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2247 Earl Ave, Long Beach, CA 90806
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2247 Earl Ave Long Beach, CA 90806

$1,858,000 Sold Price as of 03/21/2023
  • 7 Beds
  • 7 Baths
  • 5,014 Sq.Ft.
Sold
$1,858,000 Sold Price as of 03/21/2023 Refinance Your Mortgage
Map preview of 2247 Earl Ave, Long Beach, CA 90806

Property Overview: 2247 Earl Ave Long Beach, CA has 7 bedrooms, 7 bathrooms, 5,014 living square feet and 5,900 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: This is a unique opportunity to purchase a partially stabilized 7-unit asset in a core Southern CA market with real upside to a 6.37% cap rate. Current ownership has established a proven renovation plan by remodeling 4 out of 7 units and achieved market rents for only 57% of the building. Leaving an additional 29% upside in rents for a new owner to capitalize on. Some improvements include high end kitchen & bathroom remodels in four units, added mini split AC/heaters in two units, added in-unit washer dryers in two units, added in-unit sub panels in three units, installed artificial turf in front yard and added drought tolerant landscaping with drip new irrigation system. The building has a diverse unit mix comprised of (1) 2BD/1BA, (5) 1BD/1BA, (1) Studio units and (4) on-site garages.

Listed by Andrew McAllister | BRE #01946829 | Nationwide Real Estate Execs
Last checked: 3 minutes ago | Last updated: March 21st, 2023 | Source CRMLS | DOM: 138

Home details

Lot Sq. Ft
5,900
HOA Dues
$0/mo
Year built
1955
Garage
4 Car
Property Type:
Apartment
Status
Sold
MLS#
RS22234336
City
Long Beach
County
Los Angeles
Time on Site
565 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 7
  • Total # of Buildings: 1
  • # of Leased Units: 6
  • # of Electric Meters: 7
  • # of Gas Meters: 7
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,180
  • Total Rent: $1,180
  • Pro Forma/Market Rent: $1,895
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,795
  • Total Rent: $1,795
  • Pro Forma/Market Rent: $1,895
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,081
  • Total Rent: $1,081
  • Pro Forma/Market Rent: $1,495
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $1,895
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,195
  • Total Rent: $2,195
  • Pro Forma/Market Rent: $2,200
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,895
  • Total Rent: $1,895
  • Pro Forma/Market Rent: $1,895
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,032
  • Total Rent: $1,032
  • Pro Forma/Market Rent: $1,895
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.46%
  • Gross Rent Multiplier: 13.91
  • Gross Scheduled Income: $132,999
  • Net Operating Income: $82,572
  • Gross Operating Income: $129,049
  • Vacancy Allowance: $3,950
  • Laundry Income: $1,332
  • Laundry Own/Lease: Own
Annual Expense Breakdown
  • Total Operating Expense: $46,477
  • Electric: $644
  • Gas/Fuel: $1,302
  • New Taxes: $23,252
  • Trash: $576
  • Gardener: $1,200
  • Insurance: $3,259
  • Maintenance: $5,250
  • Professional Management: $6,386
  • Water/Sewer: $1,920
  • Other Expenses: $1,750
  • Other Expense Description: reserves

Property Details for 2247 Earl Ave

Interior Features
Heating Information
  • Has Heating
  • Combination, Wall Furnace
Laundry Information
  • Has Laundry
  • Community
Fireplace Information
  • No Fireplace
  • None
Room Information
  • Flooring: Vinyl, Wood
Kitchen Information
  • Has Appliances
  • Gas Range
Interior Features
  • Levels: Two
Exterior Features
Exterior Information
  • Roof: Composition
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 4
  • # of Parking Spaces: 4
  • Has Parking
  • Parking Features: Garage, Garage - Single Door
Lot Information
  • Lot Features: Front Yard, Landscaped, Level with Street
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 7
  • Parcel Number: 7205019022
  • Year Built Source: Assessor
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Electricity Connected, Natural Gas Connected, Water Connected
Assessment Information
  • Has Assessments
  • Assessments: Special Assessments
Location / Neighborhood
Location Information
  • Subdivision Name: Wrigley Area (WR)
  • Directions: Earl Ave between 23rd and Hill Street
Neighborhood Information
  • Community Features: Curbs, Gutters, Sidewalks, Storm Drains, Street Lights, Urban
View more facts & features

Local Long Beach Agent

Sale History for 2247 Earl Ave

Last sold for $1,858,000 on March 21st, 2023

  • March, 2023

  • Mar 21, 2023

    Date

    Sold

    CRMLS: RS22234336

    $1,858,000

    Price

  • Nov 2, 2022

    Date

    Active

    CRMLS: RS22234336

    $1,895,000

    Price

  • February, 2022

  • Feb 17, 2022

    Date

    Sold

    CRMLS: PW22011881

    $1,580,000

    Price

  • Jan 21, 2022

    Date

    Active

    CRMLS: PW22011881

    $1,600,000

    Price

  • Listing provided courtesy of CRMLS

    Look no further! Add 2247 Earl Ave, Long Beach to your property portfolio and watch the profits flow! Walk through the stunning black iron gate into this gated community to find yourself in the spacious courtyard. One large two-bedroom unit and seven one-bedrooms. Each unit is spacious and has tons of storage. Units have upgrades. Parking on site! Extremely desirable for the compact parking area in Long Beach. 2247 Earl offers four one-car garages and four parking spots. Laundry room on site for extra income. Highly desirable rental area! Great long-term tenants! Great Location! Great opportunity! This won’t last! See you in escrow!

  • February, 2012

  • Feb 8, 2012

    Date

    Sold (Public Records)

    Public Records

    $635,000

    Price

  • August, 2002

  • Aug 1, 2002

    Date

    Sold (Public Records)

    Public Records

    $369,000

    Price

Show More

Tax History for 2247 Earl Ave

Assessed Value (2020): $729,555
Year Land Value Improved Value Assessed Value
2020 $344,548 $385,007 $729,555

Home Value Compared to the Market

This property vs the competition

2247 Earl Ave sold on March 21, 2023 for 131.25% 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 $368.97 per/sqft which puts the price per square foot 41.62% lower than the current median sale per square foot for the city of Long Beach.

About 2247 Earl Ave

Detailed summary of property

2247 Earl Ave is a apartment that recently sold in Long Beach, CA 90806. This apartment offered 7 bedrooms, 7 bathrooms, roughly 5,014 living square feet, and sits on an approximately 5,900 square foot lot. 2247 Earl Ave was first listed on ArdentRealEstateGroup.com on November 2, 2022. The homeowner sold the property for $1,858,000. 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 131.25% higher than the current median priced home. Local homes that are currently for sale include 1825 Cherry Ave, 1706 Sherman Pl and 1512 N Stanton Pl. While the average home in Long Beach, CA is selling in 52 days, 2247 Earl Ave has a days on market of 138 days. There are currently 647 homes for sale in the Long Beach real estate market and 369 of them are single family homes while 262 of them are condos and 16 are townhomes. For more information on this home for sale at 2247 Earl 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 2247 Earl Ave

Public county record property details
Beds
8
Baths
7
Year built
1955
Sq. Ft.
5,014
Lot Size
5,899
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
20
APN
7205-019-022

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
14
Median Sale to List Price %
101.69%
Avg Days on Market
16
Loan Type
Conventional (55.56%), FHA (11.11%), VA (0%), Cash (0%), Other (33.33%)

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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