944 Pacific Avenue

944 Pacific Avenue

Long Beach, CA 90813

$2,250,000
Last Sold Price
6
Beds
7
Baths
4,583 Sq. Ft.
$491 / Sq. Ft.
4,583
Sq. Ft.
$491
per Sq. Ft.

Closed 10/30/20

Closed 10/30/20

Description

944 Pacific represents a rare opportunity to acquire a non-rent controlled, 2020 built, turn-key apartment complex in Downtown Long Beach, an extremely hot sub-market in the Los Angeles MSA. The property has been exquisitely built, with features including shared out-door space, open floor-plans, excessive natural light, and loft ceiling heights. The attractive unit-mix includes one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units. With nearly every inch of the...944 Pacific represents a rare opportunity to acquire a non-rent controlled, 2020 built, turn-key apartment complex in Downtown Long Beach, an extremely hot sub-market in the Los Angeles MSA. The property has been exquisitely built, with features including shared out-door space, open floor-plans, excessive natural light, and loft ceiling heights. The attractive unit-mix includes one (1) 2 bed / 2 bath unit, one (1) 2 bed / 1 bath unit and four (4) 1 bed / 1 bath units. With nearly every inch of the property being completely brand new having been converted from a creative office building, all building systems are new and to current building codes including plumbing, electrical, and mechanical (mini-split units for each apartment), which will significantly reduce ongoing maintenance costs for several years. There is further value to be added by constructing three additional units as the asset contains excess parking on-site beyond what's required by code (preliminary estimates by entitlement consultant suggest the planning approval could be obtained within 6-8 months of submission of the conceptual site plan review package). Utilizing conservative assumptions, by completing the addition of the 3 units the asset could produce a CAP rate of 7.48% by year-5. Preliminary site-plans and construction budgets for the 3 additional units are available upon request.
  1. Listed by Jeff Anderson • DRE #01729514 • Brokerage DRE #01917184 • Keller Williams Pacific Estate
  2. Listed by Matthew Firth • DRE #01903073 • Brokerage DRE #01903073 • Matthew Firth, Broker

Property Details for 944 Pacific Avenue

Parking Spaces Total
10
Private Pool
No
Cooling Type
Central Forced Air
Total Units
6.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
4583
Assessor Parcel Number
7273-014-003

Location

Listing Courtesy of Keller Williams Pacific Estate, Jeff Anderson, DRE #01729514; Matthew Firth, Broker, Matthew Firth, DRE #01903073

Sold By Rodeo Realty, George Lawrence, DRE #01813654; Rodeo Realty Inc., Austin Shake, DRE #02084230

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LISTING UPDATED: 11/04/2021 09:19 AM

Property Details for 944 Pacific Avenue

StatusClosed
MLS #PW20056333
Days on Market62
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built2020
Lot Size0.16 AC / 6,766 SF
CountyLos Angeles County

Location

Listing Courtesy of Keller Williams Pacific Estate, Jeff Anderson, DRE #01729514; Matthew Firth, Broker, Matthew Firth, DRE #01903073

Sold By Rodeo Realty, George Lawrence, DRE #01813654; Rodeo Realty Inc., Austin Shake, DRE #02084230

Add your commute

Building Information for 944 Pacific Avenue

Stories2Residences-Year Built2020Building Size-Lot Size0.16 AC / 6,766 SF

Payment Calculator

$14,810 per month

30 year fixed, 7.25% Interest

Principal and Interest

$12,279

Property Taxes

$2,531

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 944 Pacific Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $151,800
  • Gross Scheduled Income: $151,800
  • Net Operating Income: $106,691
  • Number Of Rented Garages: 4
  • Garage Rental Rate: $75
  • Garage Income: $300
  • Cap Rate: 4.6
  • Financing: Cash
Expense Details
  • Operating Expense: $40,555
  • New Taxes Expense: $28,337
  • Gardener Expense: $600
  • Electric Expense: $900
  • Insurance Expense: $1,800
  • Maintenance Expense: $3,600
  • Professional Management Expense: $0
  • Other Expense: $900
  • Other Expense Description: Reserves
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $40,555
Tax / Assessment Info
  • Tax Tract Number: 5758
  • Tax Census Tract: 5758.03
  • Tax Lot: 1
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks, Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Gas & Electric Dryer Hookup, Inside, Washer Hookup
  • Cooling: Central Air
  • Heating Type: Central
  • Heating: Central
Exterior Features
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Level with Street, Rectangular Lot, Walkstreet
  • Number Of Units: 6
  • Land Lease: No
  • Land Lease Type: Fee
  • Topography: Level
  • Levels: Two
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Uncovered Spaces: 10
  • Open Other Spaces Total: 10
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Property / Structure Info
  • Builders Tract Name: Downtown
  • Builders Tract Code: Downtown (DT)
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 Actual Rent: $2,600
  • Unit Type Total Rent: $2,600
  • Unit Type Pro Forma: 26000
  • Unit Type Type: 1
Unit 2
  • 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: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 2400
  • Unit Type Type: 2
Unit 3
  • 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: $1,950
  • Unit Type Total Rent: $1,950
  • Unit Type Pro Forma: 1950
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,900
  • Unit Type Total Rent: $1,900
  • Unit Type Pro Forma: 1900
  • Unit Type Type: 4
Unit Information
  • Number Of Units Leased: 5
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 7
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 7

Property History for 944 Pacific 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 944 Pacific Avenue

Taxable ValueLand$624,240Additions$1,716,660Total$2,340,900
Tax Record2023$30,375 ($2,531 / month)
Home Facts
Total Finished SqFt4,583 SqFtAbove Grade Finished SqFt4,583 SqFtStories1Lot Size6,766 SqFtStyleMulti-Family Res (5+ Units)Year Built1959ZoningLBCCNCountyLOS ANGELESAPN7273-014-003

Schools near 944 Pacific 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 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 Keller Williams Pacific Estate, Jeff Anderson, DRE #01729514; Matthew Firth, Broker, Matthew Firth, DRE #01903073

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.