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1246 E 2nd St, Long Beach, CA 90802
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1246 E 2nd St Long Beach, CA 90802

$6,250,000 Sold Price as of 08/14/2019
  • 22 Beds
  • 20 Baths
  • 14,293 Sq.Ft.
Sold
$6,250,000 Sold Price as of 08/14/2019 Refinance Your Mortgage
Map preview of 1246 E 2nd St, Long Beach, CA 90802

Property Overview: 1246 E 2nd St Long Beach, CA has 22 bedrooms, 20 bathrooms, 14,293 living square feet and 12,632 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 1246 East 2nd Street is a 20-unit multifamily investment property in Long Beach, one of the premier housing markets in Southern California. Specifically, the property is located in the Alamitos Beach neighborhood, just steps from the ocean, a short walk to Downtown, and minutes to Belmont Shores. 1246 East 2nd Street was fully renovated in 2017 with upgrades including new paint, windows, entry gates, courtyard, countertops, appliances, and more. Given the demand for modern and unique housing options, 1246 East 2nd Street provides a distinct competitive advantage over other units in the area with higher asking rents. The 14,293 square foot property consists of studio, one-, two-, and three-bedroom floor plans. Originally built in 1954, 1246 East 2nd Street offers amenities including communal courtyard, custom barbecue, individual garage parking, an on-site laundry facility, controlled access, storage lockers, and more.

Listed by Tyler Leeson | BRE #01451551 | Marcus & Millichap RE Invest
Last checked: 6 minutes ago | Last updated: July 26th, 2022 | Source CRMLS | DOM: 53

Home details

Lot Sq. Ft
12,632
HOA Dues
$0/mo
Year built
1954
Garage
9 Car
Property Type:
Apartment
Status
Sold
MLS#
OC19094422
City
Long Beach
County
Los Angeles
Time on Site
1396 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 20
  • Total # of Buildings: 1
  • # of Leased Units: 20
  • # of Electric Meters: 0
  • # of Gas Meters: 0
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 3
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $4,185
  • Total Rent: $4,185
  • Pro Forma/Market Rent: $4,485
Unit Breakdown 2
  • # of Units: 13
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $22,165
  • Total Rent: $22,165
  • Pro Forma/Market Rent: $23,335
Unit Breakdown 3
  • # of Units: 3
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 4
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $5,985
  • Total Rent: $5,985
  • Pro Forma/Market Rent: $6,450
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 4
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,700
  • Total Rent: $2,700
  • Pro Forma/Market Rent: $2,750
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $444,020
  • Net Operating Income: $292,270
  • Gross Operating Income: $431,407
Annual Expense Breakdown
  • Total Operating Expense: $139,138
  • Electric: $1,907
  • Gas/Fuel: $1,907
  • New Taxes: $82,786
  • Trash: $1,907
  • Insurance: $5,000
  • Maintenance: $10,000
  • Professional Management: $12,942
  • Water/Sewer: $1,907
  • Other Expenses: $20,780
  • Other Expense Description: Other

Property Details for 1246 E 2nd St

Interior Features
Laundry Information
  • Has Laundry
  • Community
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 9
  • # of Parking Spaces: 9
Lot Information
  • Lot Features: Landscaped
  • Lot Size Source: Assessor
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 20
  • Parcel Number: 7265011008
  • Year Built Source: Assessor
  • Property is not Attached
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: Alamitos Beach (AB)
  • Directions: Cross Streets: Alamitos Ave / E Ocean Blvd
Neighborhood Information
  • Community Features: Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 1246 E 2nd St

Last sold for $6,250,000 on August 14th, 2019

  • July, 2022

  • Jul 23, 2022

    Date

    Expired

    CRMLS: 22140533

    $7,995,000

    Price

  • Mar 26, 2022

    Date

    Active

    CRMLS: 22140533

    $7,995,000

    Price

  • Listing provided courtesy of CRMLS

    20 units located blocks from the Beach in Alamitos Beach in Long Beach. All units have been heavily updated including new kitchens, baths and windows. There is no work to be done. The property is professionally maintained and in excellent condition. There is some rental upside a new Owner can achieve by raising rents. The property features onsite laundry as well a 9 garages that can be rented for $150/month. There is currently an existing TD fixed at 3.3% (originated in 7/21) for 5 years with 3 years of I/O (runs through 7/24). The loan amount is $4.550.000 and has a 3% prepay until 7/23. Buyer to assume the existing TD or be responsible for the prepay. However, given today's interest rates, this is a better loan than available on the market. EMAIL LA1 FOR MORE INFO INCLUDING A RENT ROLL.

  • August, 2019

  • Aug 15, 2019

    Date

    Sold

    CRMLS: OC19094422

    $6,250,000

    Price

  • Jun 19, 2019

    Date

    Pending

    CRMLS: OC19094422

    $6,605,000

    Price

  • May 29, 2019

    Date

    Price Change

    CRMLS: OC19094422

    $6,605,000

    Price

  • Apr 25, 2019

    Date

    Active

    CRMLS: OC19094422

    $6,655,000

    Price

  • August, 2019

  • Aug 14, 2019

    Date

    Sold (Public Records)

    Public Records

    $6,250,000

    Price

  • April, 2019

  • Apr 24, 2019

    Date

    Canceled

    CRMLS: OC19028459

    $17,995,000

    Price

  • Mar 20, 2019

    Date

    Price Change

    CRMLS: OC19028459

    $17,995,000

    Price

  • Feb 6, 2019

    Date

    Active

    CRMLS: OC19028459

    $18,300,000

    Price

  • Listing provided courtesy of CRMLS

    The 2nd Street Multifamily Portfolio is a 54-unit multifamily investment portfolio across three separately parceled properties in Long Beach, one of the premier housing markets in Southern California. Specifically, the properties are located in the Alamitos Beach neighborhood, just steps from the ocean, a short walk to Downtown, and minutes to Belmont Shores. Fully renovated in 2017, the portfolio offers investors three exceptionally well-appointed buildings with a clear opportunity to increase rental income by almost 6 percent. Given the demand for modern and unique housing options, the 2nd Street Portfolio provides a distinct competitive advantage over other units in the area with higher asking rents. The 39,258 square foot portfolio consists of studio, one-, two-, and three-bedroom floor plans. Originally built in 1954 & 1956, 2nd Street Portfolio offers amenities including communal courtyard, custom barbecue, individual garage parking, on-site laundry facilities, controlled access, ceiling fans, hardwood floors, storage lockers, and more.

  • September, 2018

  • Sep 13, 2018

    Date

    Sold (Public Records)

    Public Records

    $17,800,000

    Price

Show More

Tax History for 1246 E 2nd St

Assessed Value (2020): $6,252,300
Year Land Value Improved Value Assessed Value
2020 $4,000,000 $2,252,300 $6,252,300

Home Value Compared to the Market

This property vs the competition

1246 E 2nd St sold on August 14, 2019 for 725.62% 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 $462.11 per/sqft which puts the price per square foot 26.88% lower than the current median sale per square foot for the city of Long Beach.

About 1246 E 2nd St

Detailed summary of property

1246 E 2nd St is a apartment that recently sold in Long Beach, CA 90802. This apartment offered 22 bedrooms, 20 bathrooms, roughly 14,293 living square feet, and sits on an approximately 12,632 square foot lot. 1246 E 2nd St was first listed on ArdentRealEstateGroup.com on July 20, 2020. The homeowner sold the property for $6,250,000. 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 725.62% higher than the current median priced home. Local homes that are currently for sale include 264 S Union Ave, 264 S Union Ave and 111 S Flower Ave. While the average home in Long Beach, CA is selling in 51 days, 1246 E 2nd St has a days on market of 53 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 1246 E 2nd 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 1246 E 2nd St

Public county record property details
Beds
--
Baths
19
Year built
1954
Sq. Ft.
14,293
Lot Size
12,422
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
6,7
APN
7265-011-008

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
37
Loan Type
Conventional (51.52%), FHA (3.03%), VA (3.03%), Cash (24.24%), Other (15.15%)

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1275 E 2nd St, Long Beach, CA 90802
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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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