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2185 Pacific Ave #1, Long Beach, CA 90806
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2185 Pacific Ave #1 Long Beach, CA 90806

$1,500,000 Sold Price as of 08/23/2021
  • 6 Beds
  • 8 Baths
  • 6,612 Sq.Ft.
Sold
$1,500,000 Sold Price as of 08/23/2021 Refinance Your Mortgage
Map preview of 2185 Pacific Ave #1, Long Beach, CA 90806

Property Overview: 2185 Pacific Ave #1 Long Beach, CA has 6 bedrooms, 8 bathrooms, 6,612 living square feet and 4,708 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 2185-89 Pacific Ave, a 6-unit value add mixed-use apartment/retail investment opportunity located in the City of Long Beach, CA. The property offers a rare opportunity for investors to get into a high cash-flow property on year-1 with upside potential in a strategic part of Long Beach (within OPPORTUNITY ZONE). The property has been in the same family since 1994 and owner is relocating to another state. With the right financing structure, investor can realize a high (over ±10%) cash-on-cash levered return! The property is a 2-story, 6-unit mixed use building built in 1958. It has a total of 6,612 SF building size and situated on a 4,708SF lot; it has commercial zoning and located within an OPPORTUNITY ZONE. The 2nd floor units consist of 4 apartment units with 100% occupancy (owner is occupying 1 unit). It has 1 x 2bed+2bath, 1x 2bed+1.5bath, and 2 x 1bed+1bath units. 2 of the units have been partially upgraded. All tenants are on month to month and current rental income is significantly below market. The ground floor consists of 2 retail units. The 1st retail unit is occupied by a long-time tenant that has been there for more than 10 years and are on month-to-month agreement. This retail unit size is ±1,800SF and current rent is significantly below market. The 2nd retail unit has ±1,800SF in size and currently vacant (tenant recently moved out). Retail tenants pay their own utilities. Each unit is separately metered for electricity and gas.

Listed by Handoko Chen | BRE #01749321 | GIG Real Estate Inc.
Co-listed by Justin McCardle | BRE #01895720 | GIG Real Estate Inc.
Last checked: 1 minute ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 128

Home details

Lot Sq. Ft
4,708
HOA Dues
$0/mo
Year built
1958
Garage
3 Car
Property Type:
Mixed Use
Status
Sold
MLS#
AR21015994
City
Long Beach
County
Los Angeles
Time on Site
1341 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 6
  • Total # of Buildings: 1
  • # of Leased Units: 5
  • # of Electric Meters: 6
  • # of Gas Meters: 6
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 3
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
Unit Breakdown 4
  • # of Units: 2
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 6.5%
  • Gross Rent Multiplier: 10.4
  • Gross Scheduled Income: $0
  • Net Operating Income: $0
  • Gross Operating Income: $0
  • Vacancy Allowance: $0
  • Laundry Income: $480
Annual Expense Breakdown
  • Total Operating Expense: $0
  • Electric: $0
  • Gas/Fuel: $0
  • New Taxes: $0
  • Trash: $0
  • Insurance: $0
  • Professional Management: $0
  • Water/Sewer: $0

Virtual Tour

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Property Details for 2185 Pacific Ave #1

Interior Features
Cooling Information
  • Has Cooling
  • Wall/Window Unit(s)
Heating Information
  • Has Heating
  • Wall Furnace
Laundry Information
  • Has Laundry
  • Common Area
Fireplace Information
  • No Fireplace
  • None
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 3
  • # of Parking Spaces: 3
  • Has Parking
  • Parking Features: Garage, Garage Faces Rear
Lot Information
  • Lot Features: Rectangular Lot, Level, Near Public Transit
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 6
  • Parcel Number: 7205028018
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Assessment Information
  • Has Assessments
  • Assessments: Special Assessments, Buyer to Verify
Location / Neighborhood
Location Information
  • Subdivision Name: Wrigley Area (WR)
  • Directions: from PCH or FWY1 go north on PAcific Ave, building on the left side before you on Pacific and Hill
Neighborhood Information
  • Community Features: Urban
View more facts & features

Local Long Beach Agent

Sale History for 2185 Pacific Ave #1

Last sold for $1,500,000 on August 23rd, 2021

  • August, 2021

  • Aug 23, 2021

    Date

    Sold

    CRMLS: AR21015994

    $1,500,000

    Price

  • Jun 3, 2021

    Date

    Pending

    CRMLS: AR21015994

    $1,600,000

    Price

  • Jan 25, 2021

    Date

    Active

    CRMLS: AR21015994

    $1,600,000

    Price

  • January, 2021

  • Jan 14, 2021

    Date

    Expired

    CRMLS: SB20205296

    $1,600,000

    Price

  • Oct 18, 2020

    Date

    Active

    CRMLS: SB20205296

    $1,600,000

    Price

  • Oct 12, 2020

    Date

    Coming Soon

    CRMLS: SB20205296

    $1,600,000

    Price

  • Listing provided courtesy of CRMLS

    AN EXCELLENT RETAIL AND RESIDENTIAL IDEAL LOCATION! CLOSE TO DOWNTOWN AND CLOSE TO THE BEACH. YOU DON'T WANT TO MISS. THIS PROPERTY CONSISTS OF 4-APARTMENTS ON SECOND FLOOR. ONE APARTMENT WITH 2-BEDS, 1.5-BATHS, AND SECOND UNIT CONSISTS OF 2-BEDS, 2-BATHS WITH LAUNDRY HOOK UP INSIDE THE UNIT. TWO APARTMENTS WITH 1-BED, 1-BATH. TWO RETAIL PACES ON GROUND LEVEL. EXCELLENT WALKING TRAFFIC. BUS STOP/LINE-182 IS 10-FEET FROM THE FRONT LOCATION AND CLOSE TO THE TRAIN STATION. THIS PARCEL HAS TWO RETAIL BUSINESSES ON GROUND LEVEL. ONE BUSINESS IS A COMPUTER/PHONE REPAIR SHOP WITH APPROXIMATELY 1800 SQ FT. SECOND RETAIL BUSINESS SPACE IS VACANT WITH APPROXIMATELY 1800 SQ FT. THREE ASSIGNED COVERED GARAGES WITH KEYS FOR AN ADDITIONAL INCOME. ACTUAL CURRENT REVENUE FROM ALL 3-RESIDENTIAL UNITS AND 1- RETAIL STORE IS $6,350. ONE RESIDENTIAL UNIT WITH 1-BED,1-BATH IS OWNER OCCUPIED WHICH CAN BE RENTED FOR $1,600 AND ONE VACANT RETAIL SHOP IS FOR RENT FOR $2,500. PROJECTED RENT FOR ONE RESIDENTIAL AND ONE RETAIL IS FOR $4,100. TOTAL REVENUE INCLUDING PROJECTED RENT WOULD BE APPROXIMATELY $10,450/MONTH, $127,200/ANNUAL.

  • December, 1994

  • Dec 8, 1994

    Date

    Sold (Public Records)

    Public Records

    $185,000

    Price

Show More

Tax History for 2185 Pacific Ave #1

Assessed Value (2020): $284,112
Year Land Value Improved Value Assessed Value
2020 $84,459 $199,653 $284,112

Home Value Compared to the Market

This property vs the competition

2185 Pacific Ave #1 sold on August 23, 2021 for 95.36% 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 $241.98 per/sqft which puts the price per square foot 61.47% lower than the current median sale per square foot for the city of Long Beach.

About 2185 Pacific Ave #1

Detailed summary of property

2185 Pacific Ave #1 is a mixed use that recently sold in Long Beach, CA 90806. This mixed use property offered 6 bedrooms, 8 bathrooms, roughly 6,612 living square feet, and sits on an approximately 4,708 square foot lot. 2185 Pacific Ave #1 was first listed on ArdentRealEstateGroup.com on January 25, 2021. The homeowner sold the property for $1,500,000. 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 95.36% higher than the current median priced home. Local homes that are currently for sale include 2630 E 1St St, 324 N St Louis St and 328 N St Louis St. While the average home in Long Beach, CA is selling in 65 days, 2185 Pacific Ave #1 has a days on market of 128 days. There are currently 777 homes for sale in the Long Beach real estate market and 410 of them are single family homes while 343 of them are condos and 22 are townhomes. For more information on this home for sale at 2185 Pacific Ave #1 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 2185 Pacific Ave #1

Public county record property details
Beds
--
Baths
--
Year built
1958
Sq. Ft.
6,612
Lot Size
4,708
Stories
1
Type
Commercial/Office/Residential (Mixed Use)
Pool
No
Spa
No
County
Los Angeles
Lot#
17
APN
7205-028-018

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
$770,000
Median List Price/Sq.Ft.
$543
Median Sold Price
$920,000
Median Sold Price/Sq.Ft.
$534
Total Inventory
28
Median Sale to List Price %
100%
Avg Days on Market
36
Loan Type
Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

Thinking of Selling?

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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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