1420 Walnut Ave

Long Beach, CA 90813

$1,995,000
Last Sold Price
6
Beds
10
Baths
7,029 Sq. Ft.
$284 / Sq. Ft.
7,029
Sq. Ft.
$284
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Closed 9/11/19
Closed 9/11/19

Description

We are pleased to present an 8-unit multi-family property located in Long Beach, CA. The unit mix consists of (2) 3-Bedrooms / 2-Bathroom units, (4) 2-bedroom / 1-Bathroom units and (2) 1-Bedroom / 1-Bathroom units. The structure was built in 1963 and is 7,029 rentable square feet on a 6,323 square foot lot. This property has a great amount of potential to add value and raise rents in order to increase cash flow on this asset and ensure to meet current market rents. Owners enjoy the high demand for...We are pleased to present an 8-unit multi-family property located in Long Beach, CA. The unit mix consists of (2) 3-Bedrooms / 2-Bathroom units, (4) 2-bedroom / 1-Bathroom units and (2) 1-Bedroom / 1-Bathroom units. The structure was built in 1963 and is 7,029 rentable square feet on a 6,323 square foot lot. This property has a great amount of potential to add value and raise rents in order to increase cash flow on this asset and ensure to meet current market rents. Owners enjoy the high demand for rentals in a coastal city of Long Beach, as well as shopping, restaurants and nightlife in Downtown Long Beach and the surrounding areas. The City of Long Beach continues to progress forwards and is currently experiencing a major redevelopment of $2.2 billion. An example of this large scale redevelopment is the new Long Beach Civic Center, which is estimated to be completed early 2019. The Civic Center and the surrounding areas will further continue Long Beach's ability to attract renters due to its strong economy and high quality of life.
  1. Listed by Kevin King • DRE #01158184 • Brokerage DRE #00530854 • Marcus & Millichap

Property Details for 1420 Walnut Avenue

Parking Spaces Total
4
Private Pool
No
Total Units
8.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
7029
Assessor Parcel Number
7261-014-025
Property Attached YN
true
LISTING UPDATED: 09/11/2019 03:07 AM

Property Details for 1420 Walnut Avenue

StatusClosed
MLS #PW19056424
Days on Market166
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1963
Lot Size0.15 AC / 6,324 SF
CountyLos Angeles County
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Location

Listing Courtesy of Marcus & Millichap, Kevin King, DRE #01158184

Sold By Buckingham Investments, Inc, John Alden, DRE #02007413

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Building Information for 1420 Walnut Avenue

Stories2Residences-Year Built1963Building Size-Lot Size0.15 AC / 6,324 SF

Payment Calculator

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OriginPoint Mortgage or Rocket Mortgage1

$12,605 per month

30 year fixed, 6.11% Interest

Principal and Interest

$9,682

Property Taxes

$2,923

HOA Dues

$0

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Property Information for 1420 Walnut Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $138,019
  • Gross Scheduled Income: $134,952
  • Gross Operating Income: $137,806
  • Net Operating Income: $89,188
  • Number Of Rented Garages: 4
  • Garage Income: $2,400
  • Gross Multiplier: 14.43
  • Cap Rate: 5.23
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $48,831
  • New Taxes Expense: $23,063
  • Gardener Expense: $450
  • Fuel Expense: $1,404
  • Electric Expense: $1,404
  • Insurance Expense: $2,812
  • Maintenance Expense: $8,220
  • Professional Management Expense: $6,890
  • Other Expense: $4,716
  • Other Expense Description: Misc. Re
  • Trash Expense: $1,404
  • Water Sewer Expense: $1,404
  • Total Expenses: $48,831
Tax / Assessment Info
  • Tax Tract Number: 575202
  • Tax Census Tract: 5752.02
  • Tax Lot: 52
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: No
  • Laundry Features: None
Exterior Features
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 11-15 Units/Acre
  • Number Of Units: 8
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Meter on Property
  • Sewer: Public Sewer, Septic Type Unknown, Unknown
  • Water Source: Public
Parking Info
  • Garage Spaces: 4
  • Parking Garage Spaces: 4
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Eastside
  • Builders Tract Code: Eastside (ES)
Unit Information
Unit 1
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,123
  • Unit Type Total Rent: $2,245
  • Unit Type Pro Forma: 1295
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,361
  • Unit Type Total Rent: $5,445
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,778
  • Unit Type Total Rent: $3,356
  • Unit Type Pro Forma: 1995
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1

Property History for 1420 Walnut Avenue

DateEvent & SourcePriceAppreciation
Oct 23, 2023

Withdrawn / Cancelled

CLAW #PW23047875MR

—
Oct 23, 2023

Withdrawn / Cancelled

CRMLS #PW23047875

$2,620,000—
Jun 21, 2023

Price Change

CLAW #PW23047875MR

$2,620,000—
Mar 23, 2023

Listed (Active)

CRMLS #PW23047875

$2,650,000—
Mar 23, 2023

Listed (Active)

CLAW #PW23047875MR

$2,650,000—
Sep 11, 2019

Sold

SDMLS #PW19056424

$1,995,000—
Sep 11, 2019

Sold

CLAW #PW19056424MR

$1,995,000—
Sep 11, 2019

Sold

CRMLS #PW19056424

$1,995,000—
Aug 26, 2019

Pending

CLAW #PW19056424MR

—
Aug 26, 2019

Pending

CRMLS #PW19056424

—
Jun 28, 2019

Sold (Public Record)

Public Record #652168356

$1,995,000

+13.3% / yr

Apr 11, 2019

Price Change

CRMLS #PW19056424

$2,050,000—
Mar 13, 2019

Listed (Active)

SDMLS #PW19056424

$2,100,000—
Mar 13, 2019

Listed (Active)

CLAW #PW19056424MR

$2,100,000—
Mar 13, 2019

Listed (Active)

CRMLS #PW19056424

$2,100,000—
Sep 25, 2014

Sold (Public Record)

Public Record #483058067

$1,100,000

+43.7% / yr

Apr 10, 2014

Sold

CLAW #SR14036683CN

$910,000—
Apr 10, 2014

Sold

CRMLS #SR14036683

$910,000—
Mar 18, 2014

Sold (Public Record)

Public Record #412765393

$910,000—
Mar 12, 2014

Pending

CRMLS #SR14036683

—
Mar 12, 2014

Pending

CLAW #SR14036683CN

—
Feb 15, 2014

Listed (Active)

CRMLS #SR14036683

$925,000—
Feb 15, 2014

Listed (Active)

CLAW #SR14036683CN

$925,000—
DateEvent & SourcePrice
10/23/2023

Withdrawn / Cancelled

CLAW #PW23047875MR

—
10/23/2023

Withdrawn / Cancelled

CRMLS #PW23047875

$2,620,000
06/21/2023

Price Change

CLAW #PW23047875MR

$2,620,000
03/23/2023

Listed (Active)

CRMLS #PW23047875

$2,650,000
03/23/2023

Listed (Active)

CLAW #PW23047875MR

$2,650,000
09/11/2019

Sold

SDMLS #PW19056424

$1,995,000
09/11/2019

Sold

CLAW #PW19056424MR

$1,995,000
09/11/2019

Sold

CRMLS #PW19056424

$1,995,000
08/26/2019

Pending

CLAW #PW19056424MR

—
08/26/2019

Pending

CRMLS #PW19056424

—
06/28/2019

Sold (Public Record)

Public Record #652168356

$1,995,000

+13.3% / yr

04/11/2019

Price Change

CRMLS #PW19056424

$2,050,000
03/13/2019

Listed (Active)

SDMLS #PW19056424

$2,100,000
03/13/2019

Listed (Active)

CLAW #PW19056424MR

$2,100,000
03/13/2019

Listed (Active)

CRMLS #PW19056424

$2,100,000
09/25/2014

Sold (Public Record)

Public Record #483058067

$1,100,000

+43.7% / yr

04/10/2014

Sold

CLAW #SR14036683CN

$910,000
04/10/2014

Sold

CRMLS #SR14036683

$910,000
03/18/2014

Sold (Public Record)

Public Record #412765393

$910,000
03/12/2014

Pending

CRMLS #SR14036683

—
03/12/2014

Pending

CLAW #SR14036683CN

—
02/15/2014

Listed (Active)

CRMLS #SR14036683

$925,000
02/15/2014

Listed (Active)

CLAW #SR14036683CN

$925,000

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

Public Records for 1420 Walnut Avenue

Taxable ValueLand$848,966Additions$1,761,925Total$2,610,891
Tax Record2025$35,078 ($2,923 / month)
Home Facts
Total Finished SqFt7,029 SqFtAbove Grade Finished SqFt7,029 SqFtLot Size6,324 SqFtStyleMulti-Family Res (5+ Units)Year Built1963ZoningLBR2NCountyLOS ANGELESAPN7261-014-025

Schools near 1420 Walnut Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Whittier Elementary School
Public - K to 5
Franklin Classical Middle School
Public - 6 to 8
Polytechnic High School
Public - 9 to 12
Clear Passage Educational Center
Charter - 9 to 12
Rating
School
Distance
Whittier Elementary School
PublicK to 5

Franklin Classical Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

Clear Passage Educational Center
Charter9 to 12

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 descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims 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 discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Kevin King, DRE #01158184

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.