2185 Pacific Avenue

Long Beach, CA 90806

$1,500,000
Last Sold Price
5
Beds
8
Baths
6,612 Sq. Ft.
$227 / Sq. Ft.
6,612
Sq. Ft.
$227
per Sq. Ft.

Description

2185-89 Pacific Ave, a 6-unit value add mixed-use apartment/retail investment opportunity located in the City of Long Beach, CA. The property offers a rare opportunity for investors to get into a high cash-flow property on year-1 with upside potential in a strategic part of Long Beach (within OPPORTUNITY ZONE). The property has been in the same family since 1994 and owner is relocating to another state. With the right financing structure, investor can realize a high (over ±10%) cash-on-cash levered...2185-89 Pacific Ave, a 6-unit value add mixed-use apartment/retail investment opportunity located in the City of Long Beach, CA. The property offers a rare opportunity for investors to get into a high cash-flow property on year-1 with upside potential in a strategic part of Long Beach (within OPPORTUNITY ZONE). The property has been in the same family since 1994 and owner is relocating to another state. With the right financing structure, investor can realize a high (over ±10%) cash-on-cash levered return! The property is a 2-story, 6-unit mixed use building built in 1958. It has a total of 6,612 SF building size and situated on a 4,708SF lot; it has commercial zoning and located within an OPPORTUNITY ZONE. The 2nd floor units consist of 4 apartment units with 100% occupancy (owner is occupying 1 unit). It has 1 x 2bed+2bath, 1x 2bed+1.5bath, and 2 x 1bed+1bath units. 2 of the units have been partially upgraded. All tenants are on month to month and current rental income is significantly below market. The ground floor consists of 2 retail units. The 1st retail unit is occupied by a long-time tenant that has been there for more than 10 years and are on month-to-month agreement. This retail unit size is ±1,800SF and current rent is significantly below market. The 2nd retail unit has ±1,800SF in size and currently vacant (tenant recently moved out). Retail tenants pay their own utilities. Each unit is separately metered for electricity and gas.
  1. Listed by Handoko Chen • DRE #01749321 • Brokerage DRE #02021933 • GIG Real Estate Inc.
  2. Listed by Justin McCardle • DRE #01895720 • Brokerage DRE #02021933 • GIG Real Estate Inc.

Property Details for 2185 Pacific Avenue

Parking Spaces Total
3
Private Pool
No
Total Units
6.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
6612
Assessor Parcel Number
7205-028-018
Property Attached YN
true

Location

Listing Courtesy of GIG Real Estate Inc., Handoko Chen, DRE #01749321; GIG Real Estate Inc., Justin McCardle, DRE #01895720

Sold By GIG Real Estate Inc., Handoko Chen, DRE #01749321

Add your commute
LISTING UPDATED: 08/23/2021 06:27 AM

Property Details for 2185 Pacific Avenue

StatusClosed
MLS #AR21015994
Days on Market128
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1958
Lot Size0.11 AC / 4,708 SF
CountyLos Angeles County

Location

Listing Courtesy of GIG Real Estate Inc., Handoko Chen, DRE #01749321; GIG Real Estate Inc., Justin McCardle, DRE #01895720

Sold By GIG Real Estate Inc., Handoko Chen, DRE #01749321

Add your commute

Building Information for 2185 Pacific Avenue

Stories2Residences-Year Built1958Building Size-Lot Size0.11 AC / 4,708 SF

Payment Calculator

$8,186 per month

30 year fixed, 7.25% Interest

Principal and Interest

$8,186

Property Taxes

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2185 Pacific Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $0
  • Gross Scheduled Income: $0
  • Vacancy Allowance: 0
  • Vacancy Allowance Rate: 0
  • Gross Operating Income: $0
  • Net Operating Income: $0
  • Laundry Income: $480
  • Gross Multiplier: 10.4
  • Cap Rate: 6.5
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $0
  • New Taxes Expense: $0
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $0
  • Professional Management Expense: $0
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $0
Tax / Assessment Info
  • Tax Tract Number: 5162
  • Tax Census Tract: 5730.04
  • Tax Lot: 17
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Special Assessments, Buyer to Verify
  • Community Features: Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: Rectangular Lot, Level, Near Public Transit
  • Direction Faces: East
  • Number Of Units: 6
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Sewer: Public Sewer
  • Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
  • Electric: Standard
  • Water Source: Public
Parking Info
  • Garage Spaces: 3
  • Parking: Yes
  • Parking Garage: Garage
  • Uncovered Spaces: 0
  • Open Other Spaces Total: 0
  • Parking Garage Spaces: 3
  • Carport Spaces: 0
  • Parking Features: Garage, Garage Faces Rear
Property / Structure Info
  • Builders Tract Name: Wrigley Area
  • Builders Tract Code: Wrigley Area (WR)
Unit Information
Unit 1
  • 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: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 1
Unit 2
  • 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: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 3
  • Unit Type Garage Attached: Yes
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 2
  • 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: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 0
  • Unit Type Type: 4
Unit Information
  • Number Of Units Leased: 5
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 1
  • Number With Dishwasher: 0
  • Number With Range: 4
  • Number With Refrigerator: 0
  • Number With Disposal: 4
  • Number Wall AC: 4

Property History for 2185 Pacific Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 2185 Pacific Avenue

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Lafayette Elementary School
PublicK to 5

Washington Middle School
Public6 to 8

Cabrillo 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.

Similar Homes

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Similar Sold Homes

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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 GIG Real Estate Inc., Handoko Chen, DRE #01749321; GIG Real Estate Inc., Justin McCardle, DRE #01895720

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.