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1024 Loma Ave Long Beach, CA 90804

$2,150,000 Sold Price as of 03/12/2024

10 Beds
9 Baths
4,258 Sq.Ft.

Sold

$2,150,000 Sold Price as of 03/12/2024 Refinance Your Mortgage

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Map preview of 1024 Loma Ave, Long Beach, CA 90804

Property Overview: 1024 Loma Ave Long Beach, CA has 10 bedrooms, 9 bathrooms, 4,258 living square feet and 8,705 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 1024 Loma Avenue is an 8-unit apartment asset located in prime Eastside Long Beach, California offered at 11.95 GRM and 5.50% cap rate on current rents. The property is comprised of (1) 2BD / 2BA unit, (1) 2BD / 1BA unit, and (6) 1BD / 1BA units. There is ample parking of ten (10) surface spaces. All of the units have been fully remodeled with recessed lighting, new flooring, new kitchen countertops, cabinetry, and stainless steel appliance, new bathroom vanities, tiling, and modern fixtures and features throughout. All renovated units offer in- unit washers and dryers. The property is located in a prime Eastside neighborhood with a 91 Walk Score.

Listed by Robert Stepp | BRE #01456379 | Keller Williams - Santa Monica

Last checked: 9 minutes ago | Last updated: March 12th, 2024 | Source CRMLS | DOM: 85

Home details

Lot Sq. Ft: 8,705
HOA Dues: $0/mo
Year built: 1953
Garage: --
Property Type:: Mixed Use

Status: Sold
MLS#: PW23222006
City: Long Beach
County: Los Angeles
Time on Site: 153 days

Multi-Family Unit Breakdown

Unit Mix Summary

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

Unit Breakdown 1

# of Units: 1
# of Beds: 2
# of Baths: 2
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,295
Total Rent: $2,295
Pro Forma/Market Rent: $2,295

Unit Breakdown 2

# of Units: 6
# of Beds: 1
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,858
Total Rent: $11,148
Pro Forma/Market Rent: $1,895

Unit Breakdown 3

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,250
Total Rent: $2,250
Pro Forma/Market Rent: $2,295

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 5.5%
Gross Rent Multiplier: 11.95
Gross Scheduled Income: $188,280
Net Operating Income: $123,815
Gross Operating Income: --

Annual Expense Breakdown

Total Operating Expense: $58,817
Electric: $1,478
Gas/Fuel: $1,478
Licenses: $900
New Taxes: $28,275
Trash: $1,478
Gardener: $1,200
Insurance: $4,500
Maintenance: $5,600
Professional Management: $9,132
Water/Sewer: $1,478
Other Expenses: $2,400
Other Expense Description: Reserves

Property Details for 1024 Loma Ave

Interior Features

Laundry Information

Has Laundry
Inside

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Parking Spaces: 10

Lot Information

Lot Features: 6-10 Units/Acre
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 8
Parcel Number: 7254013003
Year Built Source: Assessor
Entry Level: 1
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Subdivision Name: Eastside (ES)
Directions: E Anaheim St

Neighborhood Information

Community Features: Sidewalks

View more facts & features

Local Long Beach Agent

Sale History for 1024 Loma Ave

Last sold for $2,150,000 on March 12th, 2024

March, 2024
Mar 12, 2024

Date

Sold

CRMLS: PW23222006

$2,150,000

Price
Dec 7, 2023

Date

Active

CRMLS: PW23222006

$2,250,000

Price
November, 2017
Nov 3, 2017

Date

Sold (Public Records)

Public Records

$1,480,000

Price
August, 2003
Aug 28, 2003

Date

Sold (Public Records)

Public Records

$860,000

Price

Tax History for 1024 Loma Ave

Assessed Value (2020): $1,539,792

Year	Land Value	Improved Value	Assessed Value
2020	$1,082,016	$457,776	$1,539,792

Home Value Compared to the Market

This property vs the competition

1024 Loma Ave sold on March 12, 2024 for 181.25% 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 $528.42 per/sqft which puts the price per square foot 16.39% lower than the current median sale per square foot for the city of Long Beach.

About 1024 Loma Ave

Detailed summary of property

1024 Loma Ave is a mixed use that recently sold in Long Beach, CA 90804. This mixed use property offered 10 bedrooms, 9 bathrooms, roughly 4,258 living square feet, and sits on an approximately 8,705 square foot lot. 1024 Loma Ave was first listed on ArdentRealEstateGroup.com on December 8, 2023. The homeowner sold the property for $2,150,000. 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 181.25% higher than the current median priced home. Local homes that are currently for sale include 17431 Koledo Ln, 419 W Commonwealth Ave and 2265 Pomona Ave. While the average home in Long Beach, CA is selling in 53 days, 1024 Loma Ave has a days on market of 85 days. There are currently 627 homes for sale in the Long Beach real estate market and 356 of them are single family homes while 258 of them are condos and 13 are townhomes. For more information on this home for sale at 1024 Loma Ave Long Beach, CA 90804 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1024 Loma Ave

Public county record property details

Beds: 8
Baths: 8
Year built: 1953
Sq. Ft.: 4,258
Lot Size: 8,705
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 3
APN: 7254-013-003

The source for these homes facts are from public records.

90804 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$515,000

Median List Price/Sq.Ft.

$612

Median Sold Price

$550,000

Median Sold Price/Sq.Ft.

$667

Total Inventory

Median Sale to List Price %

104.77%

Avg Days on Market

Loan Type

Conventional (57.14%), FHA (0%), VA (14.29%), Cash (28.57%), Other (0%)

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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.