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720 Maine Ave, Long Beach, CA 90813
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720 Maine Ave Long Beach, CA 90813

$2,589,000 Sold Price as of 10/14/2020
  • 18 Beds
  • 10 Baths
  • 7,068 Sq.Ft.
Sold
$2,589,000 Sold Price as of 10/14/2020 Refinance Your Mortgage
Map preview of 720 Maine Ave, Long Beach, CA 90813

Property Overview: 720 Maine Ave Long Beach, CA has 18 bedrooms, 10 bathrooms, 7,068 living square feet and 7,556 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: The Maine Avenue Apartments, an 8 unit apartment building in walking distance to Downtown Long Beach, CA. Maine Avenue Apartments offer an attractive mix of (2) 3-Bedroom 2 Bath, and (6) 2 Bedroom 1 Bath Units. This is an all electric building to decrease utility costs. As well as high speed wi-fi provided to residents for greater satisfaction and occupancy. These spacious units set this property apart with square footage ranging from 850 – 985 SQFT. With 10 garages plus 7 additional parking spaces and storage areas for potential income, there is ample parking for the property as well as recent renovations including engineered hardwood flooring, fresh paint, and stainless steel appliances. Situated on a cul de sac cuts down on traffic, noise and is safe for tenants to enjoy. All New Energy efficient upgrades and low pressure aerated shower and faucets. Located in the Wilmore District, the building has easy access to freeways. The investment has potential for a 5.8%+ Cap Rate and a 12.6 GRM on market rents. It is 100% occupied with no section 8 tenants. The property has recent renovations including engineered hardwood flooring, fresh paint, and stainless steel appliances.

Listed by Gary Tolfa | BRE #00955403 | Triqor Group
Last checked: 10 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 192

Home details

Lot Sq. Ft
7,556
HOA Dues
$0/mo
Year built
1965
Garage
10 Car
Property Type:
Multi Family
Status
Sold
MLS#
PW20011004
City
Long Beach
County
Los Angeles
Time on Site
1521 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 8
  • Total # of Buildings: 1
  • # of Electric Meters: 8
  • # of Gas Meters: 0
  • # of Water Meters: 0
Unit Breakdown 1
  • # of Units: 6
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 6
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,760
  • Total Rent: $10,560
  • Pro Forma/Market Rent: $1,995
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 4
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,235
  • Total Rent: $4,470
  • Pro Forma/Market Rent: $2,400
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5%
  • Gross Rent Multiplier: 13.78
  • Gross Scheduled Income: $185,760
  • Net Operating Income: $128,066
  • Gross Operating Income: $180,187
  • Vacancy Allowance: $5,573
  • Garage Rental Rate: $1,200
Annual Expense Breakdown
  • Total Operating Expense: $52,121
  • Gas/Fuel: $0
  • New Taxes: $32,583
  • Trash: $0
  • Insurance: $2,474
  • Professional Management: $0
  • Water/Sewer: $0

Property Details for 720 Maine Ave

Interior Features
Heating Information
  • Has Heating
  • Radiant
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: 10
  • # of Parking Spaces: 17
Lot Information
  • Lot Features: Landscaped
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 8
  • Parcel Number: 7271023023
  • Year Built Source: Public Records
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: Please Contact Listing Agent For All Directions
Neighborhood Information
  • Community Features: Suburban
View more facts & features

Local Long Beach Agent

Sale History for 720 Maine Ave

Last sold for $2,475,000 on October 21st, 2020

  • October, 2020

  • Oct 21, 2020

    Date

    Sold (Public Records)

    Public Records

    $2,475,000

    Price

  • October, 2020

  • Oct 19, 2020

    Date

    Sold

    CRMLS: PW20011004

    $2,589,000

    Price

  • Aug 11, 2020

    Date

    Active Under Contract

    CRMLS: PW20011004

    $2,589,000

    Price

  • Mar 19, 2020

    Date

    Active

    CRMLS: PW20011004

    $2,589,000

    Price

  • Mar 3, 2020

    Date

    Hold

    CRMLS: PW20011004

    $2,589,000

    Price

  • Jan 16, 2020

    Date

    Active

    CRMLS: PW20011004

    $2,589,000

    Price

  • August, 2018

  • Aug 14, 2018

    Date

    Sold

    CRMLS: PW18151833

    $1,911,000

    Price

  • Jul 18, 2018

    Date

    Pending

    CRMLS: PW18151833

    $1,880,000

    Price

  • Jun 26, 2018

    Date

    Active

    CRMLS: PW18151833

    $1,880,000

    Price

  • Listing provided courtesy of CRMLS

    1960's construction in prime Downtown Long Beach location! First time on the market in 15 years! 8 Units with a great unit mix of 2- 3bedroom/2bath and 6- 2bedrooms/1bath. 10 garages plus additional parking! Long term month to month tenants with huge upside in rents! NO Rent control in the city. Separately metered for electric. Seller pays water and trash only.

  • August, 2018

  • Aug 14, 2018

    Date

    Sold (Public Records)

    Public Records

    $1,911,000

    Price

Show More

Tax History for 720 Maine Ave

Assessed Value (2020): $1,950,040
Year Land Value Improved Value Assessed Value
2020 $1,366,800 $583,240 $1,950,040

Home Value Compared to the Market

This property vs the competition

720 Maine Ave sold on October 14, 2020 for 216.12% 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 $366.3 per/sqft which puts the price per square foot 41.67% lower than the current median sale per square foot for the city of Long Beach.

About 720 Maine Ave

Detailed summary of property

720 Maine Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 18 bedrooms, 10 bathrooms, roughly 7,068 living square feet, and sits on an approximately 7,556 square foot lot. 720 Maine Ave was first listed on ArdentRealEstateGroup.com on July 21, 2020. The homeowner sold the property for $2,589,000. 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 216.12% higher than the current median priced home. Local homes that are currently for sale include 1724 Cherry Ave, 1512 N Stanton Pl and 3316 E 3rd St. While the average home in Long Beach, CA is selling in 62 days, 720 Maine Ave has a days on market of 192 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 720 Maine Ave Long Beach, CA 90813 contact Ardent Real Estate Group and we will put you in touch with one of our Long Beach agents.

Public Facts for 720 Maine Ave

Public county record property details
Beds
18
Baths
10
Year built
1965
Sq. Ft.
7,068
Lot Size
7,555
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
3
APN
7271-023-023

The source for these homes facts are from public records.

90813 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$560,000
Median List Price/Sq.Ft.
$553
Median Sold Price
$495,000
Median Sold Price/Sq.Ft.
$587
Total Inventory
35
Median Sale to List Price %
99.02%
Avg Days on Market
24
Loan Type
Conventional (100%), FHA (0%), VA (0%), Cash (0%), Other (0%)

Thinking of Selling?

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Recently Sold Homes Near 720 Maine Ave

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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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