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531 W 5Th St, Long Beach, CA 90802
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531 W 5Th St Long Beach, CA 90802

$975,000 Sold Price as of 03/21/2024
  • 3 Beds
  • 7 Baths
  • 3,344 Sq.Ft.
Sold
$975,000 Sold Price as of 03/21/2024 Refinance Your Mortgage
Map preview of 531 W 5Th St, Long Beach, CA 90802

Property Overview: 531 W 5Th St Long Beach, CA has 3 bedrooms, 7 bathrooms, 3,344 living square feet and 7,518 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 531 W 5th Street is a 7-unit apartment complex located in Los Angeles County’s rapidly growing Long Beach Market. Consisting of (1) detached 3 bedroom/ 1 bath home and (6) Studios with full kitchens and large baths. The property features 4 newly constructed garages with three storage units and (1) 2 car garage. Offering an investor the opportunity to acquire a true value-add asset with over 54% in rental upside. All tenants are on month-to-month leases. Access to commuting freeways and core job markets continues to make this location irreplaceable. A future investor will enjoy long-term upside with this asset, due to a continued shortage of apartment housing and lack of affordability in single-family homes in Southern California.

Listed by Kacey Taormina | BRE #01920673 | Compass
Co-listed by Michael Bouras | BRE #01986753 | Compass
Last checked: 15 minutes ago | Last updated: March 21st, 2024 | Source CRMLS | DOM: 5

Home details

Lot Sq. Ft
7,518
HOA Dues
$0/mo
Year built
1905
Garage
5 Car
Property Type:
Mixed Use
Status
Sold
MLS#
NP24025759
City
Long Beach
County
Los Angeles
Time on Site
102 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 7
  • Total # of Buildings: 3
  • # of Electric Meters: 7
  • # of Gas Meters: 7
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Actual Rent: $1,000
  • Total Rent: $1,000
  • Pro Forma/Market Rent: $1,350
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Actual Rent: $750
  • Total Rent: $750
  • Pro Forma/Market Rent: $1,350
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Total Rent: $0
  • Pro Forma/Market Rent: $1,350
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Total Rent: --
  • Pro Forma/Market Rent: $3,500
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Actual Rent: $800
  • Total Rent: $800
  • Pro Forma/Market Rent: $1,350
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Actual Rent: $850
  • Total Rent: $850
  • Pro Forma/Market Rent: $1,350
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Actual Rent: $700
  • Total Rent: $700
  • Pro Forma/Market Rent: $1,350
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.66%
  • Gross Rent Multiplier: 13.42
  • Gross Scheduled Income: $93,120
  • Net Operating Income: $60,453
  • Gross Operating Income: --
  • # of Rented Garages: 0
Annual Expense Breakdown
  • Total Operating Expense: $34,840
  • Electric: $3,799
  • Gas/Fuel: $1,965
  • Trash: $5,064
  • Insurance: $2,173
  • Professional Management: $0
  • Water/Sewer: $5,618

Property Details for 531 W 5Th St

Interior Features
Laundry Information
  • No Laundry
  • None
Interior Features
  • Levels: One
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 5
  • # of Parking Spaces: 5
Lot Information
  • Lot Features: Front Yard
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 7
  • Parcel Number: 7278021039
  • Year Built Source: Public Records
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: 5th and Pacific Avenue
Neighborhood Information
  • Community Features: Curbs, Sidewalks
View more facts & features

Local Long Beach Agent

Sale History for 531 W 5Th St

Last sold for $975,000 on March 21st, 2024

  • March, 2024

  • Mar 21, 2024

    Date

    Sold

    CRMLS: NP24025759

    $975,000

    Price

  • Feb 7, 2024

    Date

    Active

    CRMLS: NP24025759

    $1,250,000

    Price

  • June, 1998

  • Jun 5, 1998

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • June, 1998

  • Jun 4, 1998

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 531 W 5Th St

Assessed Value (2020): $72,712
Year Land Value Improved Value Assessed Value
2020 $40,321 $32,391 $72,712

Home Value Compared to the Market

This property vs the competition

531 W 5Th St sold on March 21, 2024 for 56.25% 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 $373.8 per/sqft which puts the price per square foot 40.85% lower than the current median sale per square foot for the city of Long Beach.

About 531 W 5Th St

Detailed summary of property

531 W 5Th St is a mixed use that recently sold in Long Beach, CA 90802. This mixed use property offered 3 bedrooms, 7 bathrooms, roughly 3,344 living square feet, and sits on an approximately 7,518 square foot lot. 531 W 5Th St was first listed on ArdentRealEstateGroup.com on February 6, 2024. The homeowner sold the property for $975,000. 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 56.25% higher than the current median priced home. Local homes that are currently for sale include 1027 E 22nd St, 5718 E Beverly Blvd and 7608 Painter Ave. While the average home in Long Beach, CA is selling in 51 days, 531 W 5Th St has a days on market of 5 days. There are currently 639 homes for sale in the Long Beach real estate market and 366 of them are single family homes while 259 of them are condos and 14 are townhomes. For more information on this home for sale at 531 W 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 531 W 5Th St

Public county record property details
Beds
2
Baths
7
Year built
1905
Sq. Ft.
3,344
Lot Size
7,517
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
21,22
APN
7278-021-039

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?
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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