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2055 E 3rd St Long Beach, CA 90814

$5,300,000 Sold Price as of 03/31/2022

8 Beds
13 Baths
8,541 Sq.Ft.

Sold

$5,300,000 Sold Price as of 03/31/2022 Refinance Your Mortgage

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Map preview of 2055 E 3rd St, Long Beach, CA 90814

Property Overview: 2055 E 3rd St Long Beach, CA has 8 bedrooms, 13 bathrooms, 8,541 living square feet and 9,400 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Casa 2055 is a pristine 13-unit multifamily investment asset located at 2055 E. 3rd Street in the prime rental submarket of Alamitos Beach. Of the 13 units, the property offers a favorable mix:one 2 BD/1 BA, six 1 BD/1BA, four of which have dens, and six studio units, four of which have brand-new high end murphy beds; all of which are sizable Casa 2055 provides a new buyer with a very rare opportunity to acquire an attractive, meticulously renovated, turnkey and fully stabilized asset in a highly desirable rental market boasting strong cash-flows with long-term appreciation. Revenue increases can be achieved over time through parking, storage and yearly market-permitted rent increases. Casa 2055 has undergone extensive exterior and interior renovations, electrical, plumbing and mechanical system upgrades, which total over $600K in capital expenditures (see pages 14 and 15 of the offering memorandum for a complete list of renovations). “ Spanish Revivalist" facade marries Old World Charm with designer amenities, the improvements enhance the Hacienda-style architecture with a timeless and contemporary aesthetic. Spanish tiling, ironwork, dark hardwood flooring, period correct built-ins and casement windows are married with modern appliance packages, amenities and best in-class interior finishes. Open-air hallways and walkways meander towards a drought tolerant landscaped common courtyard, providing a Spanish coastal chic indoor-outdoor ambiance. The central courtyard has the potential to be transformed into areas for dining, lounging and entertaining. The property is located in AlamitosBeach, a neighborhood popular with young urban professionals and families, nestled between Alamitos Beach and Belmont Heights. With a walk score of 94 and bike score of 88, the area offers residents a plethora of outdoor recreation and cultural destinations. The property is walkable to the dining and shopping amenities along 4th Street / Retro Row.. Real Property Management Southland (RPM) is the in-place property management company for Casa 2055. Based in Long Beach and founded in 2014, RPM employs a combination of eight experienced full-time team members, part-time onsite property managers, a deep bench of reliable trade vendors, and best-in-class technology systems to deliver efficient property management services at attractive fees.

Listed by Todd Hawke | BRE #01376219 | Keller Williams - Santa Monica
Co-listed by Robert Stepp | BRE #01456379 | Keller Williams - Santa Monica

Last checked: 2 minutes ago | Last updated: April 4th, 2022 | Source CRMLS | DOM: 26

Home details

Lot Sq. Ft: 9,400
HOA Dues: $0/mo
Year built: 1927
Garage: 5 Car
Property Type:: Multi Family

Status: Sold
MLS#: PW22004854
City: Long Beach
County: Los Angeles
Time on Site: 977 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 13
Total # of Buildings: 1
# of Electric Meters: 13
# of Gas Meters: 13
# of Water Meters: 1

Unit Breakdown 1

# of Units: 2
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,439
Total Rent: $4,878
Pro Forma/Market Rent: $2,500

Unit Breakdown 2

# of Units: 6
# of Beds: 0
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,651
Total Rent: $9,906
Pro Forma/Market Rent: $1,767

Unit Breakdown 3

# of Units: 1
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,850
Total Rent: $2,850
Pro Forma/Market Rent: $2,850

Unit Breakdown 4

# of Units: 4
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,509
Total Rent: $10,036
Pro Forma/Market Rent: $2,680

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $342,756
Net Operating Income: $234,096
Gross Operating Income: --

Annual Expense Breakdown

Total Operating Expense: $98,377
Electric: $1,230
Gas/Fuel: $1,230
Licenses: $500
New Taxes: $68,002
Trash: $1,230
Gardener: $1,200
Insurance: $5,000
Maintenance: $4,875
Professional Management: $10,805
Water/Sewer: $1,230
Other Expenses: $2,275
Other Expense Description: Reserves

Property Details for 2055 E 3rd St

Interior Features

Laundry Information

Has Laundry
Inside

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 5
# of Parking Spaces: 5
Has Parking
Parking Features: Garage - Single Door

Lot Information

Lot Features: 11-15 Units/Acre
Lot Size Source: Estimated
Common Interest: Community Apartment

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 13
Parcel Number: 7263006024
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: Alamitos Heights (AH)
Other Subdivision Name: Alamitos Beach (AB)
Directions: Cherry Ave & E 3rd St

Neighborhood Information

Community Features: Urban

View more facts & features

Local Long Beach Agent

Sale History for 2055 E 3rd St

Last sold for $5,300,000 on March 31st, 2022

March, 2022
Mar 31, 2022

Date

Sold

CRMLS: PW22004854

$5,300,000

Price
Jan 16, 2022

Date

Active

CRMLS: PW22004854

$5,450,000

Price
September, 2021
Sep 14, 2021

Date

Leased

CRMLS: PW21140555

$2,575

Price
Jul 16, 2021

Date

Active

CRMLS: PW21140555

$2,500

Price
Jun 28, 2021

Date

Coming Soon

CRMLS: PW21140555

$2,500

Price
Listing provided courtesy of CRMLS

his unit has lively 1927 classical Spanish charm and an abundance of light, and high ceilings with original wood beams. Furnished with all new energy-efficient appliances including a large 2-door refrigerator, Whirlpool stainless steel gas range, dishwasher, and 2 walls of upper and lower Spanish cabinetry. The kitchen features arctic white quartz countertops, farmhouse fireclay sinks, and a Kraus prep faucet. The bathroom has a custom Spanish tile floor, all-new fixtures, and modern Spanish tile in the tub/shower enclosure. Pets welcome with an additional deposit and pet rent. This unit even comes with a shared community garden filled with trees and a pond for ultimate relaxation. This will not last long, don't miss out!

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July, 2021
Jul 26, 2021

Date

Expired

CRMLS: PW21054014

$5,450,000

Price
Mar 15, 2021

Date

Active

CRMLS: PW21054014

$5,450,000

Price
Listing provided courtesy of CRMLS

We are pleased to present a 13-unit multifamily property. Built in 1927, Casa del Patio is a quintessential example of Spanish Colonial Revival. The subject property consists of 9,286 rentable square feet spread throughout a 9,226 square foot lot. The building consists of six studio units, six 1-bedroom / 1-bathroom units, and one 2-bedroom / 1-bathroom unit. It contains five Lift Master mechanical garages and numerous private and communal patios for tenants. The units were fully renovated and re-imagined, including creative amenities such as hardwood floors, vaulted ceilings, and open living areas. The layout for each unit was redesigned to maximize living space, emphasize natural light, and to accentuate architectural elements. The complete renovation ensured the building would be brought up to current standards post Title-24. This included all new interiors, new kitchens and bathrooms, new washers / dryers in every unit, new wiring, new HVAC, new plumbing and sewers, foundation upgrades, new commercial-grade water heater, replaced missing roof tiles, exterior paint, 2” water main, and landscaping.

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March, 2021
Mar 15, 2021

Date

Canceled

CRMLS: PW20208946

$5,400,000

Price
Oct 29, 2020

Date

Withdrawn

CRMLS: PW20208946

$5,400,000

Price
Oct 5, 2020

Date

Active

CRMLS: PW20208946

$5,400,000

Price
Listing provided courtesy of CRMLS

Proud to announce 2055 East 3rd Street, a turn-key 13-unit apartment building in the prime submarket of Alamitos Beach. Situated 3 blocks from the Pacific Ocean, this asset has been meticulously renovated, leased, and offers strong cash-flow with long-term appreciation. Built in 1927/renovated in 2020, this turn-key asset was fully renovated post Title-24: plumbing (waste pipes, water lines, backflow preventer, etc.); water main; earthquake shutoff valves; commercial-grade water heater; gas lines; subpanels; HVAC; exhaust fans; mechanized garage doors; landscape; paint; kitchens and baths; Energy-Star appliances; designer fixtures, quartz, farmhouse sinks, cement tiles, plank floors, ceiling fans. Buyer to verify all information.

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February, 2021
Feb 8, 2021

Date

Canceled

CRMLS: PW20249941

$3,100

Price
Dec 3, 2020

Date

Active

CRMLS: PW20249941

$3,100

Price
Dec 2, 2020

Date

Coming Soon

CRMLS: PW20249941

$3,100

Price
Listing provided courtesy of CRMLS

Be first to live in a completely renovated coastal Spanish chic 'owner's unit' near Carroll Park. Surrounded by an oasis-like shared courtyard with lush landscaping, this apartment home offers you a living experience complete with expansive, open, and lively 1927 classical Spanish charm combined with an abundance of light, high ceilings with original wood beams, and modern conveniences. This 2-story townhouse style 2br unit is furnished with all new energy efficient appliances including a large 2-door refrigerator, stove, dishwasher, and washer and dryer, all new bathroom fixtures with a double sink vanity, and all new designer fixtures in the Kitchen complete with a breakfast bar and 2 walls of upper and lower Spanish cabinetry. Located just adjacent the charming Carroll Park neighborhood on a quiet tree-lined street, Casa del Patio (as the complex is historically known by) is just blocks from the Pacific Ocean and Long Beach's Famous 'Yoga on the Bluff.' Pets welcome! MOVE IN BEFORE FEB 15 and receive 2-4 weeks FREE depending on application!

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October, 2020
Oct 18, 2020

Date

Leased

CRMLS: PW20110820

$2,350

Price
Oct 6, 2020

Date

Withdrawn

CRMLS: PW20110820

$2,350

Price
Aug 5, 2020

Date

Price Change

CRMLS: PW20110820

$2,350

Price
Jun 9, 2020

Date

Active

CRMLS: PW20110820

$2,250

Price
Listing provided courtesy of CRMLS

Be the first to live in this completely renovated coastal Spanish chic complex near Carroll Park. Surrounded by an oasis-like shared courtyard with lush landscaping, this complex offers units with expansive, open, and lively 1927 classical Spanish charm combined with an abundance of light, high ceilings with original wood beams, and modern conveniences. This 1br unit is available now, includes in-unit washer and dryer in unit, all new energy efficient appliances including dishwasher, all new bathroom fixtures, and all new designer fixtures in the Kitchen. Located just adjacent the charming Carroll Park neighborhood on a quiet tree-lined street, Casa del Patio (as the complex is historically known by) is just blocks from the Pacific Ocean and Long Beach's Famous 'Yoga on the Bluff.' Pets welcome!

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August, 2019
Aug 14, 2019

Date

Sold (Public Records)

Public Records

$3,425,000

Price
September, 2005
Sep 14, 2005

Date

Sold (Public Records)

Public Records

$2,200,000

Price

Tax History for 2055 E 3rd St

Assessed Value (2020): $3,427,650

Year	Land Value	Improved Value	Assessed Value
2020	$1,925,000	$1,502,650	$3,427,650

Home Value Compared to the Market

This property vs the competition

2055 E 3rd St sold on March 31, 2022 for 565.45% 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 $638.1 per/sqft which puts the price per square foot 1.61% higher than the current median sale per square foot for the city of Long Beach.

About 2055 E 3rd St

Detailed summary of property

2055 E 3rd St is a multi family that recently sold in Long Beach, CA 90814. This multi family property offered 8 bedrooms, 13 bathrooms, roughly 8,541 living square feet, and sits on an approximately 9,400 square foot lot. 2055 E 3rd St was first listed on ArdentRealEstateGroup.com on January 16, 2022. The homeowner sold the property for $5,300,000. 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 565.45% higher than the current median priced home. Local homes that are currently for sale include 4083 S Broadway, 3236 W 60th St and 1826 Pomona Ave. While the average home in Long Beach, CA is selling in 62 days, 2055 E 3rd St has a days on market of 26 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 2055 E 3rd St Long Beach, CA 90814 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 2055 E 3rd St

Public county record property details

Beds: 7
Baths: 13
Year built: 1927
Sq. Ft.: 8,126
Lot Size: 9,400
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 7-9
APN: 7263-006-024

The source for these homes facts are from public records.

90814 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$625,000

Median List Price/Sq.Ft.

$642

Median Sold Price

$692,500

Median Sold Price/Sq.Ft.

$596

Total Inventory

Median Sale to List Price %

106.54%

Avg Days on Market

Loan Type

Conventional (42.86%), FHA (0%), VA (0%), Cash (21.43%), Other (35.71%)

Thinking of Selling?

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(714) 706-1823

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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.