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1955 Locust Ave Long Beach, CA 90806

$2,000,000 Sold Price as of 09/20/2019

12 Beds
10 Baths
7,079 Sq.Ft.

Sold

$2,000,000 Sold Price as of 09/20/2019 Refinance Your Mortgage

Map preview of 1955 Locust Ave, Long Beach, CA 90806

Property Overview: 1955 Locust Ave Long Beach, CA has 12 bedrooms, 10 bathrooms, 7,079 living square feet and 6,753 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Excellent 10 Unit Building with a Great Mix of 8 One Bedrooms, 2 Two Bedrooms and Eight Garages. Gated Building with an On-site Laundry Room for additional income. Nice Wrigley Location in a Great Rental Area. 100% Occupied. NO RENT CONTROL AREA! Current Rents About 15% Below Market, so Lots of Room to Increase Rents. About 12.7 GRM at Market Rents! All Units Clean Inside with Island Kitchens.

Listed by Cris Molles | BRE #01345419 | The Realestate Group

Last checked: 53 seconds ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 39

Home details

Lot Sq. Ft: 6,753
HOA Dues: $0/mo
Year built: 1962
Garage: 8 Car
Property Type:: Multi Family

Status: Sold
MLS#: SB19147040
City: Long Beach
County: Los Angeles
Time on Site: 1398 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 10
Total # of Buildings: 1
# of Leased Units: 10
# of Electric Meters: 10
# of Gas Meters: 10
# of Water Meters: 1

Unit Breakdown 1

# of Units: 2
# of Beds: 2
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,350
Total Rent: $2,700
Pro Forma/Market Rent: $2,990

Unit Breakdown 2

# of Units: 6
# of Beds: 1
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,050
Total Rent: $6,300
Pro Forma/Market Rent: $7,770

Unit Breakdown 3

# of Units: 2
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,150
Total Rent: $2,300
Pro Forma/Market Rent: $2,590

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: 14.99
Gross Scheduled Income: $136,680
Net Operating Income: $94,113
Gross Operating Income: $133,907
Laundry Income: $90

Annual Expense Breakdown

Total Operating Expense: $42,567
Electric: $5,938
Licenses: $520
New Taxes: $24,600
Trash: $0
Gardener: $0
Insurance: $2,916
Maintenance: $2,613
Professional Management: $5,320
Water/Sewer: $0

Property Details for 1955 Locust Ave

Interior Features

Laundry Information

Has Laundry
Common Area

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 8
# of Parking Spaces: 8

Lot Information

Lot Features: Level with Street
Lot Size Source: Assessor

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 10
Parcel Number: 7209017013
Year Built Source: Other
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Subdivision Name: Other (OTHR)
Other Subdivision Name: Wrigley
Directions: Just North of Pacific Coast Hwy. and One Block West of Long Beach Blvd.

Neighborhood Information

Community Features: Curbs, Gutters, Sidewalks, Street Lights

View more facts & features

Local Long Beach Agent

Sale History for 1955 Locust Ave

Last sold for $1,950,000 on September 20th, 2019

September, 2019
Sep 25, 2019

Date

Sold

CRMLS: SB19147040

$2,000,000

Price
Jul 23, 2019

Date

Pending

CRMLS: SB19147040

$2,050,000

Price
Jul 2, 2019

Date

Active

CRMLS: SB19147040

$2,050,000

Price
September, 2019
Sep 20, 2019

Date

Sold (Public Records)

Public Records

$1,950,000

Price
October, 2013
Oct 31, 2013

Date

Sold (Public Records)

Public Records

$1,025,000

Price

Tax History for 1955 Locust Ave

Assessed Value (2020): $1,952,440

Year	Land Value	Improved Value	Assessed Value
2020	$800,000	$1,152,440	$1,952,440

Home Value Compared to the Market

This property vs the competition

1955 Locust Ave sold on September 20, 2019 for 156.25% 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 $289.59 per/sqft which puts the price per square foot 54.18% lower than the current median sale per square foot for the city of Long Beach.

About 1955 Locust Ave

Detailed summary of property

1955 Locust Ave is a multi family that recently sold in Long Beach, CA 90806. This multi family property offered 12 bedrooms, 10 bathrooms, roughly 7,079 living square feet, and sits on an approximately 6,753 square foot lot. 1955 Locust Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $2,000,000. 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 156.25% higher than the current median priced home. Local homes that are currently for sale include 1706 Sherman Pl, 1512 N Stanton Pl and 468 Gaviota Ave. While the average home in Long Beach, CA is selling in 51 days, 1955 Locust Ave has a days on market of 39 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 1955 Locust Ave Long Beach, CA 90806 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 1955 Locust Ave

Public county record property details

Beds: 12
Baths: 10
Year built: 1962
Sq. Ft.: 7,079
Lot Size: 6,753
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 10
APN: 7209-017-013

The source for these homes facts are from public records.

90806 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$795,000

Median List Price/Sq.Ft.

$589

Median Sold Price

$600,000

Median Sold Price/Sq.Ft.

$641

Total Inventory

Median Sale to List Price %

101.69%

Avg Days on Market

Loan Type

Conventional (55.56%), FHA (11.11%), VA (0%), Cash (0%), Other (33.33%)

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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.