945 Locust Ave

Long Beach, CA 90813

$3,900,000
Last Sold Price
4
Beds
18
Baths
13,054 Sq. Ft.
$299 / Sq. Ft.
13,054
Sq. Ft.
$299
per Sq. Ft.
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Closed 11/14/23
Closed 11/14/23
a front view of a house with a yard

Description

945 Locust Avenue is a 16-unit apartment property in Long Beach, California, adjacent to the vibrant East Village Arts District and Downtown. The controlled-access, all-electric, separately-metered building features two (2) 2BD / 2 BA units and fourteen (14) 2BD / 1 BA units. Seven (7) of the units are fully remodeled with new flooring, kitchens, stainless steel appliances, new bathrooms and modern fixtures and finishes. Double-pane windows are installed throughout the building for additional energy...945 Locust Avenue is a 16-unit apartment property in Long Beach, California, adjacent to the vibrant East Village Arts District and Downtown. The controlled-access, all-electric, separately-metered building features two (2) 2BD / 2 BA units and fourteen (14) 2BD / 1 BA units. Seven (7) of the units are fully remodeled with new flooring, kitchens, stainless steel appliances, new bathrooms and modern fixtures and finishes. Double-pane windows are installed throughout the building for additional energy efficiency. An onsite laundry / storage room can provide extra income, and the eight (8) garages offer the opportunity for ADU conversion for additional rental income. 945 Locust Avenue is priced at 11.73 GRM and 5.39% cap rate at current rents.
  1. Listed by Robert Stepp • DRE #01456379 • Brokerage DRE #01499010 • Keller Williams - Santa Monica

Property Details for 945 Locust Avenue

Parking Spaces Total
8
Private Pool
No
Total Units
16.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
13054
Assessor Parcel Number
7273-013-003
Property Attached YN
true
LISTING UPDATED: 11/14/2023 08:25 AM

Property Details for 945 Locust Avenue

StatusClosed
MLS #PW23149053
Days on Market17
Taxes-
HOA Fees-
Condo/Co-op Fees-
Property TypeMixed Use
MLS TypeResidential Income
Year Built1964
Lot Size0.17 AC / 7,521 SF
CountyLos Angeles County
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Location

Listing Courtesy of Keller Williams - Santa Monica, Robert Stepp, DRE #01456379

Sold By Keller Williams - Santa Monica, Robert Stepp, DRE #01456379

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Building Information for 945 Locust Avenue

Stories3Residences-Year Built1964Building Size-Lot Size0.17 AC / 7,521 SF

Payment Calculator

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$24,044 per month

30 year fixed, 6.46% Interest

Principal and Interest

$19,639

Property Taxes

$4,405

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 945 Locust Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $343,264
  • Gross Scheduled Income: $353,880
  • Net Operating Income: $223,595
  • Gross Multiplier: 11.73
  • Cap Rate: 5.39
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $119,668
  • New Taxes Expense: $51,985
  • Gardener Expense: $1,200
  • Fuel Expense: $0
  • Licenses Expense: $1,500
  • Pest Control Expense: $1,000
  • Electric Expense: $1,377
  • Insurance Expense: $11,000
  • Maintenance Expense: $11,200
  • Professional Management Expense: $24,363
  • Other Expense: $4,800
  • Other Expense Description: Reserves
  • Trash Expense: $6,461
  • Water Sewer Expense: $4,782
  • Total Expenses: $119,668
Tax / Assessment Info
  • Tax Block: 8
  • Tax Tract Number: 5763
  • Tax Census Tract: 5763.01
  • Tax Lot: 7
Community / Development
Community / Development
  • Community Features: Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Community
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: 16-20 Units/Acre
  • Number Of Units: 16
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 8
  • Parking Garage Spaces: 8
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Downtown
  • Builders Tract Code: Downtown (DT)
Unit Information
Unit 1
  • Unit Type Units Total: 14
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,807
  • Unit Type Total Rent: $25,298
  • Unit Type Pro Forma: 2195
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,973
  • Unit Type Total Rent: $3,946
  • Unit Type Pro Forma: 2250
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 16
  • Number Of Separate Gas Meters: 0
  • Number Of Separate Water Meters: 1

Property History for 945 Locust Avenue

DateEvent & SourcePriceAppreciation
Nov 14, 2023

Sold

CRMLS #PW23149053

$3,900,000—
Nov 14, 2023

Sold

CLAW #PW23149053MR

$3,900,000—
Sep 1, 2023

Pending

CRMLS #PW23149053

—
Sep 1, 2023

Pending

CLAW #PW23149053MR

—
Aug 31, 2023

Sold (Public Record)

Public Record #1521738459

$3,900,000

+1.6% / yr

Aug 16, 2023

Accepting Backup Offers

CLAW #PW23149053MR

—
Aug 16, 2023

Accepting Backup Offers

CRMLS #PW23149053

—
Aug 15, 2023

Listed (Active)

CLAW #PW23149053MR

$4,150,000—
Aug 15, 2023

Listed (Active)

CRMLS #PW23149053

$4,150,000—
May 26, 2017

Sold

SDMLS #PW17067228

$3,525,000—
May 26, 2017

Sold

CRMLS #PW17067228

$3,525,000—
May 26, 2017

Sold

CLAW #PW17067228MR

$3,525,000—
May 23, 2017

Sold (Public Record)

Public Record #596434615

$3,525,000

+14.6% / yr

May 8, 2017

Pending

CLAW #PW17067228MR

—
May 8, 2017

Pending

CRMLS #PW17067228

—
Mar 24, 2017

Listed (Active)

CLAW #PW17067228MR

$3,750,000—
Mar 24, 2017

Listed (Active)

SDMLS #PW17067228

$3,750,000—
Mar 24, 2017

Listed (Active)

CRMLS #PW17067228

$3,750,000—
May 10, 2011

Expired

CLAW #P759337MR

—
Feb 15, 2011

Sold (Public Record)

Public Record #309799233

$1,500,000—
Nov 9, 2010

Expired

CRMLS #P759337

$1,675,000—
Nov 9, 2010

Listed (Active)

CLAW #P759337MR

$1,675,000—
Nov 9, 2010

Listed (Active)

CRMLS #P759337

$1,675,000—
DateEvent & SourcePrice
11/14/2023

Sold

CRMLS #PW23149053

$3,900,000
11/14/2023

Sold

CLAW #PW23149053MR

$3,900,000
09/01/2023

Pending

CRMLS #PW23149053

—
09/01/2023

Pending

CLAW #PW23149053MR

—
08/31/2023

Sold (Public Record)

Public Record #1521738459

$3,900,000

+1.6% / yr

08/16/2023

Accepting Backup Offers

CLAW #PW23149053MR

—
08/16/2023

Accepting Backup Offers

CRMLS #PW23149053

—
08/15/2023

Listed (Active)

CLAW #PW23149053MR

$4,150,000
08/15/2023

Listed (Active)

CRMLS #PW23149053

$4,150,000
05/26/2017

Sold

SDMLS #PW17067228

$3,525,000
05/26/2017

Sold

CRMLS #PW17067228

$3,525,000
05/26/2017

Sold

CLAW #PW17067228MR

$3,525,000
05/23/2017

Sold (Public Record)

Public Record #596434615

$3,525,000

+14.6% / yr

05/08/2017

Pending

CLAW #PW17067228MR

—
05/08/2017

Pending

CRMLS #PW17067228

—
03/24/2017

Listed (Active)

CLAW #PW17067228MR

$3,750,000
03/24/2017

Listed (Active)

SDMLS #PW17067228

$3,750,000
03/24/2017

Listed (Active)

CRMLS #PW17067228

$3,750,000
05/10/2011

Expired

CLAW #P759337MR

—
02/15/2011

Sold (Public Record)

Public Record #309799233

$1,500,000
11/09/2010

Expired

CRMLS #P759337

$1,675,000
11/09/2010

Listed (Active)

CLAW #P759337MR

$1,675,000
11/09/2010

Listed (Active)

CRMLS #P759337

$1,675,000

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

Public Records for 945 Locust Avenue

Taxable ValueLand$2,585,700Additions$1,395,300Total$3,981,000
Tax Record2025$52,856 ($4,405 / month)
Home Facts
Total Finished SqFt13,054 SqFtAbove Grade Finished SqFt13,054 SqFtLot Size7,521 SqFtStyleMulti-Family Res (5+ Units)Year Built1964ZoningLBR4NCountyLOS ANGELESAPN7273-013-003

Schools near 945 Locust Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
International Elementary School
Public - K to 5
Washington Middle School
Public - 6 to 8
Polytechnic High School
Public - 9 to 12
Renaissance High School For The Arts
Public - 9 to 12
Rating
School
Distance
International Elementary School
PublicK to 5

Washington Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

Renaissance High School For The Arts
Public9 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 Keller Williams - Santa Monica, 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.