125 E Spring St

Long Beach, CA 90806

$2,000,000
Last Sold Price
3
Beds
9
Baths
7,056 Sq. Ft.
$283 / Sq. Ft.
7,056
Sq. Ft.
$283
per Sq. Ft.
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Closed 12/6/19
Closed 12/6/19

Description

125 Spring Street is a 9-unit investment opportunity in the Wrigley-Memorial Heights neighborhood of Long Beach. Built in 1963, the building features (4) two-bedroom/one-bath units and (5) one-bedroom/one-bath units, as well as (6) garages. Wrigley-Memorial Heights offers commuters quick access to all parts of Long Beach and Greater Los Angeles via major freeways as well as the Metro Blue Line, which runs between Downtown Long Beach and Downtown Los Angeles, with 22 stops along the way. Also in close...125 Spring Street is a 9-unit investment opportunity in the Wrigley-Memorial Heights neighborhood of Long Beach. Built in 1963, the building features (4) two-bedroom/one-bath units and (5) one-bedroom/one-bath units, as well as (6) garages. Wrigley-Memorial Heights offers commuters quick access to all parts of Long Beach and Greater Los Angeles via major freeways as well as the Metro Blue Line, which runs between Downtown Long Beach and Downtown Los Angeles, with 22 stops along the way. Also in close proximity are employment and retail hubs - the Douglas Park office park and the Long Beach Exchange. The city is also in the midst of planning for the Globemaster Specific Corridor, the 93-acre site formerly home to Boeing’s C-17 manufacturing site. Recently purchased by Goodman Group, plans will potentially encompass commercial and residential projects. This property provides an excellent opportunity for an investor to own an asset with over 18 percent upside potential in a dynamic and growing location. Wrigley Heights is a hidden gem that is well- known for both its name and its tradition as a well-established historic neighborhood. As one of the earliest developments of Long Beach, this neighborhood has seen a lot of change but remains largely untouched by time. Tidy streets lined with palm trees and carefully tended lawns give this area the nostalgic feeling of suburban America.
  1. Listed by Robert Stepp • DRE #01456379 • Brokerage DRE #01917184 • Keller Williams Pacific Estate

Property Details for 125 East Spring Street

Parking Spaces Total
6
Private Pool
No
Total Units
9.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
7056
Assessor Parcel Number
7206-020-039
Property Attached YN
true
LISTING CLOSED: 12/06/2019 12:00 AM

Property Details for 125 East Spring Street

StatusClosed
MLS #PW19205897
Days on Market41
Taxes-
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income
Year Built1963
Lot Size0.18 AC / 7,970 SF
CountyLos Angeles County
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Location

Listing Courtesy of Keller Williams Pacific Estate, Robert Stepp, DRE #01456379

Sold By Nationwide Real Estate Execs, Andrew McAllister, DRE #01946829

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Building Information for 125 East Spring Street

Stories-Residences-Year Built1963Building Size-Lot Size0.18 AC / 7,970 SF

Payment Calculator

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$12,445 per month

30 year fixed, 6.36% Interest

Principal and Interest

$9,966

Property Taxes

$2,479

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 125 East Spring Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $140,163
  • Gross Scheduled Income: $147,540
  • Net Operating Income: $93,641
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $46,522
  • New Taxes Expense: $26,492
  • Gardener Expense: $900
  • Fuel Expense: $1,012
  • Licenses Expense: $500
  • Pest Control Expense: $500
  • Electric Expense: $1,012
  • Insurance Expense: $2,822
  • Maintenance Expense: $3,375
  • Professional Management Expense: $6,307
  • Other Expense: $1,575
  • Other Expense Description: Reserves
  • Trash Expense: $1,012
  • Water Sewer Expense: $1,012
  • Total Expenses: $46,522
Tax / Assessment Info
  • Tax Block: 5
  • Tax Tract Number: 5722
  • Tax Census Tract: 5722.01
  • Tax Lot: 24
Community / Development
Community / Development
  • Community Features: Sidewalks, Street Lights, Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Individual Room
Exterior Features
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 6-10 Units/Acre
  • Number Of Units: 9
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Meter on Property
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 6
  • Parking: Yes
  • Parking Garage: Garage
  • Parking Garage Spaces: 6
  • Carport Spaces: 0
  • Parking Features: Garage
Property / Structure Info
  • Builders Tract Name: Wrigley Heights
  • Builders Tract Code: Wrigley Heights (WH)
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,401
  • Unit Type Total Rent: $5,604
  • Unit Type Pro Forma: 1750
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,261
  • Unit Type Total Rent: $6,305
  • Unit Type Pro Forma: 1400
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 9
  • Number Of Separate Gas Meters: 9
  • Number Of Separate Water Meters: 1

Property History for 125 East Spring Street

DateEvent & SourcePriceAppreciation
Dec 6, 2019

Sold

CLAW #PW19205897MR

$2,000,000—
Dec 6, 2019

Sold

CRMLS #PW19205897

$2,000,000—
Dec 6, 2019

Sold

SDMLS #PW19205897

$2,000,000—
DateEvent & SourcePrice
12/06/2019

Sold

CLAW #PW19205897MR

$2,000,000
12/06/2019

Sold

CRMLS #PW19205897

$2,000,000
12/06/2019

Sold

SDMLS #PW19205897

$2,000,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 125 East Spring Street

Taxable ValueLand$874,915Additions$1,312,373Total$2,187,288
Tax Record2025$29,744 ($2,479 / month)
Home Facts
Baths9Total Finished SqFt7,056 SqFtAbove Grade Finished SqFt7,056 SqFtLot Size7,970 SqFtStyleMulti-Family Dwelling (2-4)Year Built1963Year Renovated1963ZoningLBR4NCountyLOS ANGELESAPN7206-020-039

Schools near 125 East Spring Street

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Birney Elementary School
Public - K to 5
Hughes Middle School
Public - 6 to 8
Polytechnic High School
Public - 9 to 12
IVA - Intellectual Virtues Academy Middle School
Charter - 6 to 8
Rating
School
Distance
Birney Elementary School
PublicK to 5

Hughes Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

IVA - Intellectual Virtues Academy Middle School
Charter6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Keller Williams Pacific Estate, Robert Stepp, DRE #01456379

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.