1641 Locust Avenue

1641 Locust Avenue

Long Beach, CA 90813

$2,450,000
Price
3
Beds
14
Baths
7,020 Sq. Ft.
$349 / Sq. Ft.
7,020
Sq. Ft.
$349
per Sq. Ft.

Pending

Pending

a front view of house with yard and outdoor seating
a view of a house with a yard
a view of a white house with potted plants
a view of a back yard of the house
a car parked in front of a building
an aerial view of a city

Description

New price! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor....New price! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.
  1. Listed by Kristopher German • DRE #01800021 • Brokerage DRE #01264629 • RE/MAX 2000 REALTY • 909-645-0443

Property Details for 1641 Locust Avenue

Parking Spaces Total
5
Private Pool
No
Total Units
14.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
7020
Assessor Parcel Number
7269-011-020
Property Attached YN
true

Location

Listing Courtesy of RE/MAX 2000 REALTY, Kristopher German, DRE #01800021
Add your commute
LISTING UPDATED: 04/15/2024 01:20 AM

Property Details for 1641 Locust Avenue

StatusPending
MLS #CV23068594
Days on Market89
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1927
CountyLos Angeles County

Location

Listing Courtesy of RE/MAX 2000 REALTY, Kristopher German, DRE #01800021
Add your commute

Building Information for 1641 Locust Avenue

Building/Complex1641 Locust AveFloor-Stories2Residences-Pet Policy-Year Built1927Building Size-

Payment Calculator

$16,157 per month

30 year fixed, 7.25% Interest

Principal and Interest

$13,371

Property Taxes

$2,786

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1641 Locust Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas, Other
Income / Expense / Tax Details
Income Details
  • Gross Income: $209,019
  • Gross Scheduled Income: $209,019
  • Vacancy Allowance: 6271
  • Gross Operating Income: $202,749
  • Net Operating Income: $149,422
  • Other Income Description: RUBS & Parking
  • Other Income 1: $4,800
Expense Details
  • Operating Expense: $53,326
  • New Taxes Expense: $27,480
  • Fuel Expense: $2,341
  • Pest Control Expense: $800
  • Electric Expense: $711
  • Insurance Expense: $2,808
  • Maintenance Expense: $13,586
  • Professional Management Expense: $0
  • Other Expense: $2,100
  • Other Expense Description: Reserves
  • Trash Expense: $750
  • Water Sewer Expense: $2,750
  • Total Expenses: $53,326
Tax / Assessment Info
  • Tax Block: 1
  • Tax Tract Number: 020
  • Tax Census Tract: 5754.02
  • CFD/Mello-Roos Fee: $2,249
  • Tax Lot: 8
Community / Development
Community / Development
  • Community Features: Curbs, Gutters, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: No
  • Laundry Features: None
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 11-15 Units/Acre, Lot 6500-9999
  • Number Of Units: 14
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 5
  • Parking Garage Spaces: 5
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $852
  • Unit Type Total Rent: $852
  • Unit Type Pro Forma: 2395
  • Unit Type Type: 1
Unit 2
  • 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 Actual Rent: $994
  • Unit Type Total Rent: $994
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 10
Unit 3
  • 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 Actual Rent: $994
  • Unit Type Total Rent: $994
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 11
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 Actual Rent: $962
  • Unit Type Total Rent: $962
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 12
Unit 5
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $934
  • Unit Type Total Rent: $934
  • Unit Type Pro Forma: 1995
  • Unit Type Type: 2
Unit 6
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,695
  • Unit Type Total Rent: $5,085
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 3
Unit 7
  • 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 Actual Rent: $1,450
  • Unit Type Total Rent: $1,450
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 4
Unit 8
  • 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 Actual Rent: $1,350
  • Unit Type Total Rent: $1,350
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 5
Unit 9
  • 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 Actual Rent: $1,300
  • Unit Type Total Rent: $1,300
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 6
Unit 10
  • 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 Actual Rent: $1,264
  • Unit Type Total Rent: $1,264
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 7
Unit 11
  • 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 Actual Rent: $1,150
  • Unit Type Total Rent: $1,150
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 8
Unit 12
  • 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 Actual Rent: $995
  • Unit Type Total Rent: $995
  • Unit Type Pro Forma: 1695
  • Unit Type Type: 9
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 3
  • Number Of Separate Electric Meters: 14
  • Number Of Separate Gas Meters: 14
  • Number Of Separate Water Meters: 1

Property History for 1641 Locust Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 1641 Locust Avenue

Taxable ValueLand$1,040,400Additions$1,459,360Total$2,499,760
Tax Record2023$33,436 ($2,786 / month)
Home Facts
Total Finished SqFt7,020 SqFtAbove Grade Finished SqFt7,020 SqFtStories1Lot Size7,405 SqFtStyleMulti-Family Res (5+ Units)Year Built1927ZoningLBR4RCountyLOS ANGELESAPN7269-011-020

Schools near 1641 Locust 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
Educational Partnership High School
Public - 9 to 12
Rating
School
Distance
Roosevelt Elementary School
PublicK to 5

Washington Middle School
Public6 to 8

Polytechnic High School
Public9 to 12

Educational Partnership High School
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 expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of RE/MAX 2000 REALTY, Kristopher German, DRE #01800021

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.