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1141 E 16Th St, Long Beach, CA 90813
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1141 E 16Th St Long Beach, CA 90813

$2,400,000
  • 17 Beds
  • 10 Baths
  • 6,835 Sq.Ft.
For Sale
$2,400,000 Get Pre-Qualified
Map preview of 1141 E 16Th St, Long Beach, CA 90813

Property Overview: 1141 E 16Th St Long Beach, CA has 17 bedrooms, 10 bathrooms, 6,835 living square feet and 6,468 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: Beautifully restored 9 unit building in the Poly High neighborhood of Long Beach- Central Long Beach. Pride of ownership property, same owner over 40 years. The property was just painted less than a year ago. Sandblasted, new stucco, paint, wood trim. Great mix of 17 bedrooms and 10 baths. The Landlord currently uses the front (one bedroom) unit as his office, where he spent approx $15,000 in capital expenditures- gutting the unit and placing new floors, cabinets, counters, bathroom fixtures, shower stall, plumbing. It will be available at close (or prior if needed) and can easily be rented for $1800-$2000. A few other units have had nice capital expenditures as well in last 24 months. You have a total of 6 newer garage doors, plus 6 parking spaces. Perfect for long term investor looking for a property that cashflows nicely. Current gross market rent is apprx. $220,800. Rent increases have been issued, and rent on March 15, 2024, increases by max 8.8% (California Rent Control), to $238,000, plus small laundry income. 7.8% Cap Rate based on PRESENT rent. Property sold AS-IS. Please send Proof of Down Payment, Letter of Interest (if applicable) from commercial bank, with offers.

Listed by Robert Castro | BRE #01243994 | Southern Cal Realty
Last checked: 7 minutes ago | Last updated: March 10th, 2024 | Source CRMLS | DOM: 77
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Home details

Lot Sq. Ft
6,468
HOA Dues
$0/mo
Year built
1963
Garage
6 Car
Property Type:
Apartment
Status
Active
MLS#
DW24022648
City
Long Beach
County
Los Angeles
Time on Site
87 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 9
  • Total # of Buildings: 1
  • # of Leased Units: 9
  • # of Electric Meters: 9
  • # of Gas Meters: 9
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,618
  • Total Rent: $1,618
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,600
  • Total Rent: $2,600
  • Pro Forma/Market Rent: $2,850
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,040
  • Total Rent: $2,040
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,300
  • Total Rent: $2,300
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,073
  • Total Rent: $2,073
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $1,800
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,672
  • Total Rent: $1,672
  • Pro Forma/Market Rent: $1,800
Unit Breakdown 8
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,212
  • Total Rent: $2,212
  • Pro Forma/Market Rent: $2,300
Unit Breakdown 9
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,086
  • Total Rent: $2,086
  • Pro Forma/Market Rent: $2,300
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $220,800
  • Net Operating Income: $187,511
  • Gross Operating Income: --
  • # of Rented Garages: 4
  • Laundry Income: $1,500
  • Laundry Own/Lease: Lease
Annual Expense Breakdown
  • Total Operating Expense: $34,589
  • Electric: $1,680
  • Trash: $540
  • Gardener: $720
  • Insurance: $4,800
  • Professional Management: $14,000
  • Water/Sewer: $3,972

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Property Details for 1141 E 16Th St

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • Has Heating
  • Forced Air
Laundry Information
  • Has Laundry
  • Common Area
Fireplace Information
  • No Fireplace
  • None
Room Information
  • Flooring: Laminate, Tile
Kitchen Information
  • Has Appliances
  • Gas & Electric Range
Interior Features
  • Ceiling Fan(s), Granite Counters
  • Levels: Two
  • Security Features: Carbon Monoxide Detector(s), Security Lights, Smoke Detector(s), Window Bars
Exterior Features
Exterior Information
  • Rain Gutters
  • Has Fence
  • Average Condition, Chain Link, Wood, Wrought Iron
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 6
  • # of Parking Spaces: 12
  • Has Parking
  • Parking Features: Assigned, Direct Garage Access, Driveway, Driveway - Combination, Concrete, Garage Faces Front, Garage Faces Rear, Garage - Single Door, Parking Space, Public
Lot Information
  • Lot Features: Front Yard, Garden, Landscaped, Rectangular Lot
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • No View
  • View: None
  • Common Walls: 1 Common Wall
  • Total # of Units: 9
  • Parcel Number: 7268023009
  • Year Built Source: Assessor
  • Architectural Style: Traditional
  • Entry Level: 1
  • Foundation Details: Slab
  • Property is Attached
  • Accessibility Features: 2+ Access Exits, Parking
  • Offered With Property: Laundry machines (and dryers) Currently LEASED.
  • Property Condition: Turnkey, Updated/Remodeled
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Assessment Information
  • No Assessments
  • Assessments: None
Location / Neighborhood
Location Information
  • Subdivision Name: Poly High (PH)
  • Directions: South of PCH, West of Alamitos. On 16th Street between MLK Ave and Alamitos
Neighborhood Information
  • Community Features: Biking, Curbs, Park, Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 1141 E 16Th St

View property's historical transactions

  • January, 2024

  • Jan 31, 2024

    Date

    Active

    CRMLS: DW24022648

    $2,400,000

    Price

Tax History for 1141 E 16Th St

Assessed Value (2020): $354,509
Year Land Value Improved Value Assessed Value
2020 $43,223 $311,286 $354,509

Home Value Compared to the Market

This property vs the competition

1141 E 16Th St is listed 200.04% higher than the median list price for the city of Long Beach which has a median list price of $799,900. The median price per/sqft for Long Beach is $637 and this home is listed at $351.13 per/sqft which puts the price per square foot 44.88% lower than the median price per square foot for the city of Long Beach.

About 1141 E 16Th St

Detailed summary of property

1141 E 16Th St is a apartment located in Long Beach, CA 90813 and is currently for sale. This apartment offers 17 bedrooms, 10 bathrooms, roughly 6,835 living square feet, and sits on an approximately 6,468 square foot lot. 1141 E 16Th St was first listed on ArdentRealEstateGroup.com on January 31, 2024. The homeowner is currently asking $2,400,000. The median priced home in Long Beach is $799,900 with a median price per square foot of $637. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 200.04% higher than the median priced home. Local competing homes currently for sale include 3100 E Vista St, 1102 Termino Ave and 4016 E Wilton. While the average home in Long Beach, CA is selling in 54 days, 1141 E 16Th St has a days on market of 77 days. There are currently 593 homes for sale in the Long Beach real estate market and 338 of them are single family homes while 242 of them are condos and 13 are townhomes. For more information on this home for sale at 1141 E 16Th St 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 1141 E 16Th St

Public county record property details
Beds
17
Baths
10
Year built
1963
Sq. Ft.
6,835
Lot Size
6,493
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
9
APN
7268-023-009

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
$695,000
Median List Price/Sq.Ft.
$563
Median Sold Price
$515,000
Median Sold Price/Sq.Ft.
$612
Total Inventory
30
Median Sale to List Price %
98.1%
Avg Days on Market
27
Loan Type
Conventional (54.55%), FHA (9.09%), VA (18.18%), Cash (0%), Other (18.18%)

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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.

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