Long Beach CA  home offered at $4,000,000 

Call Lisa DiNoto Group at (909)921-2544 to see this home.

 

4676 N Banner Drive
Long Beach, California CA 90807-1708
Sold For: $3,950,000
Listing ID: OC22243593
Price/SqFt: $383.50
Status: Closed
Sold Date: 4/27/2023
SqFt: 10,300 Sq Ft
Acres: 0.340 Acres
Year Built: 1946

Banner Gardens Apartments is a 16-unit multifamily investment property located in Long Beach, CA. The property offers attractive assumable financing at 4.06% through November 2024. Banner Gardens Apartments contains an excellent mix of studio, one, and two-bedroom floor plans with amenities including a private patio and deck (select units), hardwood and tile flooring, garage and surface parking, on-site laundry, and security doors. Additionally, 9 of 16 units have been renovated with quartz countertops, recessed lighting, shaker-style cabinetry, and more. Long Beach’s strong rental metrics, including a 2021 vacancy rate of just 1.8 percent and year-over-year rent growth of 12.1 percent, are evidence of the substantial demand for rental units in the area. With current rents below market rates, Banner Gardens Apartments represents an attractive value-add opportunity for a new owner. Banner Gardens Apartments is situated in the desirable Bixby Knolls neighborhood of Long Beach, which primarily features single-family homes. Residents enjoy convenient access to everyday needs as well as a plethora of retail, dining, and entertainment options at the recently constructed Long Beach Exchange that is within 2 miles of the property. Banner Gardens Apartments is in close proximity to all levels of schooling including Barton Elementary School, Hughes Middle School, and Jordan High School. Additionally, the property benefits from its location within 1.90 miles of Interstates 710 and 405, connecting residents to employment hubs throughout Los Angeles and Orange Counties.

Primary Features

County: Los Angeles
Price Reduction Date: 2023-02-08T20:34:00+00:00
Price/SqFt: 383.5
Property Sub Type: Apartment
Property Type: Residential Income
Year Built: 1946
Zoning: LBR3S

Interior

Average 1 Bed Area Units: Square Feet
Average 2 Bed Area Units: Square Feet
Average 3 Bed Area Units: Square Feet
Average Studio Area Units: Square Feet
Building Area Units: Square Feet
Common Walls: No Common Walls
Garage Spaces: 4
Laundry: yes
Laundry Features: Community
Levels: Two
Stories Total: 2

External

Lot Features: Level with Street
Lot Size Area: 0.34
Lot Size Source: Assessor
Lot Size Square Feet: 14810.4
Number Of Buildings: 2
Parking Total: 10
Pool Features: None
Private Pool: no
Property Attached: no
Sewer: Public Sewer
Uncovered Spaces: 6
Water Source: Public

Location

Country: US
Elevation Units: Feet
MLS Area Major: 699 - Not Defined
Street Number: 4686

Additional

Additional Parcels: yes
Assessments: Special Assessments
Community Features: Curbs, Sidewalks
Days On Market: 123
List Agent State License: 01451551
List Office State License: 00530854
Lot Size Units: Acres
New Construction: no
Number Of Separate Electric Meters: 16
Number Of Separate Gas Meters: 16
Number Of Units Leased: 16
Number Of Units Total: 16
Parcel Number: 7136012018
Senior Community: no
Year Built Source: Assessor

Financial

Electric Expense: 1516
Fuel Expense: 1516
Gross Operating Income: 277924
Gross Scheduled Income: 281293
Insurance Expense: 4924
Land Lease: no
Maintenance Expense: 8800
Net Operating Income: 186544
New Taxes Expense: 47565
Operating Expense: 91381
Other Expense: 11518
Other Expense Description: Misc
Other Income 1: 5070
Other Income Description: Miscellaneous
Price Per Unit: 250000
Professional Management Expense: 12507
Rent Control: yes
Special Listing Conditions: Standard
Tax Census Tract: 5715.05
Tax Lot: 3
Tax Tract Number: 13199
Total Actual Rent: 23441
Total Expenses: 91381
Trash Expense: 1516
Vacancy Allowance: 8439
Water Sewer Expense: 1519

Zoning Info


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Listed by: TylerLeeson, DRE #01451551 from Marcus & Millichap RE Invest

Contact - Listing ID OC22243593

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Lisa DiNoto

9483 Haven Ave #100
Rancho Cucamonga, CA 91730
Phone: 9099212544

Data services provided by IDX Broker
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