1491 Atlantic Ave

Long Beach, CA 90813

$2,550,000
Last Sold Price
12
Beds
15
Baths
6,845 Sq. Ft.
$373 / Sq. Ft.
6,845
Sq. Ft.
$373
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Closed 3/7/23
Closed 3/7/23
a front view of a house with a garage

Description

The subject property is a newly constructed 5-unit (fourplex + ADU) townhouse style apartment building located at 1491 Atlantic Blvd. in the city of Long Beach. Completed in 2022, this property is composed of two three-story structures with approximately 6,845 SF of rentable space sitting on a parcel of approximately 6,970 SF. The units at this property are significantly larger than other for-rent units typically found in the Long Beach market and are perfectly positioned for multi-generational families...The subject property is a newly constructed 5-unit (fourplex + ADU) townhouse style apartment building located at 1491 Atlantic Blvd. in the city of Long Beach. Completed in 2022, this property is composed of two three-story structures with approximately 6,845 SF of rentable space sitting on a parcel of approximately 6,970 SF. The units at this property are significantly larger than other for-rent units typically found in the Long Beach market and are perfectly positioned for multi-generational families and work-from-home roommate environments. Three of the units are large 5-bedroom, 3.75 bath three-story townhome units of approximately 1,759 – 1,772 SF with attached two-car garages. One of the units is a 2-bedroom, 2.5 bath three-story townhome and the other remaining unit is a Studio ADU of approximately 440 SF. The 5br units and the 2br unit are fully occupied while the Studio ADU unit is still under construction and is scheduled to be completed in early January. For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Long Beach market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need. In terms of amenities, all units have central heating and air conditioning and all units except the Studio ADU have private balconies, an open kitchen layout with a large kitchen island, washer/dryer hookups and a full laundry room on the third floor. The bedroom and bathroom on the first floor of each 5-bedroom unit is ADA compliant. The seller is currently installing utility sub-metering equipment to allow the owner to bill back utilities (water, sewer and trash) to the tenants. This property fronts Atlantic Blvd. which is a busy north/south arterial through central Long Beach. Directly to the north of the property is Roosevelt Elementary School and Long Beach Polytechnic High School. St. Mary Medical Center is also located only four blocks to the south of the property on Atlantic Blvd. This property offers a rare opportunity for an investor to purchase a newly built 5-unit apartment building that benefits from a unit mix that is unique to the market.
  1. Listed by Matthew Wenzel • DRE #01198357 • Brokerage DRE #00530854 • Marcus & Millichap

Property Details for 1491 Atlantic Avenue

Parking Spaces Total
6
Private Pool
No
Cooling Type
Central Air
Total Units
5.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
6845
Assessor Parcel Number
7269-031-017
LISTING UPDATED: 03/07/2023 07:16 AM

Property Details for 1491 Atlantic Avenue

StatusClosed
MLS #PW22220148
Days on Market98
Taxes-
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income
Year Built2022
Lot Size0.16 AC / 6,970 SF
CountyLos Angeles County
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Location

Listing Courtesy of Marcus & Millichap, Matthew Wenzel, DRE #01198357

Sold By NONMEMBER MRML, General NONMEMBER, DRE #02008945

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Building Information for 1491 Atlantic Avenue

Stories3Residences-Year Built2022Building Size-Lot Size0.16 AC / 6,970 SF

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$15,621 per month

30 year fixed, 6.36% Interest

Principal and Interest

$12,707

Property Taxes

$2,914

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 1491 Atlantic Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $193,200
  • Gross Scheduled Income: $193,200
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $187,404
  • Net Operating Income: $139,430
  • Other Income Description: Sub-Metering Utilities
  • Other Income 1: $3,000
  • Gross Multiplier: 13.38
  • Cap Rate: 5.29
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $51,630
  • New Taxes Expense: $31,000
  • Gardener Expense: $1,200
  • Fuel Expense: $0
  • Electric Expense: $500
  • Insurance Expense: $2,730
  • Maintenance Expense: $4,000
  • Professional Management Expense: $7,200
  • Other Expense: $2,000
  • Other Expense Description: Misc/Res
  • Trash Expense: $1,500
  • Water Sewer Expense: $1,500
  • Total Expenses: $50,974
Tax / Assessment Info
  • Tax Tract Number: 0
  • Tax Census Tract: 5753.00
  • CFD/Mello-Roos Fee: $0
  • Tax Lot: 51
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks, Storm Drains, Street Lights
  • Community: Poly High (PH)
Property / Structure Info
Interior Features
  • Interior Features: Balcony
  • Laundry: Yes
  • Laundry Features: Gas Dryer Hookup, Washer Hookup
  • Cooling: Central Air
  • Heating Type: Central
  • Heating: Central
Exterior Features
  • Roof: Bitumen, Flat
  • Foundation Details: Slab
  • Foundation Details: Slab
  • Other Structures: Accessory Dwelling Unit
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Pool Heat: N/K
Land/Lot Info
  • Lot Features: 31-35 Units/Acre
  • Number Of Units: 5
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Three Or More
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 6
  • Parking Garage Spaces: 6
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Poly High
  • Builders Tract Code: Poly High (PH)
  • Residential Styles: Res Income 2-4 Units
Unit Information
Unit 1
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 5
  • Unit Type Baths Total: 4
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $4,000
  • Unit Type Total Rent: $4,000
  • Unit Type Pro Forma: 4200
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 5
  • Unit Type Baths Total: 4
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $4,000
  • Unit Type Total Rent: $4,000
  • Unit Type Pro Forma: 4200
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,600
  • Unit Type Total Rent: $2,600
  • Unit Type Pro Forma: 2750
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,500
  • Unit Type Total Rent: $1,500
  • Unit Type Pro Forma: 1600
  • Unit Type Type: 4
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 5
  • Number Of Separate Gas Meters: 5
  • Number Of Separate Water Meters: 1

Property History for 1491 Atlantic Avenue

DateEvent & SourcePriceAppreciation
Mar 7, 2023

Sold

SDMLS #PW22220148

$2,550,000—
Mar 7, 2023

Sold

CLAW #PW22220148MR

$2,550,000—
Mar 7, 2023

Sold

CRMLS #PW22220148

$2,550,000—
DateEvent & SourcePrice
03/07/2023

Sold

SDMLS #PW22220148

$2,550,000
03/07/2023

Sold

CLAW #PW22220148MR

$2,550,000
03/07/2023

Sold

CRMLS #PW22220148

$2,550,000

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

Public Records for 1491 Atlantic Avenue

Taxable ValueLand$1,061,208Additions$1,591,812Total$2,653,020
Tax Record2025$34,967 ($2,914 / month)
Home Facts
Beds17Total Finished SqFt6,834 SqFtAbove Grade Finished SqFt6,834 SqFtLot Size6,970 SqFtStyleSingle Family ResidenceYear Built1910ZoningLBCOCountyLOS ANGELESAPN7269-031-017

Schools near 1491 Atlantic Avenue

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

Washington 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, Matthew Wenzel, DRE #01198357

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.