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285 Cerritos Ave, Long Beach, CA 90802
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285 Cerritos Ave Long Beach, CA 90802

$1,780,000 Sold Price as of 01/05/2022
  • 4 Beds
  • 7 Baths
  • 5,548 Sq.Ft.
Sold
$1,780,000 Sold Price as of 01/05/2022 Refinance Your Mortgage
Map preview of 285 Cerritos Ave, Long Beach, CA 90802

Property Overview: 285 Cerritos Ave Long Beach, CA has 4 bedrooms, 7 bathrooms, 5,548 living square feet and 8,544 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 285-295 Cerritos Avenue is a 7-unit investment asset well-located in the highly desirable Alamitos Beach neighborhood of Long Beach, just a short walk to the beach and Bluff Park, and in close proximity to East Village Arts District and 4th Street/Retro Row. The property is comprised of sizable units with a favorable mix of (4) 1 BD+1BA+Den; (1) Studio+Den and (2) Studios. This 1920's property features vintage hardwood floors with period built-ins and detailing. Onsite laundry and garages provide additional income. Off-street surface parking is available for up to six cars. The property is in close proximity to the hip boutiques, restaurants and bars along Fourth Street/Retro Row and along the Broadway Corridor. The neighborhood is also adjacent to East Village Arts District, Downtown Long Beach and a myriad of employment opportunities. According to Niche.com, Alamitos Beach ranks as the number three of 47 Best Neighborhoods for Young Professionals. Rents in this submarket are 19% higher than other Long Beach submarkets, on average and vacancy rates are historically low. 285-295 Cerritos Avenue has 23% upside potential in income and six of the seven units are on month-to-month terms.

Listed by Robert Stepp | BRE #01456379 | Keller Williams - Santa Monica
Co-listed by Mark Witsken | BRE #01884724 | Keller Williams-Santa Monica
Last checked: 13 minutes ago | Last updated: March 23rd, 2022 | Source CRMLS | DOM: 87

Home details

Lot Sq. Ft
8,544
HOA Dues
$0/mo
Year built
1921
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
PW21202745
City
Long Beach
County
Los Angeles
Time on Site
970 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 7
  • Total # of Buildings: 2
  • # of Electric Meters: 7
  • # of Gas Meters: 7
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 4
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,563
  • Total Rent: $6,252
  • Pro Forma/Market Rent: $1,945
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,495
  • Total Rent: $1,495
  • Pro Forma/Market Rent: $1,550
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,070
  • Total Rent: $2,140
  • Pro Forma/Market Rent: $1,198
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $122,160
  • Net Operating Income: $73,098
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $42,954
  • Electric: $900
  • Gas/Fuel: $900
  • Licenses: $700
  • New Taxes: $22,747
  • Trash: $900
  • Gardener: $780
  • Insurance: $2,774
  • Maintenance: $4,850
  • Professional Management: $5,803
  • Water/Sewer: $900
  • Other Expenses: $1,400
  • Other Expense Description: Reserves

Property Details for 285 Cerritos Ave

Interior Features
Laundry Information
  • Has Laundry
  • Common Area
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 6
  • Has Parking
  • Parking Features: Driveway, Asphalt
Lot Information
  • Lot Features: 6-10 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 7
  • Parcel Number: 7275003027
  • 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 Beach (AB)
  • Directions: E 3rd St & Alamitos Ave
Neighborhood Information
  • Community Features: Urban
View more facts & features

Local Long Beach Agent

Sale History for 285 Cerritos Ave

Last sold for $1,780,000 on January 5th, 2022

  • December, 2021

  • Dec 3, 2021

    Date

    Price Change

    CRMLS: PW21202745

    $1,795,000

    Price

  • Oct 6, 2021

    Date

    Price Change

    CRMLS: PW21202745

    $1,895,000

    Price

  • August, 2002

  • Aug 8, 2002

    Date

    Sold (Public Records)

    Public Records

    $495,000

    Price

  • May, 2001

  • May 18, 2001

    Date

    Sold (Public Records)

    Public Records

    $360,000

    Price

Show More

Tax History for 285 Cerritos Ave

Assessed Value (2020): $655,521
Year Land Value Improved Value Assessed Value
2020 $458,207 $197,314 $655,521

Home Value Compared to the Market

This property vs the competition

285 Cerritos Ave sold on January 5, 2022 for 124.37% 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 $323.54 per/sqft which puts the price per square foot 48.81% lower than the current median sale per square foot for the city of Long Beach.

About 285 Cerritos Ave

Detailed summary of property

285 Cerritos Ave is a multi family that recently sold in Long Beach, CA 90802. This multi family property offered 4 bedrooms, 7 bathrooms, roughly 5,548 living square feet, and sits on an approximately 8,544 square foot lot. 285 Cerritos Ave was first listed on ArdentRealEstateGroup.com on September 20, 2021. The homeowner sold the property for $1,780,000. 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 124.37% higher than the current median priced home. Local homes that are currently for sale include 1526 Cedar Ave, 522 E Rhea St and 1409 Magnolia Ave. While the average home in Long Beach, CA is selling in 51 days, 285 Cerritos Ave has a days on market of 87 days. There are currently 643 homes for sale in the Long Beach real estate market and 358 of them are single family homes while 270 of them are condos and 15 are townhomes. For more information on this home for sale at 285 Cerritos Ave Long Beach, CA 90802 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 285 Cerritos Ave

Public county record property details
Beds
4
Baths
4
Year built
1921
Sq. Ft.
5,548
Lot Size
8,544
Stories
1
Type
Commercial/Office/Residential (Mixed Use)
Pool
No
Spa
No
County
Los Angeles
Lot#
8,9
APN
7275-003-027

The source for these homes facts are from public records.

90802 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$530,000
Median List Price/Sq.Ft.
$630
Median Sold Price
$540,000
Median Sold Price/Sq.Ft.
$627
Total Inventory
130
Median Sale to List Price %
102.86%
Avg Days on Market
37
Loan Type
Conventional (51.52%), FHA (3.03%), VA (3.03%), Cash (24.24%), Other (15.15%)

Thinking of Selling?

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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.

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