1600 Stanton Pl

Long Beach, CA 90804

$5,950,000
Last Sold Price
3
Beds
27
Baths
21,686 Sq. Ft.
$274 / Sq. Ft.
21,686
Sq. Ft.
$274
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Closed 5/31/24
Closed 5/31/24

Description

Waterstone Apartments is a 27-unit multifamily investment property located at 1600 North Stanton Place in Long Beach, California. Built in 1964, Waterstone Apartments offers a desirable mix of one and two-bedroom floor plans with amenities including gated access, private balconies (select units), and gated garage parking. Long Beach’s strong rental metrics, including a 2022 vacancy rate of just 4.0 percent and year-over-year rent growth of 8.5 percent, are evidence of the substantial demand for rental...Waterstone Apartments is a 27-unit multifamily investment property located at 1600 North Stanton Place in Long Beach, California. Built in 1964, Waterstone Apartments offers a desirable mix of one and two-bedroom floor plans with amenities including gated access, private balconies (select units), and gated garage parking. Long Beach’s strong rental metrics, including a 2022 vacancy rate of just 4.0 percent and year-over-year rent growth of 8.5 percent, are evidence of the substantial demand for rental units in the area. Currently, 8 units have received substantial improvements including shaker-style cabinetry, quartz countertops, vinyl flooring, stainless steel appliances and more. Through the continuation of this interior renovation plan, a new owner could potentially achieve a 12 percent increase in rental income. The property benefits from its location just south of Long Beach City College, Pacific Coast Campus, a major employer and housing driver for the city of Long Beach. Waterstone Apartments is situated in close proximity to Pacific Coast Highway and Cherry Avenue, two major thoroughfares that connect residents to Interstates 405 and 605. Additionally, residents enjoy access to Signal Hill’s numerous parks and trails. The neighborhoods surrounding the property provide tenants convenient access to a wide variety of activities, employment, transportation, and retail amenities. This overall demand for a well-located and maintained apartment building will be a key driver in the continued growth and success at Waterstone Apartments.
  1. Listed by Tyler Leeson • DRE #01451551 • Brokerage DRE #00530854 • Marcus & Millichap RE Invest

Property Details for 1600 Stanton Place

Parking Spaces Total
23
Private Pool
No
Total Units
27.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
21686
Assessor Parcel Number
7260-013-027
Property Attached YN
false
LISTING UPDATED: 05/31/2024 08:01 AM

Property Details for 1600 Stanton Place

StatusClosed
MLS #OC23207083
Days on Market134
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Res Income 2-4 Units
Year Built1964
CountyLos Angeles County
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Location

Listing Courtesy of Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551

Sold By Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551

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Building Information for 1600 Stanton Place

Building/Complex1600 Stanton PlFloor-Stories2Residences-Pet Policy-Pet Policy Details-Year Built1964Building Size-

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$35,796 per month

30 year fixed, 6.11% Interest

Principal and Interest

$28,876

Property Taxes

$6,920

HOA Dues

$0

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Property Information for 1600 Stanton Place

Income / Expense / Tax Details
Income Details
  • Gross Income: $583,932
  • Gross Scheduled Income: $559,992
  • Vacancy Allowance: 16800
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $543,192
  • Net Operating Income: $371,799
  • Garage Income: $20,940
  • Laundry Income: $3,000
  • Gross Multiplier: 10.53
  • Cap Rate: 6.05
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $195,334
  • Operating Expense Percent: 34.40%
  • New Taxes Expense: $68,270
  • Fuel Expense: $5,037
  • Electric Expense: $5,037
  • Insurance Expense: $21,000
  • Maintenance Expense: $17,550
  • Professional Management Expense: $28,357
  • Other Expense: $40,010
  • Other Expense Description: Misc
  • Trash Expense: $5,037
  • Water Sewer Expense: $5,036
  • Total Expenses: $195,334
Tax / Assessment Info
  • Tax Block: 4
  • Tax Tract Number: 575...
  • Tax Census Tract: 5751.01
  • CFD/Mello-Roos Fee: $5,164
  • Tax Lot: 19
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Special Assessments
  • Community Features: Curbs, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: No
  • Laundry Features: None
Exterior Features
  • Entry Location: First Floor
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Pool Heat: N/K
Land/Lot Info
  • Lot Features: Level with Street
  • Number Of Units: 27
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 23
  • Parking Garage Spaces: 23
  • Carport Spaces: 0
Property / Structure Info
  • Residential Styles: Res Income 2-4 Units
Unit Information
Unit 1
  • Unit Type Units Total: 11
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 11
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $16,536
  • Unit Type Total Rent: $16,536
  • Unit Type Pro Forma: 18645
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 16
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 12
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $30,130
  • Unit Type Total Rent: $30,130
  • Unit Type Pro Forma: 33600
  • Unit Type Type: 2
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 27
  • Number Of Separate Gas Meters: 27
  • Number Of Separate Water Meters: 1

Property History for 1600 Stanton Place

DateEvent & SourcePriceAppreciation
May 31, 2024

Sold

SDMLS #OC23207083

$5,950,000—
May 31, 2024

Sold

CLAW #OC23207083MR

$5,950,000—
May 31, 2024

Sold

CRMLS #OC23207083

$5,950,000—
Mar 26, 2024

Sold (Public Record)

Public Record #1533006779

$5,950,000—
Mar 21, 2024

Pending

CRMLS #OC23207083

—
Mar 20, 2024

Pending

CLAW #OC23207083MR

—
Mar 20, 2024

Pending

SDMLS #OC23207083

—
Mar 11, 2024

Price Change

CLAW #OC23207083MR

$6,150,000—
Mar 11, 2024

Price Change

CRMLS #OC23207083

$6,150,000—
Nov 7, 2023

Listed (Active)

CLAW #OC23207083MR

$6,500,000—
Nov 7, 2023

Listed (Active)

SDMLS #OC23207083

$6,500,000—
Nov 7, 2023

Listed (Active)

CRMLS #OC23207083

$6,500,000—
Nov 1, 2022

Withdrawn / Cancelled

CRMLS #OC22211555

$8,000,000—
Nov 1, 2022

Withdrawn / Cancelled

SDMLS #OC22211555

—
Nov 1, 2022

Withdrawn / Cancelled

CLAW #OC22211555MR

—
Sep 28, 2022

Listed (Active)

SDMLS #OC22211555

$8,000,000—
Sep 28, 2022

Listed (Active)

CLAW #OC22211555MR

$8,000,000—
Sep 28, 2022

Listed (Active)

CRMLS #OC22211555

$8,000,000—
DateEvent & SourcePrice
05/31/2024

Sold

SDMLS #OC23207083

$5,950,000
05/31/2024

Sold

CLAW #OC23207083MR

$5,950,000
05/31/2024

Sold

CRMLS #OC23207083

$5,950,000
03/26/2024

Sold (Public Record)

Public Record #1533006779

$5,950,000
03/21/2024

Pending

CRMLS #OC23207083

—
03/20/2024

Pending

CLAW #OC23207083MR

—
03/20/2024

Pending

SDMLS #OC23207083

—
03/11/2024

Price Change

CLAW #OC23207083MR

$6,150,000
03/11/2024

Price Change

CRMLS #OC23207083

$6,150,000
11/07/2023

Listed (Active)

CLAW #OC23207083MR

$6,500,000
11/07/2023

Listed (Active)

SDMLS #OC23207083

$6,500,000
11/07/2023

Listed (Active)

CRMLS #OC23207083

$6,500,000
11/01/2022

Withdrawn / Cancelled

CRMLS #OC22211555

$8,000,000
11/01/2022

Withdrawn / Cancelled

SDMLS #OC22211555

—
11/01/2022

Withdrawn / Cancelled

CLAW #OC22211555MR

—
09/28/2022

Listed (Active)

SDMLS #OC22211555

$8,000,000
09/28/2022

Listed (Active)

CLAW #OC22211555MR

$8,000,000
09/28/2022

Listed (Active)

CRMLS #OC22211555

$8,000,000

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

Public Records for 1600 Stanton Place

Taxable ValueLand$1,530,000Additions$4,545,750Total$6,075,750
Tax Record2025$83,035 ($6,920 / month)
Home Facts
Total Finished SqFt21,686 SqFtAbove Grade Finished SqFt21,686 SqFtLot Size21,259 SqFtStyleMulti-Family Res (5+ Units)Year Built1964ZoningLBR2NCountyLOS ANGELESAPN7260-013-027

Schools near 1600 Stanton Place

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Lee Elementary School
Public - K to 5
Jefferson Leadership Academies School
Public - 6 to 8
Wilson High School
Public - 9 to 12
Richard D. Browning High
Public - 9 to 12
Rating
School
Distance
Lee Elementary School
PublicK to 5

Jefferson Leadership Academies School
Public6 to 8

Wilson High School
Public9 to 12

Richard D. Browning High
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 Marcus & Millichap RE Invest, Tyler Leeson, DRE #01451551

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.