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1413 Obispo Ave Long Beach, CA 90804

$1,475,000 Sold Price as of 10/25/2019

10 Beds
6 Baths
5,056 Sq.Ft.

Sold

$1,475,000 Sold Price as of 10/25/2019 Refinance Your Mortgage

Map preview of 1413 Obispo Ave, Long Beach, CA 90804

Property Overview: 1413 Obispo Ave Long Beach, CA has 10 bedrooms, 6 bathrooms, 5,056 living square feet and 7,425 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: The Obispo Avenue Apartments is a pride of ownership, six-unit, multi-family community in the City of Long Beach. Located at 1413 Obispo Avenue, this investment presents a stable, low expense, turn-key opportunity with a 5.43% CAP Rate and 8.62% Total Return on current income. The subject property has two buildings which sit over a 7,426 square foot lot. The front building is comprised of (4) two bedroom/ one bath units, and the rear building is comprised of (2) one bedroom/ one bath units above four garages. The building has recently gone through extensive renovations and upgrades of interiors and exterior. Some of the upgrades include but are not limited to: new cabinetry, new PEX plumbing, updated electrical, granite counter tops, new kitchens, new bathrooms, new windows, new appliances, and new flooring. Some tenant amenities include washer/dryer hookups, ample on-site parking, and enclosed garages.

Listed by Greg Bassirpou | BRE #01365951 | Marcus & Millichap RE Invest

Last checked: 10 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 84

Home details

Lot Sq. Ft: 7,425
HOA Dues: $0/mo
Year built: 1929
Garage: 4 Car
Property Type:: Multi Family

Status: Sold
MLS#: OC19111177
City: Long Beach
County: Los Angeles
Time on Site: 1398 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 6
Total # of Buildings: 2
# of Electric Meters: 6
# of Gas Meters: 6
# of Water Meters: 1

Unit Breakdown 1

# of Units: 4
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $6,600
Total Rent: $6,600
Pro Forma/Market Rent: $7,000

Unit Breakdown 2

# of Units: 2
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,600
Total Rent: $2,600
Pro Forma/Market Rent: $2,700

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $110,400
Net Operating Income: $81,216
Gross Operating Income: --
Vacancy Allowance: $3,312

Annual Expense Breakdown

Total Operating Expense: $25,872
Electric: $500
Gas/Fuel: $500
New Taxes: $17,500
Trash: $500
Insurance: $2,872
Professional Management: $0
Water/Sewer: $500

Property Details for 1413 Obispo Ave

Interior Features

Laundry Information

Has Laundry
Gas & Electric Dryer Hookup, Washer Hookup

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 4
# of Parking Spaces: 10

Lot Information

Lot Features: Near Public Transit

Property Information

Common Walls: No Common Walls
Total # of Units: 6
Parcel Number: 7259023010
Year Built Source: Public Records
Property is not Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Directions: Please do not disturb tenants. Make all offers subject to inspection.

Neighborhood Information

Community Features: Curbs, Sidewalks, Storm Drains, Street Lights

View more facts & features

Local Long Beach Agent

Sale History for 1413 Obispo Ave

Last sold for $1,475,000 on October 25th, 2019

October, 2019
Oct 25, 2019

Date

Sold

CRMLS: OC19111177

$1,475,000

Price
Aug 5, 2019

Date

Pending

CRMLS: OC19111177

$1,495,000

Price
May 13, 2019

Date

Active

CRMLS: OC19111177

$1,495,000

Price
October, 2019
Oct 25, 2019

Date

Sold (Public Records)

Public Records

$1,475,000

Price
August, 2018
Aug 13, 2018

Date

Canceled

CRMLS: OC18071977

$1,495,000

Price
Jul 16, 2018

Date

Hold

CRMLS: OC18071977

$1,495,000

Price
Jun 8, 2018

Date

Active

CRMLS: OC18071977

$1,495,000

Price
Jun 7, 2018

Date

Pending

CRMLS: OC18071977

$1,495,000

Price
Mar 30, 2018

Date

Active

CRMLS: OC18071977

$1,495,000

Price
Listing provided courtesy of CRMLS

The Obispo Avenue Apartments is a pride of ownership six-unit multi-family community in the City of Long Beach. Located at 1413 Obispo Avenue, this investment presents a stable, low expense, turn-key opportunity with a 5.10% CAP Rate and 7.2% total return on current income. The subject property has two buildings which sit over a 7,426 square foot lot. The front building is comprised of (4) two bedroom/ one bath units and the rear building is comprised of (2) one bedroom/ one bath units above four garages. The building has recently gone through over $200K worth of interior and exterior renovations. Some of the upgrades include but are not limited to: new cabinetry, new PEX plumbing, updated electrical, granite counter tops, new kitchens, new bathrooms, new windows, new appliances, and new flooring. Some tenant amenities include washer/dryer hookups, ample on-site parking, and enclosed garages. The City of Long Beach continues to progress forward and is currently experiencing major redevelopment. The Long Beach Port is undergoing $4.4 billion in future redevelopment that will create 14,000 new and permanent jobs in Southern California. The Long Beach market has enjoyed strong rental growth and growing tenant demand over the past few years.

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January, 2016
Jan 29, 2016

Date

Sold (Public Records)

Public Records

$995,000

Price

Tax History for 1413 Obispo Ave

Assessed Value (2020): $1,475,220

Year	Land Value	Improved Value	Assessed Value
2020	$800,000	$675,220	$1,475,220

Home Value Compared to the Market

This property vs the competition

1413 Obispo Ave sold on October 25, 2019 for 86.88% 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 $295.69 per/sqft which puts the price per square foot 53.21% lower than the current median sale per square foot for the city of Long Beach.

About 1413 Obispo Ave

Detailed summary of property

1413 Obispo Ave is a multi family that recently sold in Long Beach, CA 90804. This multi family property offered 10 bedrooms, 6 bathrooms, roughly 5,056 living square feet, and sits on an approximately 7,425 square foot lot. 1413 Obispo Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $1,475,000. 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 86.88% higher than the current median priced home. Local homes that are currently for sale include 204 Mira Mar Ave, 1120-1124 E Hellman St and 1000 E 10th St. While the average home in Long Beach, CA is selling in 51 days, 1413 Obispo Ave has a days on market of 84 days. There are currently 639 homes for sale in the Long Beach real estate market and 366 of them are single family homes while 259 of them are condos and 14 are townhomes. For more information on this home for sale at 1413 Obispo 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 1413 Obispo Ave

Public county record property details

Beds: 10
Baths: 6
Year built: 1929
Sq. Ft.: 5,056
Lot Size: 7,425
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 55
APN: 7259-023-010

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.

$594

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.