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1106 Pacific Ave Long Beach, CA 90813

$3,300,000 Sold Price as of 05/28/2020

14 Beds
12 Baths
8,203 Sq.Ft.

Sold

$3,300,000 Sold Price as of 05/28/2020 Refinance Your Mortgage

Map preview of 1106 Pacific Ave, Long Beach, CA 90813

Property Overview: 1106 Pacific Ave Long Beach, CA has 14 bedrooms, 12 bathrooms, 8,203 living square feet and 7,405 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 1106 Pacific Avenue is 12-unit turn-key multifamily investment property located in Long Beach, one of the premier housing markets in Southern California. The 8,203 gross square foot property consists of one- and two-bedroom units and offers amenities including gated entry, security doors, garage parking, and on-site laundry. In 2019, 1106 Pacific Avenue was fully renovated with improvements including electrical, flooring, and remodeled kitchens and bathrooms (shaker-style cabinets, new appliances, fixtures, and countertops). Exterior renovations include new paint, professional drought resistant landscaping, and tile facade. In addition, the property’s strategic location in close proximity to Pacific Coast Highway, Interstate 710, and Downtown Long Beach provides residents with convenient access to local and regional employment centers.

Listed by Tyler Leeson | BRE #01451551 | Marcus & Millichap RE Invest

Last checked: 11 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 61

Home details

Lot Sq. Ft: 7,405
HOA Dues: $0/mo
Year built: 1963
Garage: 6 Car
Property Type:: Multi Family

Status: Sold
MLS#: OC20009668
City: Long Beach
County: Los Angeles
Time on Site: 1395 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 12
Total # of Buildings: 1
# of Leased Units: 12
# of Electric Meters: 12
# of Gas Meters: 12
# of Water Meters: 1

Unit Breakdown 1

# of Units: 10
# of Beds: 1
# of Baths: 1
Garage Spaces: 3
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $15,745
Total Rent: $15,745
Pro Forma/Market Rent: $16,000

Unit Breakdown 2

# of Units: 2
# of Beds: 2
# of Baths: 1
Garage Spaces: 3
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $3,820
Total Rent: $3,820
Pro Forma/Market Rent: $3,900

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $251,464
Net Operating Income: $168,063
Gross Operating Income: $244,421

Annual Expense Breakdown

Total Operating Expense: $76,358
Electric: $1,833
Gas/Fuel: $1,833
New Taxes: $42,497
Trash: $1,833
Insurance: $3,288
Maintenance: $6,600
Professional Management: $10,999
Water/Sewer: $1,833
Other Expenses: $5,640
Other Expense Description: Other

Property Details for 1106 Pacific Ave

Interior Features

Laundry Information

Has Laundry
Community

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 6
# of Parking Spaces: 6

Lot Information

Lot Features: Landscaped
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: No Common Walls
Total # of Units: 12
Parcel Number: 7273005013
Year Built Source: Assessor
Property is not Attached
Has Land Lead

Homeowners Association, Utilities, Taxes / Assessments

Homeowners Association

Is Not Part of Association

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Subdivision Name: Willmore District (WM)
Directions: Major Cross Streets: Long Beach Blvd / E Anaheim St

Neighborhood Information

Community Features: Sidewalks, Street Lights

View more facts & features

Local Long Beach Agent

Sale History for 1106 Pacific Ave

Last sold for $3,300,000 on May 28th, 2020

May, 2020
May 28, 2020

Date

Sold

CRMLS: OC20009668

$3,300,000

Price
Mar 23, 2020

Date

Pending

CRMLS: OC20009668

$3,362,500

Price
Feb 25, 2020

Date

Active

CRMLS: OC20009668

$3,362,500

Price
Feb 14, 2020

Date

Active Under Contract

CRMLS: OC20009668

$3,362,500

Price
Jan 22, 2020

Date

Active

CRMLS: OC20009668

$3,362,500

Price
May, 2020
May 28, 2020

Date

Sold (Public Records)

Public Records

$3,300,000

Price
March, 2020
Mar 28, 2020

Date

Expired

CRMLS: SB19205377

$3,370,000

Price
Dec 16, 2019

Date

Withdrawn

CRMLS: SB19205377

$3,370,000

Price
Nov 6, 2019

Date

Price Change

CRMLS: SB19205377

$3,370,000

Price
Aug 28, 2019

Date

Active

CRMLS: SB19205377

$3,420,000

Price
Listing provided courtesy of CRMLS

Turnkey asset, fully renovated, currently operating above a 5% Cap. 1106 Pacific Ave. is a beautiful, 12-unit asset in Downtown Long Beach made up of (10) 1-bed/1-bath and (2) 2-bed/1-bath units. The property was completely remodeled in 2019 with all new gas and sewer lines, new electrical, new flooring, and brand-new kitchens and bathrooms. The exterior of the property was fully re-painted as well as beautifully landscaped with all new flower beds and new turn. 1106 Pacific Ave. comes with (6) garages as well as an on-site laundry room, providing room for additional income. Every unit is currently receiving near top of the market rents, providing stable cash flow for the new owner. This is the perfect opportunity for any buyer or exchange buyer looking to own a pristine, stabilized, cash flowing asset in the rapidly growing city of Long Beach. Do not miss out to own a piece of one of Southern California's last affordable beach communities.

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January, 2019
Jan 7, 2019

Date

Sold

CRMLS: SB18234049

$2,365,000

Price
Nov 8, 2018

Date

Pending

CRMLS: SB18234049

$2,400,000

Price
Sep 25, 2018

Date

Active

CRMLS: SB18234049

$2,400,000

Price
Listing provided courtesy of CRMLS

pleased to present 1106 Pacific Ave. in Long Beach. This spacious, 12-unit property located in the historic Willmore District is a 8,203 Sq.Ft building, equipped with (10) large 1-bed/1-bath units, and (2) large (2-bed/2-bath units. The property comes with (6) single-car garages, highly desirable assets in the city of Long Beach , and offers a market cap well above a 6%. The Pacific Ave. Apartments are situated just blocks from the $6 billion worth of investment going into Downtown Long Beach, which includes the $520 million dollar Civic Center redevelopment, the $250 million Queen Mary Island waterfront development, the $53 million dollar Long Beach Aquarium expansion, and plenty of other vast developments planned for the city. This beautiful property has both easy transportation and entertainment access. This is a great investment for an exchange buyer or owner looking to own a piece of one of Southern California's last affordable beach communities.

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December, 2018
Dec 28, 2018

Date

Sold (Public Records)

Public Records

$2,365,000

Price

Tax History for 1106 Pacific Ave

Assessed Value (2020): $2,413,140

Year	Land Value	Improved Value	Assessed Value
2020	$1,688,100	$725,040	$2,413,140

Home Value Compared to the Market

This property vs the competition

1106 Pacific Ave sold on May 28, 2020 for 320.31% 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 $409.91 per/sqft which puts the price per square foot 35.14% lower than the current median sale per square foot for the city of Long Beach.

About 1106 Pacific Ave

Detailed summary of property

1106 Pacific Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 14 bedrooms, 12 bathrooms, roughly 8,203 living square feet, and sits on an approximately 7,405 square foot lot. 1106 Pacific Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $3,300,000. 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 320.31% higher than the current median priced home. Local homes that are currently for sale include 208 Granada Ave, 6807 E Seaside Walk and 6062 Atlantic Ave. While the average home in Long Beach, CA is selling in 51 days, 1106 Pacific Ave has a days on market of 61 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 1106 Pacific Ave Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1106 Pacific Ave

Public county record property details

Beds: 14
Baths: 12
Year built: 1963
Sq. Ft.: 8,203
Lot Size: 7,506
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 5
APN: 7273-005-013

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$570,000

Median List Price/Sq.Ft.

$546

Median Sold Price

$584,000

Median Sold Price/Sq.Ft.

$592

Total Inventory

Median Sale to List Price %

108.35%

Avg Days on Market

Loan Type

Conventional (80%), FHA (10%), VA (10%), Cash (0%), Other (0%)

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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.