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245 Temple Ave, Long Beach, CA 90803
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245 Temple Ave Long Beach, CA 90803

$2,875,000
  • 12 Beds
  • 10 Baths
  • 6,078 Sq.Ft.
For Sale
$2,875,000 Get Pre-Qualified
Map preview of 245 Temple Ave, Long Beach, CA 90803

Property Overview: 245 Temple Ave Long Beach, CA has 12 bedrooms, 10 bathrooms, 6,078 living square feet and 7,235 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: This property shines with a substantial value-add for growth! There is room to flourish with this investment, and some of the ways include completion of interior renovations (4 of 8 near complete) with a very realistic upside. This apartment building has a lot of growth opportunities! Temple Avenue in Long Beach, California. This 8-unit apartment building is in the highly desirable rental area of Bluff Heights Historic District! Built in 1973, this is a SWEET location where the community meets small businesses in a neighborhood setting. Just steps away from restaurants, cafes, and unique small businesses. Only blocks to the beach with expansive walking and bike paths. The area is a dream! Close enough to Downtown LB festivities and 2nd Street, but far enough to have a sense of neighbors and peace with a work-life balance feeling. It is a rare opportunity to acquire an asset with an attractive current cap rate estimated at 5.6 and a GRM of 13.5.

Listed by Tamas Batyi | BRE #02053534 | Compass
Last checked: 10 minutes ago | Last updated: September 19th, 2024 | Source CRMLS | DOM: 44

Home details

Lot Sq. Ft
7,235
HOA Dues
$0/mo
Year built
1973
Garage
4 Car
Property Type:
Apartment
Status
Active
MLS#
SB24162123
City
Long Beach
County
Los Angeles
Time on Site
43 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 8
  • Total # of Buildings: 1
  • # of Leased Units: 8
  • # of Electric Meters: 9
  • # of Gas Meters: 9
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,808
  • Total Rent: $2,808
  • Pro Forma/Market Rent: $3,155
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,532
  • Total Rent: $2,532
  • Pro Forma/Market Rent: $3,155
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,300
  • Total Rent: $2,300
  • Pro Forma/Market Rent: $3,155
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,868
  • Total Rent: $1,868
  • Pro Forma/Market Rent: $3,155
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,674
  • Total Rent: $1,674
  • Pro Forma/Market Rent: $2,386
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,030
  • Total Rent: $2,030
  • Pro Forma/Market Rent: $2,386
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,200
  • Total Rent: $2,200
  • Pro Forma/Market Rent: $2,386
Unit Breakdown 8
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,200
  • Total Rent: $2,200
  • Pro Forma/Market Rent: $2,386
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.6%
  • Gross Rent Multiplier: 13.5
  • Gross Scheduled Income: $213,044
  • Net Operating Income: $161,502
  • Gross Operating Income: $213,044
  • Vacancy Allowance: $4,262
  • Garage Rental Income: $900
  • Laundry Income: $800
Annual Expense Breakdown
  • Total Operating Expense: $51,542
  • Electric: $1,548
  • Gas/Fuel: $0
  • New Taxes: $33,900
  • Trash: $0
  • Gardener: $1,200
  • Insurance: $5,280
  • Professional Management: $0
  • Water/Sewer: $4,716

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Property Details for 245 Temple Ave

Interior Features
Heating Information
  • Has Heating
  • Wall Furnace
Laundry Information
  • Has Laundry
  • Community
Room Information
  • Flooring: Vinyl
Kitchen Information
  • Has Appliances
  • Disposal, Gas Range, Water Heater Central
Interior Features
  • Levels: Two
Exterior Features
Exterior Information
  • Roof: Shingle
  • 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: 12
  • Has Parking
  • Parking Features: Assigned, Garage
Lot Information
  • Lot Features: 6-10 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • No View
  • View: None
  • Common Walls: 1 Common Wall
  • Total # of Units: 8
  • Parcel Number: 7263028039
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Location / Neighborhood
Location Information
  • Subdivision Name: Bluff Park (BLF)
  • Directions: 245 Temple Avenue Long Beach, CA 90803
Neighborhood Information
  • Community Features: Curbs, Sidewalks, Storm Drains, Street Lights, Suburban
View more facts & features

Local Long Beach Agent

Sale History for 245 Temple Ave

Last sold on August 18th, 2016

  • August, 2024

  • Aug 7, 2024

    Date

    Canceled

    CRMLS: SB24139203

    $2,950,000

    Price

  • Jul 9, 2024

    Date

    Active

    CRMLS: SB24139203

    $3,085,000

    Price

  • Listing provided courtesy of CRMLS

    This property shines with a substantial value-add for growth! There is room to flourish with this investment, and some of the ways include completion of interior renovations (4 of 8 near complete) with a very realistic upside. This apartment building has a lot of growth opportunities! Temple Avenue in Long Beach, California. This 8-unit apartment building is in the highly desirable rental area of Bluff Heights Historic District! Built in 1973, this is a SWEET location where the community meets small businesses in a neighborhood setting. Just steps away from restaurants, cafes, and unique small businesses. Only blocks to the beach with expansive walking and bike paths. The area is a dream! Close enough to Downtown LB festivities and 2nd Street, but far enough to have a sense of neighbors and peace with a work-life balance feeling. It is a rare opportunity to acquire an asset with an attractive current cap rate estimated at 5.5 and a GRM of 13.84.

  • August, 2024

  • Aug 6, 2024

    Date

    Active

    CRMLS: SB24162123

    $2,875,000

    Price

  • June, 2024

  • Jun 20, 2024

    Date

    Canceled

    CRMLS: OC24085405

    $3,095,000

    Price

  • May 3, 2024

    Date

    Active

    CRMLS: OC24085405

    $3,295,000

    Price

  • Listing provided courtesy of CRMLS

    8 garden-style apartment units located in the highly desirable area of Bluff Heights at 245 Temple Avenue in Long Beach, California. This asset is situated near 2nd Street near shopping, restaurants, entertainment & excellent employment opportunities. Built in 1973. 245 Temple Avenue offers the rare opportunity to acquire an asset with an attractive current cap rate that still provides substantial value-add through the completion of an interior renovation and realistic rental upside. The property has a Walk Score of 92 and a Bike Score of 90 making it a walker’s and Biker’s Paradise.

  • August, 2016

  • Aug 18, 2016

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • September, 2013

  • Sep 23, 2013

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 245 Temple Ave

Assessed Value (2020): $236,677
Year Land Value Improved Value Assessed Value
2020 $47,046 $189,631 $236,677

Home Value Compared to the Market

This property vs the competition

245 Temple Ave is listed 268.59% 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 $473.02 per/sqft which puts the price per square foot 26.78% lower than the median price per square foot for the city of Long Beach.

About 245 Temple Ave

Detailed summary of property

245 Temple Ave is a apartment located in Long Beach, CA 90803 and is currently for sale. This apartment offers 12 bedrooms, 10 bathrooms, roughly 6,078 living square feet, and sits on an approximately 7,235 square foot lot. 245 Temple Ave was first listed on ArdentRealEstateGroup.com on August 7, 2024. The homeowner is currently asking $2,875,000. 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 268.59% higher than the median priced home. Local competing homes currently for sale include 4016 E Wilton, 263 Corona Ave and 263 Corona Avenue. While the average home in Long Beach, CA is selling in 62 days, 245 Temple Ave has a days on market of 44 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 245 Temple Ave Long Beach, CA 90803 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 245 Temple Ave

Public county record property details
Beds
14
Baths
10
Year built
1973
Sq. Ft.
6,077
Lot Size
7,233
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
23
APN
7263-028-039

The source for these homes facts are from public records.

90803 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,595,000
Median List Price/Sq.Ft.
$824
Median Sold Price
$1,000,000
Median Sold Price/Sq.Ft.
$755
Total Inventory
128
Median Sale to List Price %
100.2%
Avg Days on Market
29
Loan Type
Conventional (29.63%), FHA (0%), VA (3.7%), Cash (37.04%), Other (29.63%)

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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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