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1557 Pine Ave Long Beach, CA 90813

$1,230,000 Sold Price as of 06/14/2019

8 Beds
6 Baths
4,952 Sq.Ft.

Sold

$1,230,000 Sold Price as of 06/14/2019 Refinance Your Mortgage

Map preview of 1557 Pine Ave, Long Beach, CA 90813

Property Overview: 1557 Pine Ave Long Beach, CA has 8 bedrooms, 6 bathrooms, 4,952 living square feet and 7,471 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 557 Pine Avenue, a six-unit apartment property in Long Beach, California. The property is located in Long Beach’s Washington neighborhood just south of Pacific Coast Highway and conveniently near the Metro Blue Line and the 710 Freeway. 1557 Pine Avenue consists of three buildings: a fourplex, a freestanding house, and a rear building with a single unit above four single-car garages. The front fourplex offers two one-bed/one-bath and two two-bed/one-bath units that are all 924 square feet, and the freestanding house is a 970-square foot unit with two bedrooms and one and one-half baths. All of the units are separately metered for gas and electricity. With a solid unit mix in a strong rental market, 1557 Pine Avenue presents an excellent opportunity for an investor to add value and capture substantial potential upside in rents. Please request and review a copy of the Offering Memorandum for this property for a detailed explanation and description of this investment and its underwriting.

Listed by Steven Bogoyevac | BRE #01332755 | Steven M. Bogoyevac, Broker

Last checked: 6 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 61

Home details

Lot Sq. Ft: 7,471
HOA Dues: $0/mo
Year built: 1920
Garage: 4 Car
Property Type:: Multi Family

Status: Sold
MLS#: PW19028359
City: Long Beach
County: Los Angeles
Time on Site: 1521 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: 2
# of Beds: 1
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,300
Total Rent: $2,300
Pro Forma/Market Rent: $2,790

Unit Breakdown 2

# of Units: 2
# of Beds: 2
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,325
Total Rent: $2,325
Pro Forma/Market Rent: $3,050

Unit Breakdown 3

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,600
Total Rent: $1,600
Pro Forma/Market Rent: $1,650

Unit Breakdown 4

# of Units: 1
# of Beds: 0
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $800
Total Rent: $800
Pro Forma/Market Rent: $850

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $84,300
Net Operating Income: $49,760
Gross Operating Income: --

Annual Expense Breakdown

Total Operating Expense: $32,011
Electric: $0
Gas/Fuel: $0
New Taxes: $0
Trash: $0
Insurance: $1,857
Professional Management: $0
Water/Sewer: $0

Property Details for 1557 Pine Ave

Interior Features

Laundry Information

No Laundry
None

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

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

Lot Information

Lot Features: Front Yard, Lawn
Lot Size Source: Assessor

Property Information

Common Walls: No Common Walls
Total # of Units: 6
Parcel Number: 7269007011
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

Subdivision Name: Downtown (DT)
Directions: Off Pacific Ave in between W 15th St and W 16th St

Neighborhood Information

Community Features: Curbs, Sidewalks, Storm Drains

View more facts & features

Local Long Beach Agent

Sale History for 1557 Pine Ave

Last sold for $1,230,000 on June 14th, 2019

June, 2019
Jun 17, 2019

Date

Sold

CRMLS: PW19028359

$1,230,000

Price
May 30, 2019

Date

Pending

CRMLS: PW19028359

$1,250,000

Price
Mar 6, 2019

Date

Price Change

CRMLS: PW19028359

$1,250,000

Price
Feb 21, 2019

Date

Price Change

CRMLS: PW19028359

$1,325,000

Price
Feb 6, 2019

Date

Active

CRMLS: PW19028359

$1,365,000

Price
June, 2019
Jun 14, 2019

Date

Sold (Public Records)

Public Records

$1,230,000

Price
October, 2018
Oct 11, 2018

Date

Expired

CRMLS: PW18068437

$1,365,000

Price
Sep 4, 2018

Date

Price Change

CRMLS: PW18068437

$1,365,000

Price
Aug 2, 2018

Date

Price Change

CRMLS: PW18068437

$1,375,000

Price
Jul 18, 2018

Date

Price Change

CRMLS: PW18068437

$1,400,000

Price
May 20, 2018

Date

Price Change

CRMLS: PW18068437

$1,425,000

Price
Apr 6, 2018

Date

Price Change

CRMLS: PW18068437

$1,450,000

Price
Mar 28, 2018

Date

Active

CRMLS: PW18068437

$1,500,000

Price
Listing provided courtesy of CRMLS

Nice property with good tenants. Subject to seller's purchase of an upleg property for a 1031 exchange at no cost to the buyer. Seller is a real estate licensee. Has 4 garages. Only one is rented. The other 3 are for owners personal use. The property consists of a fourplex on the front ( 2 2/1 and 2 1/1), a house in the middle 2/1.5 bath), and a single on top of the garages. Seller has found up leg for a 1031 exchange.

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Tax History for 1557 Pine Ave

Assessed Value (2020): $1,254,600

Year	Land Value	Improved Value	Assessed Value
2020	$612,000	$642,600	$1,254,600

Home Value Compared to the Market

This property vs the competition

1557 Pine Ave sold on June 14, 2019 for 52.63% 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 $252.42 per/sqft which puts the price per square foot 59.81% lower than the current median sale per square foot for the city of Long Beach.

About 1557 Pine Ave

Detailed summary of property

1557 Pine Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 8 bedrooms, 6 bathrooms, roughly 4,952 living square feet, and sits on an approximately 7,471 square foot lot. 1557 Pine Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $1,230,000. 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 52.63% higher than the current median priced home. Local homes that are currently for sale include 1132 E Arcadia Court, 1039 E 10th St and 1339 Peterson Ave. While the average home in Long Beach, CA is selling in 62 days, 1557 Pine Ave has a days on market of 61 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 1557 Pine 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 1557 Pine Ave

Public county record property details

Beds: 7
Baths: 6
Year built: 1920
Sq. Ft.: 4,952
Lot Size: 7,471
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 9
APN: 7269-007-011

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

Median Sale to List Price %

99.02%

Avg Days on Market

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.