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497 Saint Louis Ave, Long Beach, CA 90814
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497 Saint Louis Ave Long Beach, CA 90814

$9,400,000 Sold Price as of 05/03/2023
  • 45 Beds
  • 44.5 Baths
  • 23,591 Sq.Ft.
Sold
$9,400,000 Sold Price as of 05/03/2023 Refinance Your Mortgage
Map preview of 497 Saint Louis Ave, Long Beach, CA 90814

Property Overview: 497 Saint Louis Ave Long Beach, CA has 45 bedrooms, 44.5 bathrooms, 23,591 living square feet and 20,908 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Saint Louis Apartments is a 30-unit value-add multifamily investment opportunity located in Long Beach, CA. Saint Louis Apartments offers a desirable mix of spacious one, two, and three-bedroom units featuring amenities including private patios and balconies, vinyl and carpet flooring, ceiling fans, and more. Built in 1987, the property features an attractive community amenities package including a subterranean parking garage offering 45 secured parking spaces and 27 spacious storage units, gated pedestrian access, on-site laundry, and an on-site leasing office. Long Beach’s continued strong rental metrics, including a 2022 vacancy rate of just 3.4 percent and year-over-year rent growth of 10.6 percent, provide a new owner with the opportunity to take advantage of the substantial demand for rental units in the area through unit interior renovations. With current rents below market rates, Saint Louis Apartments represents an attractive value-add opportunity for a new owner.

Listed by Tyler Leeson | BRE #01451551 | Marcus & Millichap RE Invest
Last checked: 12 minutes ago | Last updated: June 5th, 2023 | Source CRMLS | DOM: 16

Home details

Lot Sq. Ft
20,908
HOA Dues
$0/mo
Year built
1987
Garage
45 Car
Property Type:
Apartment
Status
Sold
MLS#
OC23034059
City
Long Beach
County
Los Angeles
Time on Site
434 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 30
  • Total # of Buildings: 1
  • # of Leased Units: 30
  • # of Electric Meters: 30
  • # of Gas Meters: 30
  • # of Water Meters: 0
Unit Breakdown 1
  • # of Units: 16
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 22
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $26,155
  • Total Rent: $26,155
  • Pro Forma/Market Rent: $34,400
Unit Breakdown 2
  • # of Units: 13
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 22
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $25,630
  • Total Rent: $25,630
  • Pro Forma/Market Rent: $32,435
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 3
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,095
  • Total Rent: $2,095
  • Pro Forma/Market Rent: $2,895
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $646,560
  • Net Operating Income: $391,093
  • Gross Operating Income: $636,703
  • Vacancy Allowance: $19,397
  • Other Income 1: $9,540
  • Other Income Description: Laundry & Storage
Annual Expense Breakdown
  • Total Operating Expense: $245,611
  • Electric: $7,327
  • Gas/Fuel: $7,327
  • New Taxes: $112,966
  • Trash: $7,327
  • Insurance: $10,500
  • Maintenance: $21,000
  • Professional Management: $22,285
  • Water/Sewer: $7,327
  • Other Expenses: $49,552
  • Other Expense Description: Misc

Property Details for 497 Saint Louis Ave

Interior Features
Laundry Information
  • Has Laundry
  • Community
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 45
  • # of Parking Spaces: 45
  • Has Parking
  • Parking Features: Subterranean
Lot Information
  • Lot Features: Level with Street
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 30
  • Parcel Number: 7263003030
  • Year Built Source: Assessor
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Assessment Information
  • Has Assessments
  • Assessments: Special Assessments
Location / Neighborhood
Location Information
  • Directions: Nearby Cross Streets: East 7th Street & Saint Louis Avenue
Neighborhood Information
  • Community Features: Curbs, Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 497 Saint Louis Ave

Last sold for $9,400,000 on May 3rd, 2023

  • May, 2023

  • May 3, 2023

    Date

    Sold

    CRMLS: OC23034059

    $9,400,000

    Price

  • Feb 28, 2023

    Date

    Active

    CRMLS: OC23034059

    $9,500,000

    Price

  • December, 1993

  • Dec 15, 1993

    Date

    Sold (Public Records)

    Public Records

    $1,200,000

    Price

  • August, 1993

  • Aug 25, 1993

    Date

    Sold (Public Records)

    Public Records

    $1,401,504

    Price

Show More

Tax History for 497 Saint Louis Ave

Assessed Value (2020): $1,888,082
Year Land Value Improved Value Assessed Value
2020 $466,237 $1,421,845 $1,888,082

Home Value Compared to the Market

This property vs the competition

497 Saint Louis Ave sold on May 3, 2023 for 1087.5% 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 $402.7 per/sqft which puts the price per square foot 36.28% lower than the current median sale per square foot for the city of Long Beach.

About 497 Saint Louis Ave

Detailed summary of property

497 Saint Louis Ave is a apartment that recently sold in Long Beach, CA 90814. This apartment offered 45 bedrooms, 44.5 bathrooms, roughly 23,591 living square feet, and sits on an approximately 20,908 square foot lot. 497 Saint Louis Ave was first listed on ArdentRealEstateGroup.com on March 1, 2023. The homeowner sold the property for $9,400,000. 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 1087.5% higher than the current median priced home. Local homes that are currently for sale include 10275 Missouri Ave, 1633 N Laurel Ave and 1235 beverly glen. While the average home in Long Beach, CA is selling in 53 days, 497 Saint Louis Ave has a days on market of 16 days. There are currently 627 homes for sale in the Long Beach real estate market and 356 of them are single family homes while 258 of them are condos and 13 are townhomes. For more information on this home for sale at 497 Saint Louis Ave Long Beach, CA 90814 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 497 Saint Louis Ave

Public county record property details
Beds
--
Baths
--
Year built
1987
Sq. Ft.
23,591
Lot Size
20,830
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
2,4
APN
7263-003-030

The source for these homes facts are from public records.

90814 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$793,676
Median List Price/Sq.Ft.
$642
Median Sold Price
$845,566
Median Sold Price/Sq.Ft.
$582
Total Inventory
37
Median Sale to List Price %
100%
Avg Days on Market
33
Loan Type
Conventional (28.57%), FHA (0%), VA (0%), Cash (28.57%), Other (42.86%)

Thinking of Selling?

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Thinking of Selling?
Call, Text or Message
(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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