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1470 Elm Ave, Long Beach, CA 90813
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1470 Elm Ave Long Beach, CA 90813

$2,375,000 Sold Price as of 01/14/2020
  • 20 Beds
  • 10 Baths
  • 6,678 Sq.Ft.
Sold
$2,375,000 Sold Price as of 01/14/2020 Refinance Your Mortgage
Map preview of 1470 Elm Ave, Long Beach, CA 90813

Property Overview: 1470 Elm Ave Long Beach, CA has 20 bedrooms, 10 bathrooms, 6,678 living square feet and 7,594 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 1470 Elm Avenue is a 10-unit investment asset with all two-bedroom units, located in a rapidly up-and- coming neighorhood near exciting new developments. The building's roof and windows were replaced in the past five years and nine of the ten units have been upgraded with vinyl plank flooring, paint and counter tops. The property also offers parking and controlled access. Offered at a 4.94% cap rate on actual rents, 1470 Elm Avenue provides an attractive opportunity for an investor to own an asset with 12%+/- rent upside potential in a quiet downtown Long Beach-adjacent neighborhood. This area is beginning to benefit from the large amount of capital flooding into Long Beach. As renters move inland from Downtown Long Beach and beach areas, renter demographics are changing in the surrounding areas. Exciting new developments are taking place within just a few blocks from the property.

Listed by Robert Stepp | BRE #01456379 | Keller Williams Pacific Estate
Last checked: 15 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 53

Home details

Lot Sq. Ft
7,594
HOA Dues
$0/mo
Year built
1959
Garage
1 Car
Property Type:
Multi Family
Status
Sold
MLS#
PW19205915
City
Long Beach
County
Los Angeles
Time on Site
1521 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 10
  • Total # of Buildings: 1
  • # of Electric Meters: 10
  • # of Gas Meters: 10
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 10
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,543
  • Total Rent: $15,430
  • Pro Forma/Market Rent: $1,725
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.94%
  • Gross Rent Multiplier: 12.85
  • Gross Scheduled Income: $190,666
  • Net Operating Income: $121,010
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $60,123
  • Electric: $2,017
  • Gas/Fuel: $2,017
  • Licenses: $717
  • New Taxes: $31,094
  • Trash: $2,017
  • Gardener: $2,400
  • Insurance: $2,671
  • Maintenance: $3,750
  • Professional Management: $9,057
  • Water/Sewer: $2,017
  • Other Expenses: $1,750
  • Other Expense Description: Reserves

Property Details for 1470 Elm Ave

Interior Features
Laundry Information
  • Has Laundry
  • Individual Room
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 1
  • # of Parking Spaces: 1
  • Has Parking
  • Parking Features: Driveway, Garage
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: 10
  • Parcel Number: 7269025009
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Willmore District (WM)
  • Directions: E Anaheim St & Long Beach Blvd
Neighborhood Information
  • Community Features: Sidewalks, Street Lights, Urban
View more facts & features

Local Long Beach Agent

Sale History for 1470 Elm Ave

Last sold for $2,375,000 on January 14th, 2020

  • January, 2020

  • Jan 14, 2020

    Date

    Sold

    CRMLS: PW19205915

    $2,375,000

    Price

  • Oct 21, 2019

    Date

    Pending

    CRMLS: PW19205915

    $2,450,000

    Price

  • Aug 29, 2019

    Date

    Active

    CRMLS: PW19205915

    $2,450,000

    Price

  • January, 2020

  • Jan 14, 2020

    Date

    Sold (Public Records)

    Public Records

    $2,375,000

    Price

  • April, 2018

  • Apr 21, 2018

    Date

    Leased

    CRMLS: PW18087794

    $1,495

    Price

  • Apr 17, 2018

    Date

    Active

    CRMLS: PW18087794

    $1,495

    Price

  • Listing provided courtesy of CRMLS

    Available now! New floors, granite counter tops, fresh paint, new oven, new refrigerator! Water and trash utilities included with rent. This is a second floor unit with the front door facing south. CRITERIA: 600+ credit scores, income of 3x the rent, no smoking, no past evictions, no section 8, and sorry no pets.

  • February, 2018

  • Feb 27, 2018

    Date

    Leased

    CRMLS: PW18028213

    $1,445

    Price

  • Feb 6, 2018

    Date

    Active

    CRMLS: PW18028213

    $1,445

    Price

  • Listing provided courtesy of CRMLS

    New floors and new fresh paint! Ground floor two bedroom one bath apartment available now! Granite counter tops! New oven and New floors will be installed will be installed. Water and Trash included in rent. Assigned parking available for additional charge.

  • September, 2017

  • Sep 8, 2017

    Date

    Sold (Public Records)

    Public Records

    $1,850,000

    Price

Show More

Tax History for 1470 Elm Ave

Assessed Value (2020): $1,925,740
Year Land Value Improved Value Assessed Value
2020 $520,200 $1,405,540 $1,925,740

Home Value Compared to the Market

This property vs the competition

1470 Elm Ave sold on January 14, 2020 for 199.15% higher than the current median sold price for the city of Long Beach which is $819,000. The median sold price per/sqft for Long Beach is $628 and this home is sold at $366.88 per/sqft which puts the price per square foot 41.58% lower than the current median sale per square foot for the city of Long Beach.

About 1470 Elm Ave

Detailed summary of property

1470 Elm Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 20 bedrooms, 10 bathrooms, roughly 6,678 living square feet, and sits on an approximately 7,594 square foot lot. 1470 Elm Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $2,375,000. Home in Long Beach are selling for a median price of $819,000 and a median price per square foot of $628. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 199.15% higher than the current median priced home. Local homes that are currently for sale include 1548 W 19th St, 1381 Temple Ave and 1717 Temple Ave. While the average home in Long Beach, CA is selling in 62 days, 1470 Elm Ave has a days on market of 53 days. There are currently 778 homes for sale in the Long Beach real estate market and 416 of them are single family homes while 337 of them are condos and 23 are townhomes. For more information on this home for sale at 1470 Elm 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 1470 Elm Ave

Public county record property details
Beds
19
Baths
10
Year built
1959
Sq. Ft.
6,678
Lot Size
7,594
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
2
APN
7269-025-009

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
$560,000
Median List Price/Sq.Ft.
$553
Median Sold Price
$495,000
Median Sold Price/Sq.Ft.
$587
Total Inventory
35
Median Sale to List Price %
99.02%
Avg Days on Market
24
Loan Type
Conventional (100%), FHA (0%), VA (0%), Cash (0%), 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.

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