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509 E 5th St, Long Beach, CA 90802
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509 E 5th St Long Beach, CA 90802

$1,600,000 Sold Price as of 02/25/2021
  • 6 Beds
  • 7 Baths
  • 4,666 Sq.Ft.
Sold
$1,600,000 Sold Price as of 02/25/2021 Refinance Your Mortgage
Map preview of 509 E 5th St, Long Beach, CA 90802

Property Overview: 509 E 5th St Long Beach, CA has 6 bedrooms, 7 bathrooms, 4,666 living square feet and 7,503 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are pleased to announce the listing of 509-519 E. 5th St 7-unit apartment community located in Long Beach, California. A perfect downtown Long Beach investment property. Totally TURN KEY with 7 unique units located in the heart of a fast growing and invigorating city and only 5 blocks to the beach. This property provides the right investor an opportunity to acquire a turnkey asset that has had extensive repairs and renovations. This exciting location falls within the PD-30 Plan for downtown and located in the height incentive area for future investors to build up! There are 4 large one bedroom one bath with a lovely balance of upgrades located on the front side of the property. A separate 2 bedroom 1 bath house, stand alone unit, in the middle of the property (the only unit that could use some upgrades.) The last two units are adorable studio apartments located above the 4 single car garages in the back of the property. A courtyard separates the three structures making a great area to rest and play outside. This investment property has it all. Close to THE PIKE, shoreline drive, the art district, the promenade and easy freeways. The property has been in the family trust for many years, with long term tenants and exceptionally low rents for the area. Great opportunity for a 10-31 exchange!!

Listed by Roman Luckey | BRE #01978990 | Compass Newport Beach
Co-listed by Pam Luckey | BRE #00751586 | Compass Newport Beach
Last checked: 4 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 2

Home details

Lot Sq. Ft
7,503
HOA Dues
$0/mo
Year built
1921
Garage
4 Car
Property Type:
Apartment
Status
Sold
MLS#
PW21020669
City
Long Beach
County
Los Angeles
Time on Site
1326 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 7
  • Total # of Buildings: 3
  • # of Leased Units: 7
  • # of Electric Meters: 7
  • # of Gas Meters: 7
  • # of Water Meters: 7
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 1
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,191
  • Total Rent: $1,191
  • Pro Forma/Market Rent: $1,998
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 2
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,200
  • Total Rent: $2,400
  • Pro Forma/Market Rent: $3,466
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $866
  • Total Rent: $1,732
  • Pro Forma/Market Rent: $3,466
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $866
  • Total Rent: $866
  • Pro Forma/Market Rent: $1,325
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $595
  • Total Rent: $595
  • Pro Forma/Market Rent: $1,325
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 3.46%
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $81,216
  • Net Operating Income: $55,516
  • Gross Operating Income: --
  • # of Rented Garages: 4
  • Garage Rental Income: $50
Annual Expense Breakdown
  • Total Operating Expense: $25,700
  • Electric: $500
  • Gas/Fuel: $0
  • New Taxes: $18,000
  • Trash: $0
  • Insurance: $1,500
  • Professional Management: $5,200
  • Water/Sewer: $0

Property Details for 509 E 5th St

Interior Features
Laundry Information
  • No Laundry
  • None
Interior Features
  • Levels: Two
Exterior Features
Exterior Information
  • 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 Faces Rear
Lot Information
  • Lot Features: Yard
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • No View
  • View: None
  • Common Walls: 2+ Common Walls
  • Total # of Units: 7
  • Parcel Number: 7281002009
  • Year Built Source: Assessor
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Assessment Information
  • No Assessments
  • Assessments: None
Location / Neighborhood
Location Information
  • Directions: from 7th st turn onto Atlantic make a right on 5th st. property will be on right side
Neighborhood Information
  • Community Features: Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 509 E 5th St

Last sold for $1,600,000 on February 25th, 2021

  • February, 2021

  • Feb 26, 2021

    Date

    Sold

    CRMLS: PW21020669

    $1,600,000

    Price

  • Feb 18, 2021

    Date

    Pending

    CRMLS: PW21020669

    $1,600,000

    Price

  • Feb 8, 2021

    Date

    Active Under Contract

    CRMLS: PW21020669

    $1,600,000

    Price

  • Feb 3, 2021

    Date

    Active

    CRMLS: PW21020669

    $1,600,000

    Price

  • Feb 1, 2021

    Date

    Coming Soon

    CRMLS: PW21020669

    $1,600,000

    Price

  • February, 2021

  • Feb 25, 2021

    Date

    Sold (Public Records)

    Public Records

    $1,600,000

    Price

  • October, 2019

  • Oct 25, 2019

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 509 E 5th St

Assessed Value (2020): $99,315
Year Land Value Improved Value Assessed Value
2020 $53,327 $45,988 $99,315

Home Value Compared to the Market

This property vs the competition

509 E 5th St sold on February 25, 2021 for 95.36% higher than the current median sold price for the city of Long Beach which is $819,000. The median sold price per/sqft for Long Beach is $628 and this home is sold at $342.91 per/sqft which puts the price per square foot 45.4% lower than the current median sale per square foot for the city of Long Beach.

About 509 E 5th St

Detailed summary of property

509 E 5th St is a apartment that recently sold in Long Beach, CA 90802. This apartment offered 6 bedrooms, 7 bathrooms, roughly 4,666 living square feet, and sits on an approximately 7,503 square foot lot. 509 E 5th St was first listed on ArdentRealEstateGroup.com on February 1, 2021. The homeowner sold the property for $1,600,000. Home in Long Beach are selling for a median price of $819,000 and a median price per square foot of $628. Based on Ardent Real Estate Group's Long Beach Market Data, this home is sold 95.36% higher than the current median priced home. Local homes that are currently for sale include 522 E Rhea St, 2011 Cedar Ave and 2165 Earl Ave. While the average home in Long Beach, CA is selling in 62 days, 509 E 5th St has a days on market of 2 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 509 E 5th St 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 509 E 5th St

Public county record property details
Beds
6
Baths
7
Year built
--
Sq. Ft.
4,666
Lot Size
7,503
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
19,20
APN
7281-002-009

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
$569,000
Median List Price/Sq.Ft.
$660
Median Sold Price
$515,000
Median Sold Price/Sq.Ft.
$619
Total Inventory
173
Median Sale to List Price %
100.39%
Avg Days on Market
43
Loan Type
Conventional (60.71%), FHA (7.14%), VA (0%), Cash (14.29%), Other (17.86%)

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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