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944 Pacific Ave, Long Beach, CA 90813
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944 Pacific Ave Long Beach, CA 90813

$2,250,000 Sold Price as of 10/30/2020
  • 8 Beds
  • 7 Baths
  • 4,583 Sq.Ft.
Sold
$2,250,000 Sold Price as of 10/30/2020 Refinance Your Mortgage
Map preview of 944 Pacific Ave, Long Beach, CA 90813

Property Overview: 944 Pacific Ave Long Beach, CA has 8 bedrooms, 7 bathrooms, 4,583 living square feet and 6,766 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 944 Pacific represents a rare opportunity to acquire a non-rent controlled, 2020 built, turn-key apartment complex in Downtown Long Beach, an extremely hot sub-market in the Los Angeles MSA. The property has been exquisitely built, with features including shared out-door space, open floor-plans, excessive natural light, and loft ceiling heights. The attractive unit-mix includes one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units. With nearly every inch of the property being completely brand new having been converted from a creative office building, all building systems are new and to current building codes including plumbing, electrical, and mechanical (mini-split units for each apartment), which will significantly reduce ongoing maintenance costs for several years. There is further value to be added by constructing three additional units as the asset contains excess parking on-site beyond what's required by code (preliminary estimates by entitlement consultant suggest the planning approval could be obtained within 6-8 months of submission of the conceptual site plan review package). Utilizing conservative assumptions, by completing the addition of the 3 units the asset could produce a CAP rate of 7.48% by year-5. Preliminary site-plans and construction budgets for the 3 additional units are available upon request.

Listed by Jeff Anderson | BRE #01729514 | Keller Williams Pacific Estate
Co-listed by Matthew Firth | BRE #01903073 | Matthew Firth, Broker
Last checked: 13 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 62

Home details

Lot Sq. Ft
6,766
HOA Dues
$0/mo
Year built
2020
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
PW20056333
City
Long Beach
County
Los Angeles
Time on Site
1336 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 6
  • Total # of Buildings: 1
  • # of Leased Units: 5
  • # of Electric Meters: 7
  • # of Gas Meters: 7
  • # of Water Meters: 7
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,600
  • Total Rent: $2,600
  • Pro Forma/Market Rent: $26,000
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,400
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,950
  • Total Rent: $1,950
  • Pro Forma/Market Rent: $1,950
Unit Breakdown 4
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,900
  • Total Rent: $1,900
  • Pro Forma/Market Rent: $1,900
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.6%
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $151,800
  • Net Operating Income: $106,691
  • Gross Operating Income: --
  • # of Rented Garages: 4
  • Garage Rental Rate: $75
  • Garage Rental Income: $300
Annual Expense Breakdown
  • Total Operating Expense: $40,555
  • Electric: $900
  • New Taxes: $28,337
  • Trash: $0
  • Gardener: $600
  • Insurance: $1,800
  • Maintenance: $3,600
  • Professional Management: $0
  • Water/Sewer: $0
  • Other Expenses: $900
  • Other Expense Description: Reserves

Property Details for 944 Pacific Ave

Interior Features
Cooling Information
  • Has Cooling
  • Central Air
Heating Information
  • Has Heating
  • Central
Laundry Information
  • Has Laundry
  • Gas & Electric Dryer Hookup, Inside, Washer Hookup
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 10
Lot Information
  • Lot Features: Level with Street, Rectangular Lot, Walkstreet
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 6
  • Parcel Number: 7273014003
  • Year Built Source: Builder
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Downtown (DT)
  • Directions: Take 710 South to Anaheim East Exit, Take right on Pacific Ave
Neighborhood Information
  • Community Features: Curbs, Sidewalks, Urban
View more facts & features

Local Long Beach Agent

Sale History for 944 Pacific Ave

Last sold for $2,250,000 on October 30th, 2020

  • October, 2020

  • Oct 30, 2020

    Date

    Sold

    CRMLS: PW20056333

    $2,250,000

    Price

  • Sep 30, 2020

    Date

    Pending

    CRMLS: PW20056333

    $2,250,000

    Price

  • Sep 18, 2020

    Date

    Active

    CRMLS: PW20056333

    $2,250,000

    Price

  • Sep 18, 2020

    Date

    Price Change

    CRMLS: PW20056333

    $2,250,000

    Price

  • May 27, 2020

    Date

    Withdrawn

    CRMLS: PW20056333

    $2,450,000

    Price

  • May 1, 2020

    Date

    Active

    CRMLS: PW20056333

    $2,450,000

    Price

  • Apr 14, 2020

    Date

    Hold

    CRMLS: PW20056333

    $2,450,000

    Price

  • Mar 20, 2020

    Date

    Active

    CRMLS: PW20056333

    $2,450,000

    Price

  • October, 2020

  • Oct 29, 2020

    Date

    Sold (Public Records)

    Public Records

    $2,250,000

    Price

  • August, 2020

  • Aug 27, 2020

    Date

    Expired

    CRMLS: PW20040049

    $2,700

    Price

  • Apr 8, 2020

    Date

    Withdrawn

    CRMLS: PW20040049

    $2,700

    Price

  • Mar 2, 2020

    Date

    Active

    CRMLS: PW20040049

    $2,700

    Price

  • Listing provided courtesy of CRMLS

    Be the first resident to live in this new loft-like unit at 944 Pacific!!! Recently re-built from a former creative office building, you will enjoy modern a plethora of conveniences in your new home! New and gorgeous, be swept away by the airy ambiance from the tall ceilings and bathing of natural light bounced from the gleaming laminate flooring. Each bedroom has large walk-in closets and energy-efficient appliances and double pane windows. For your own comfort, there is central heat and air conditioning to make your home climate controllable. Your next home has in unit washer and dryer hookups—no more late-night laundromat trips needed. Parking woes begone, one dedicated off-street parking space is offered for each unit included in the rent. Pet friendly and located near a dog park, you may be able to bring your furry best friend as well. Close to transportation, restaurants, and nightlife, enjoy the urban atmosphere of the North Pine area of Downtown Long Beach. Make this wonderful rental your new home today!

  • August, 2020

  • Aug 27, 2020

    Date

    Expired

    CRMLS: PW20040010

    $2,800

    Price

  • Apr 8, 2020

    Date

    Withdrawn

    CRMLS: PW20040010

    $2,800

    Price

  • Mar 2, 2020

    Date

    Active

    CRMLS: PW20040010

    $2,800

    Price

  • Listing provided courtesy of CRMLS

    Be the first resident to live in this new loft-like unit at 944 Pacific!!! Recently re-built from a former creative office building, you will enjoy modern a plethora of conveniences in your new home! New and gorgeous, be swept away by the airy ambiance from the tall ceilings and bathing of natural light bounced from the gleaming laminate flooring. Each bedroom has large walk-in closets and energy-efficient appliances and double pane windows. For your own comfort, there is central heat and air conditioning to make your home climate controllable. Your next home has in unit washer and dryer hookups—no more late-night laundromat trips needed. Parking woes begone, one dedicated off-street parking space is offered for each unit included in the rent. Pet friendly and located near a dog park, you may be able to bring your furry best friend as well. Close to transportation, restaurants, and nightlife, enjoy the urban atmosphere of the North Pine area of Downtown Long Beach. Make this wonderful rental your new home today!

  • August, 2020

  • Aug 27, 2020

    Date

    Expired

    CRMLS: PW20040076

    $1,895

    Price

  • Apr 8, 2020

    Date

    Withdrawn

    CRMLS: PW20040076

    $1,895

    Price

  • Mar 2, 2020

    Date

    Active

    CRMLS: PW20040076

    $1,895

    Price

  • Listing provided courtesy of CRMLS

    Be the first resident to live in this new loft-like unit at 944 Pacific!!! Recently re-built from a former creative office building, you will enjoy modern a plethora of conveniences in your new home! New and gorgeous, be swept away by the airy ambiance from the tall ceilings and bathing of natural light bounced from the gleaming laminate flooring. Each bedroom has large walk-in closets and energy-efficient appliances and double pane windows. For your own comfort, there is central heat and air conditioning to make your home climate controllable. Your next home has in unit washer and dryer hookups—no more late-night laundromat trips needed. Parking woes begone, one dedicated off-street parking space is offered for each unit included in the rent. Pet friendly and located near a dog park, you may be able to bring your furry best friend as well. Close to transportation, restaurants, and nightlife, enjoy the urban atmosphere of the North Pine area of Downtown Long Beach. Make this wonderful rental your new home today!

  • August, 2020

  • Aug 27, 2020

    Date

    Expired

    CRMLS: PW20040102

    $1,950

    Price

  • Apr 8, 2020

    Date

    Withdrawn

    CRMLS: PW20040102

    $1,950

    Price

  • Mar 2, 2020

    Date

    Active

    CRMLS: PW20040102

    $1,950

    Price

  • Listing provided courtesy of CRMLS

    Be the first resident to live in this new loft-like unit at 944 Pacific!!! Recently re-built from a former creative office building, you will enjoy modern a plethora of conveniences in your new home! New and gorgeous, be swept away by the airy ambiance from the tall ceilings and bathing of natural light bounced from the gleaming laminate flooring. Each bedroom has large walk-in closets and energy-efficient appliances and double pane windows. For your own comfort, there is central heat and air conditioning to make your home climate controllable. Your next home has in unit washer and dryer hookups—no more late-night laundromat trips needed. Parking woes begone, one dedicated off-street parking space is offered for each unit included in the rent. Pet friendly and located near a dog park, you may be able to bring your furry best friend as well. Close to transportation, restaurants, and nightlife, enjoy the urban atmosphere of the North Pine area of Downtown Long Beach. Make this wonderful rental your new home today!

  • August, 2020

  • Aug 27, 2020

    Date

    Expired

    CRMLS: PW20040085

    $2,100

    Price

  • Apr 8, 2020

    Date

    Withdrawn

    CRMLS: PW20040085

    $2,100

    Price

  • Mar 2, 2020

    Date

    Active

    CRMLS: PW20040085

    $2,100

    Price

  • Listing provided courtesy of CRMLS

    Be the first resident to live in this new loft-like unit at 944 Pacific!!! Recently re-built from a former creative office building, you will enjoy modern a plethora of conveniences in your new home! New and gorgeous, be swept away by the airy ambiance from the tall ceilings and bathing of natural light bounced from the gleaming laminate flooring. Each bedroom has large walk-in closets and energy-efficient appliances and double pane windows. For your own comfort, there is central heat and air conditioning to make your home climate controllable. Your next home has in unit washer and dryer hookups—no more late-night laundromat trips needed. Parking woes begone, one dedicated off-street parking space is offered for each unit included in the rent. Pet friendly and located near a dog park, you may be able to bring your furry best friend as well. Close to transportation, restaurants, and nightlife, enjoy the urban atmosphere of the North Pine area of Downtown Long Beach. Make this wonderful rental your new home today!

  • August, 2020

  • Aug 21, 2020

    Date

    Expired

    CRMLS: PW20040064

    $1,950

    Price

  • Apr 8, 2020

    Date

    Withdrawn

    CRMLS: PW20040064

    $1,950

    Price

  • Mar 2, 2020

    Date

    Active

    CRMLS: PW20040064

    $1,950

    Price

  • Listing provided courtesy of CRMLS

    Be the first resident to live in this new loft-like unit at 944 Pacific!!! Recently re-built from a former creative office building, you will enjoy modern a plethora of conveniences in your new home! New and gorgeous, be swept away by the airy ambiance from the tall ceilings and bathing of natural light bounced from the gleaming laminate flooring. Each bedroom has large walk-in closets and energy-efficient appliances and double pane windows. For your own comfort, there is central heat and air conditioning to make your home climate controllable. Your next home has in unit washer and dryer hookups—no more late-night laundromat trips needed. Parking woes begone, one dedicated off-street parking space is offered for each unit included in the rent. Pet friendly and located near a dog park, you may be able to bring your furry best friend as well. Close to transportation, restaurants, and nightlife, enjoy the urban atmosphere of the North Pine area of Downtown Long Beach. Make this wonderful rental your new home today!

  • July, 2019

  • Jul 16, 2019

    Date

    Expired

    CRMLS: PW19083412

    $1,950,000

    Price

  • Jul 15, 2019

    Date

    Withdrawn

    CRMLS: PW19083412

    $1,950,000

    Price

  • Jun 16, 2019

    Date

    Price Change

    CRMLS: PW19083412

    $1,950,000

    Price

  • May 3, 2019

    Date

    Price Change

    CRMLS: PW19083412

    $1,999,000

    Price

  • Apr 17, 2019

    Date

    Active

    CRMLS: PW19083412

    $1,750,000

    Price

  • Apr 16, 2019

    Date

    Hold

    CRMLS: PW19083412

    $1,750,000

    Price

  • Apr 15, 2019

    Date

    Active

    CRMLS: PW19083412

    $1,750,000

    Price

  • Listing provided courtesy of CRMLS

    Calling all investors, builders, and flippers!!! Expand your real estate portfolio and enjoy growth in Long Beach! 944 Pacific Avenue represents a rare opportunity to assume a fully entitled redevelopment project will all permits issued for the construction of a 6-unit multifamily project in an extremely hot sub-market of Los Angeles, California. The property was previously configured as an office complex and is now fully entitled for conversion to multifamily including fully approved Construction Drawing set, all permits issued with rough plumbing and framing inspections complete, and all city impact fees (including fire, police, park and schools) paid by the seller. This asset features an attractive unit-mix of one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units, all with very open ceilings and larger than normal floor plans, as well as separate electric and gas meters and gated parking. New ownership can complete construction with the finishes they desire, as well as to have full decision power in the tenants placed into each unit. Close to the bustling nightlife, amenities, shopping, and transportation, take charge of this building and make it your own!

  • July, 2019

  • Jul 16, 2019

    Date

    Expired

    CRMLS: PW19083473

    $1,950,000

    Price

  • Jul 15, 2019

    Date

    Withdrawn

    CRMLS: PW19083473

    $1,950,000

    Price

  • Jun 12, 2019

    Date

    Price Change

    CRMLS: PW19083473

    $1,950,000

    Price

  • May 3, 2019

    Date

    Price Change

    CRMLS: PW19083473

    $1,999,000

    Price

  • Apr 17, 2019

    Date

    Active

    CRMLS: PW19083473

    $1,750,000

    Price

  • Apr 16, 2019

    Date

    Hold

    CRMLS: PW19083473

    $1,750,000

    Price

  • Apr 15, 2019

    Date

    Active

    CRMLS: PW19083473

    $1,750,000

    Price

  • Listing provided courtesy of CRMLS

    Calling all investors, builders, and flippers!!! Expand your real estate portfolio and enjoy growth in Long Beach! 944 Pacific Avenue represents a rare opportunity to assume a fully entitled redevelopment project will all permits issued for the construction of a 6-unit multifamily project in an extremely hot sub-market of Los Angeles, California. The property was previously configured as an office complex and is now fully entitled for conversion to multifamily including fully approved Construction Drawing set, all permits issued with rough plumbing and framing inspections complete, and all city impact fees (including fire, police, park and schools) paid by the seller. This asset features an attractive unit-mix of one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units, all with very open ceilings and larger than normal floor plans, as well as separate electric and gas meters and gated parking. New ownership can complete construction with the finishes they desire, as well as to have full decision power in the tenants placed into each unit. Close to the bustling nightlife, amenities, shopping, and transportation, take charge of this building and make it your own!

  • May, 2018

  • May 5, 2018

    Date

    Expired

    CRMLS: PW17096530

    $1,200,000

    Price

  • Sep 4, 2017

    Date

    Withdrawn

    CRMLS: PW17096530

    $1,200,000

    Price

  • Aug 18, 2017

    Date

    Price Change

    CRMLS: PW17096530

    $1,200,000

    Price

  • Jul 17, 2017

    Date

    Price Change

    CRMLS: PW17096530

    $1,230,000

    Price

  • May 5, 2017

    Date

    Active

    CRMLS: PW17096530

    $1,300,000

    Price

  • Listing provided courtesy of CRMLS

    Firth Howard is pleased to present a unique value-add investment opportunity for both cash-flow investors and multifamily developers. The asset is fully entitled for conversion to 6 apartments or can be operated as-is with significant in-place cash flow from the current creative office tenants. 944 Pacific is situated in the most up-and-coming neighborhood in Downtown Long Beach, North Pine, where investors and developers are working together to create a commercial & residential vibe similar to Rainey Street in Austin, Texas. Long Beach is becoming 'Austin on the Ocean', an eclectic, approachable, ethnically diverse and progressive city bustling with opportunity. The apartment concept features two units on the lower level and four on the upper level. On the lower level is a two bedroom two bath with generous open plan living space, and a one bedroom one bath opening into a creative entertaining room. Both ground-floor units are entitled with private garden patios. The upper level includes four units, each large 600SF one bedroom one bathroom units with generous kitchens and living rooms. The property currently has 8 of the 11 units leased on a month-to-month basis, providing investors in-place cash flow with the flexibility to give tenants 30 days notice to begin their conversion to multifamily units. The current operations are generating an average of $2.30/SF/MO plus NN reimbursements.

  • December, 2017

  • Dec 8, 2017

    Date

    Sold

    CRMLS: PW17172382

    $1,115,000

    Price

  • Nov 14, 2017

    Date

    Pending

    CRMLS: PW17172382

    $1,190,000

    Price

  • Oct 11, 2017

    Date

    Active Under Contract

    CRMLS: PW17172382

    $1,190,000

    Price

  • Sep 4, 2017

    Date

    Active

    CRMLS: PW17172382

    $1,190,000

    Price

  • Listing provided courtesy of CRMLS

    944 Pacific is FULLY ENTITLED and ready to be converted from the current office use to 6 large 1BR and 2BR apartments. Owners have bids ranging from $35k to $50k per unit to convert, or the asset can be operated as-is with significant in-place cash flow from the existing creative office tenants. 944 Pacific is situated in the most up-and-coming neighborhood in Downtown Long Beach, North Pine, bustling with opportunity with investors and developers creating an electric vibe similar to Rainey Street in Austin, Texas. The apartment concept features two units on the lower level and four on the upper level. On the lower level is a two bedroom two bath with generous open plan living space, and a one bedroom one bath opening into a creative entertaining room. Both ground-floor units are entitled with private garden patios. The upper level includes four units, each large 600SF one bedroom one bathroom units with generous kitchens and living rooms. The property currently has 9 of the 11 units leased on a month-to-month basis, providing investors in-place cash flow with the flexibility to give tenants 30 days notice to begin their conversion to multifamily units. The current operations are generating an average of $2.30/SF/MO plus NN reimbursements for a gross rent of more than $2.50/SF.

  • December, 2017

  • Dec 7, 2017

    Date

    Sold (Public Records)

    Public Records

    $1,115,000

    Price

Show More

Tax History for 944 Pacific Ave

Assessed Value (2020): $1,160,046
Year Land Value Improved Value Assessed Value
2020 $593,028 $567,018 $1,160,046

Home Value Compared to the Market

This property vs the competition

944 Pacific Ave sold on October 30, 2020 for 181.25% 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 $490.94 per/sqft which puts the price per square foot 22.32% lower than the current median sale per square foot for the city of Long Beach.

About 944 Pacific Ave

Detailed summary of property

944 Pacific Ave is a multi family that recently sold in Long Beach, CA 90813. This multi family property offered 8 bedrooms, 7 bathrooms, roughly 4,583 living square feet, and sits on an approximately 6,766 square foot lot. 944 Pacific Ave was first listed on ArdentRealEstateGroup.com on September 18, 2020. The homeowner sold the property for $2,250,000. 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 181.25% higher than the current median priced home. Local homes that are currently for sale include 1512 N Stanton Pl, 1148 Stanley Ave and 2507 E 14th St. While the average home in Long Beach, CA is selling in 51 days, 944 Pacific Ave has a days on market of 62 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 944 Pacific 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 944 Pacific Ave

Public county record property details
Beds
--
Baths
--
Year built
1959
Sq. Ft.
4,583
Lot Size
6,765
Stories
1
Type
Office Bldg (General)
Pool
No
Spa
No
County
Los Angeles
Lot#
1
APN
7273-014-003

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
$570,000
Median List Price/Sq.Ft.
$546
Median Sold Price
$584,000
Median Sold Price/Sq.Ft.
$592
Total Inventory
34
Median Sale to List Price %
108.35%
Avg Days on Market
23
Loan Type
Conventional (80%), FHA (10%), VA (10%), Cash (0%), Other (0%)

Thinking of Selling?

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(714) 706-1823

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Recently Sold Homes Near 944 Pacific Ave

939 Pacific Ave, Long Beach, CA 90813
$3,375,000 Last Sold Price
13 Beds
13 Baths
7836 Sq.Ft.
939 Pacific Ave
Long Beach, CA 90813
936 Cedar Ave, Long Beach, CA 90813
$4,040,000 Last Sold Price
9 Beds
14 Baths
8181 Sq.Ft.
936 Cedar Ave
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1035 Pacific Ave, Long Beach, CA 90813
$1,050,000 Last Sold Price
7 Beds
6 Baths
5252 Sq.Ft.
1035 Pacific Ave
Long Beach, CA 90813
1044 Cedar Ave, Long Beach, CA 90813
$1,175,000 Last Sold Price
12 Beds
7 Baths
4744 Sq.Ft.
1044 Cedar 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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