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2223 Myrtle Ave, Long Beach, CA 90806
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2223 Myrtle Ave Long Beach, CA 90806

$3,595,000
  • 16 Beds
  • 14 Baths
  • 8,632 Sq.Ft.
For Sale
$3,595,000 Get Pre-Qualified
Map preview of 2223 Myrtle Ave, Long Beach, CA 90806

Property Overview: 2223 Myrtle Ave Long Beach, CA has 16 bedrooms, 14 bathrooms, 8,632 living square feet and 10,471 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: The Mogharebi Group is pleased to present the opportunity to acquire 2223 Mrytle, a 14-unit secured access community located in Long Beach, California. The property has recently undergone significant renovations. Exterior upgrades include new windows, new paint, new garage door hardware, lighting, security gates, intercom system, stairway upgrades and a fresh slurry and stripped parking lot, along with professional landscaping upgrades. Interior kitchen upgrades include new custom cabinets and hardware, modern quartz counter tops, new stainless-steel appliances (including refrigerator, dishwasher, microwave, and stoves), new sinks, and custom facets. Bathroom upgrades include new custom cabinets and counter tops, new bathtubs, and custom tile enclosures. Flooring and custom lighting is new throughout the interior. Upstairs units have vaulted ceilings, creating a spacious feel. The building’s electrical system has new subpanels, each unit has an individual water heater and tenant pay they own gas and electricity. A RUBS system has been initiated for water and sewer expenses. Every living room and bedroom has a newer a/c unit. The property is located within a walkable distance to many nearby points of interest such as Long Beach City College, MLK Jr. Park, and PCH. This prime location, when paired with the high-quality renovations allow 2223 Mrytle to easily capitalize on a large potential tenant base and strong local economy.

Listed by Mike Marcu | BRE #00919594 | Mike Marcu, Broker
Last checked: 5 minutes ago | Last updated: August 22nd, 2024 | Source CRMLS | DOM: 53

Home details

Lot Sq. Ft
10,471
HOA Dues
$0/mo
Year built
1959
Garage
3 Car
Property Type:
Apartment
Status
Active
MLS#
OC24121701
City
Long Beach
County
Los Angeles
Time on Site
97 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 14
  • Total # of Buildings: 2
  • # of Electric Meters: 15
  • # of Gas Meters: 15
  • # of Water Meters: 2
Unit Breakdown 1
  • # of Units: 12
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $21,750
  • Total Rent: $21,750
  • Pro Forma/Market Rent: $23,400
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 2
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $4,180
  • Total Rent: $4,180
  • Pro Forma/Market Rent: $4,300
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 6%
  • Gross Rent Multiplier: 11.24
  • Gross Scheduled Income: $319,572
  • Net Operating Income: $215,936
  • Gross Operating Income: $310,237
  • Vacancy Allowance: $9,335
  • Garage Rental Income: $2,016
  • Laundry Income: $924
  • Laundry Own/Lease: Lease
  • Other Income 1: $2,400
  • Other Income 2: $3,072
  • Other Income Description: RUBS, Pet Rent, Misc.
Annual Expense Breakdown
  • Total Operating Expense: $94,301
  • Electric: $3,325
  • Gas/Fuel: $1,000
  • New Taxes: $47,312
  • Trash: $443
  • Gardener: $1,200
  • Insurance: $8,374
  • Maintenance: $8,507
  • Professional Management: $15,946
  • Water/Sewer: $5,389
  • Other Expenses: $3,805
  • Other Expense Description: Admin.

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Property Details for 2223 Myrtle Ave

Interior Features
Laundry Information
  • Has Laundry
  • Common Area
Interior Features
  • Levels: Two
  • Security Features: Gated Community
Exterior Features
Exterior Information
  • Roof: Asphalt
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 3
  • # of Parking Spaces: 11
  • No
  • Parking Features: None
Lot Information
  • Lot Features: 36-40 Units/Acre, Landscaped
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 1 Common Wall
  • Total # of Units: 14
  • Parcel Number: 7211014032
  • Year Built Source: Assessor
  • Entry Level: 2
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Sewer Paid
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Other (OTHR)
  • Other Subdivision Name: none
  • Directions: Atlantic Avenue to Hill Street east to Myrtle Avenue north
Neighborhood Information
  • Community Features: Curbs, Street Lights, Suburban
View more facts & features

Local Long Beach Agent

Sale History for 2223 Myrtle Ave

Last leased for $1,850 on November 5th, 2019

  • June, 2024

  • Jun 14, 2024

    Date

    Canceled

    CRMLS: OC24032306

    $3,675,000

    Price

  • Feb 15, 2024

    Date

    Active

    CRMLS: OC24032306

    $3,750,000

    Price

  • Listing provided courtesy of CRMLS

    With 13 of 14-unit interiors extensively upgraded, including electrical subpanels, this 14-unit apartment building offers an attractive yield approaching a 6% Capitalization Rate, at the asking price. The location is within a rapidly up-and- coming neighborhood. The property offers (2) two-bedroom/one-bath and (12) one-bedroom/ one-bath units. Remodeled units include vinyl plank flooring, custom cabinets, stainless steel appliances, new bathroom vanities, and modern lighting and fixtures throughout. Both kitchens and bathrooms have been completely remodeled in these 13 units. The secure access building also features ample parking; new windows; two laundry rooms; and separate meters for gas and electric. A RUBS program has been implemented to further reduce operating costs. The new owner can continue implementing the RUBS program to further increase the yield.

  • June, 2024

  • Jun 14, 2024

    Date

    Active

    CRMLS: OC24121701

    $3,595,000

    Price

  • February, 2024

  • Feb 1, 2024

    Date

    Expired

    CRMLS: OC23141746

    $3,750,000

    Price

  • Aug 1, 2023

    Date

    Active

    CRMLS: OC23141746

    $3,895,000

    Price

  • Listing provided courtesy of CRMLS

    This 14 unit property is in excellent condition, as 13 of 14 units, have been extensively upgraded. The location is within a rapidly up-and- coming neighborhood. The property offers (2) two-bedroom/one-bath and (12) one-bedroom/ one-bath units. Remodeled units include vinyl plank flooring, custom cabinets, stainless steel appliances, new bathroom vanities, and modern lighting and fixtures throughout. The secure-access building also features ample parking; new windows; two laundry rooms; and separate meters for gas and electric and a RUBS program has been implemented to further reduce opertaing costs.

  • May, 2020

  • May 18, 2020

    Date

    Canceled

    CRMLS: PW20010531

    $3,425,000

    Price

  • Jan 15, 2020

    Date

    Active

    CRMLS: PW20010531

    $3,425,000

    Price

  • Listing provided courtesy of CRMLS

    2223 Myrtle Avenue is a 14-unit investment asset in a rapidly up-and- coming neighborhood in Long Beach priced at 12.70 GRM on actual rents. The property offers (2) two-bedroom/one-bath and (12) one-bedroom/ one-bath units. Twelve of the units are completely remodeled with vinyl plank flooring, custom cabinets, stainless steel appliances, new bathroom vanities, and modern lighting and fixtures throughout. The secure-access building also features ample parking; cheery new paint; new windows; two laundry rooms; and separate meters for gas and electric.

  • December, 2019

  • Dec 5, 2019

    Date

    Canceled

    CRMLS: PW19219357

    $3,575,000

    Price

  • Sep 13, 2019

    Date

    Active

    CRMLS: PW19219357

    $3,575,000

    Price

  • Listing provided courtesy of CRMLS

    2223 Myrtle Avenue is a 14-unit investment asset in a rapidly up-and-coming neighborhood in Long Beach priced at 13.16 GRM on actual rents. The property offers (2) two-bedroom/one-bath and (12) one- bedroom/one-bath units. Eleven of the units are completely remodeled with vinyl plank flooring, custom cabinets, stainless steel appliances, new bathroom vanities, and modern lighting and fixtures throughout. The secure-access building also features three garages and six surface spaces, for a total of nine parking spaces; cheery new paint; new windows; two laundry rooms; and separate meters for gas and electric. 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.

  • November, 2019

  • Nov 8, 2019

    Date

    Leased

    CRMLS: 19517292

    $1,850

    Price

  • Nov 4, 2019

    Date

    Hold

    CRMLS: 19517292

    $1,850

    Price

  • Oct 3, 2019

    Date

    Active

    CRMLS: 19517292

    $1,850

    Price

  • Listing provided courtesy of CRMLS

    This mid-century building has been brought back to life with a new exterior that has been painted lime green accents with pops of neon pink to truly stand out as a unique property. The common securitized courtyard features neon pink planters with lush green landscaping which takes you to a peaceful relaxing home.The interiors have been completed remodeled from head-to-toe. The kitchen features custom finishes throughout. The matte white cabinetry with accented walnut wood and have been finished with self closing drawers, matte black iron handles and white quartz countertops. The new stainless steel appliances include a stove, dishwasher, refrigerator and microwave. The living room and bedroom have new A/C units as well as built-in storage. There are pops of mid-century lighting in the dining room as well as wall sconces throughout the unit.The large hallway linen closet has ample space for storing tools, supplies for your cat or dog, blankets and other goods.

  • October, 2019

  • Oct 2, 2019

    Date

    Expired

    CRMLS: 19459440

    $1,495

    Price

  • Jun 13, 2019

    Date

    Withdrawn

    CRMLS: 19459440

    $1,495

    Price

  • Apr 26, 2019

    Date

    Active

    CRMLS: 19459440

    $1,495

    Price

  • Listing provided courtesy of CRMLS

    This mid-century building has been brought back to life with a new exterior that has been painted lime green accents with pops of neon pink to truly stand out as a unique property. The common securitized courtyard features neon pink planters with lush green landscaping which takes you to a peaceful relaxing home. The interiors have been completed remodeled from head-to-toe. The kitchen features custom finishes throughout. The matte white cabinetry with accented walnut wood and have been finished with self closing drawers, matte black iron handles and white quartz countertops. The new stainless steel appliances include a stove, dishwasher, refrigerator and microwave. The living room and bedroom have new A/C units as well as built-in storage. There are pops of mid-century lighting in the dining room as well as wall sconces throughout the unit. The bathroom features subway and porcelain tile, mirrored medicine cabinet, new vanity and stainless steel hardware.

  • May, 2018

  • May 22, 2018

    Date

    Sold (Public Records)

    Public Records

    $2,350,000

    Price

  • July, 1994

  • Jul 1, 1994

    Date

    Sold (Public Records)

    Public Records

    $300,000

    Price

Show More

Tax History for 2223 Myrtle Ave

Assessed Value (2020): $2,444,940
Year Land Value Improved Value Assessed Value
2020 $832,320 $1,612,620 $2,444,940

Home Value Compared to the Market

This property vs the competition

2223 Myrtle Ave is listed 360.9% higher than the median list price for the city of Long Beach which has a median list price of $780,000. The median price per/sqft for Long Beach is $646 and this home is listed at $416.47 per/sqft which puts the price per square foot 35.53% lower than the median price per square foot for the city of Long Beach.

About 2223 Myrtle Ave

Detailed summary of property

2223 Myrtle Ave is a apartment located in Long Beach, CA 90806 and is currently for sale. This apartment offers 16 bedrooms, 14 bathrooms, roughly 8,632 living square feet, and sits on an approximately 10,471 square foot lot. 2223 Myrtle Ave was first listed on ArdentRealEstateGroup.com on June 14, 2024. The homeowner is currently asking $3,595,000. The median priced home in Long Beach is $780,000 with a median price per square foot of $646. Based on Ardent Real Estate Group's Long Beach Market Data, this home is listed 360.9% higher than the median priced home. Local competing homes currently for sale include 16861 Green Ln, 825 E 108th St and 10961 S Figueroa St. While the average home in Long Beach, CA is selling in 62 days, 2223 Myrtle 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 2223 Myrtle 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 2223 Myrtle Ave

Public county record property details
Beds
16
Baths
14
Year built
1959
Sq. Ft.
8,632
Lot Size
10,469
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
26,27
APN
7211-014-032

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
$749,900
Median List Price/Sq.Ft.
$531
Median Sold Price
$920,000
Median Sold Price/Sq.Ft.
$534
Total Inventory
20
Median Sale to List Price %
100%
Avg Days on Market
36
Loan Type
Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

Tour This Home

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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.

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