportunity for an investor to acquire an asset with steady cash flow in a strong rental market with the potential to capture upside in rents. 20% Affordability Gap ---- Potential 17% Increase in NOI ---- Walkers Paradise 91 Walk Score ---- One Block away from the beach --- Blocks from Shopping and dining at Shoreline Village and Pike Outlets ---- Close to the Queen Mary and the Promenade. Contact agent for marketing package.

Listed by Shane Young | BRE #01963090 | Marcus & Millichap

Last checked: 10 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 126

Home details

Lot Sq. Ft: 5,003
HOA Dues: $0/mo
Year built: 1919
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: PW20137903
City: Long Beach
County: Los Angeles
Time on Site: 1402 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 8
Total # of Buildings: 2
# of Electric Meters: 8
# of Gas Meters: 8
# of Water Meters: 1

Unit Breakdown 1

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,795
Total Rent: $1,795
Pro Forma/Market Rent: $1,995

Unit Breakdown 2

# of Units: 1
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,895
Total Rent: $1,895
Pro Forma/Market Rent: $1,995

Unit Breakdown 3

# of Units: 1
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,895
Total Rent: $1,895
Pro Forma/Market Rent: $1,995

Unit Breakdown 4

# of Units: 1
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,970
Total Rent: $1,970
Pro Forma/Market Rent: $1,995

Unit Breakdown 5

# of Units: 1
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,041
Total Rent: $2,041
Pro Forma/Market Rent: $1,995

Unit Breakdown 6

# of Units: 1
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,795
Total Rent: $1,795
Pro Forma/Market Rent: $2,495

Unit Breakdown 7

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,895
Total Rent: $1,895
Pro Forma/Market Rent: $2,495

Unit Breakdown 8

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,957
Total Rent: $1,957
Pro Forma/Market Rent: $2,495

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.19%
Gross Rent Multiplier: 15.31
Gross Scheduled Income: $182,916
Net Operating Income: $117,283
Gross Operating Income: $177,429

Annual Expense Breakdown

Total Operating Expense: $60,145
Electric: $900
Gas/Fuel: $900
New Taxes: $35,294
Trash: $900
Gardener: $600
Insurance: $2,822
Maintenance: $4,400
Professional Management: $9,146
Water/Sewer: $900

Property Details for 1000 E 1st St

Interior Features

Laundry Information

Has Laundry
Inside

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Lot Information

Lot Features: Level with Street
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: 1 Common Wall
Total # of Units: 8
Parcel Number: 7265003001
Year Built Source: Assessor
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Subdivision Name: Alamitos Beach (AB)
Directions: 1st Street & Bonito Avenue

Neighborhood Information

Community Features: Curbs

View more facts & features

Local Long Beach Agent

Sale History for 1000 E 1st St

Last sold for $2,650,000 on December 16th, 2020

December, 2020
Dec 17, 2020

Date

Sold

CRMLS: PW20137903

$2,650,000

Price
Nov 17, 2020

Date

Active Under Contract

CRMLS: PW20137903

$2,800,000

Price
Aug 10, 2020

Date

Price Change

CRMLS: PW20137903

$2,800,000

Price
Jul 14, 2020

Date

Active

CRMLS: PW20137903

$2,900,000

Price
December, 2020
Dec 16, 2020

Date

Sold (Public Records)

Public Records

$2,650,000

Price
February, 2017
Feb 10, 2017

Date

Sold (Public Records)

Public Records

$1,950,000

Price

Tax History for 1000 E 1st St

Assessed Value (2020): $2,070,235

Year	Land Value	Improved Value	Assessed Value
2020	$1,273,449	$796,786	$2,070,235

Home Value Compared to the Market

This property vs the competition

1000 E 1st St sold on December 16, 2020 for 250% higher than the current median sold price for the city of Long Beach which is $800,000. The median sold price per/sqft for Long Beach is $632 and this home is sold at $396.83 per/sqft which puts the price per square foot 37.21% lower than the current median sale per square foot for the city of Long Beach.

About 1000 E 1st St

Detailed summary of property

1000 E 1st St is a multi family that recently sold in Long Beach, CA 90802. This multi family property offered 11 bedrooms, 8 bathrooms, roughly 7,056 living square feet, and sits on an approximately 5,003 square foot lot. 1000 E 1st St was first listed on ArdentRealEstateGroup.com on July 14, 2020. The homeowner sold the property for $2,650,000. Home in Long Beach are selling for a median price of $800,000 and a median price per square foot of $632. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 250% higher than the current median priced home. Local homes that are currently for sale include 791 Coronado Ave, 3701 E Broadway and 241 Bennett Ave. While the average home in Long Beach, CA is selling in 51 days, 1000 E 1st St has a days on market of 126 days. There are currently 643 homes for sale in the Long Beach real estate market and 358 of them are single family homes while 270 of them are condos and 15 are townhomes. For more information on this home for sale at 1000 E 1st St Long Beach, CA 90802 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1000 E 1st St

Public county record property details

Beds: 16
Baths: 8
Year built: 1919
Sq. Ft.: 7,056
Lot Size: 5,003
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 1
APN: 7265-003-001

The source for these homes facts are from public records.

90802 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$530,000

Median List Price/Sq.Ft.

$630

Median Sold Price

$540,000

Median Sold Price/Sq.Ft.

$627

Total Inventory

130

Median Sale to List Price %

102.86%

Avg Days on Market

Loan Type

Conventional (51.52%), FHA (3.03%), VA (3.03%), Cash (24.24%), Other (15.15%)

Thinking of Selling?

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Thinking of Selling?
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(714) 706-1823

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.