Long Beach CA  home offered at $2,625,000 

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

 

1491 Atlantic Avenue
Long Beach, California CA 90813-2066
Sold For: $2,550,000
Listing ID: PW22220148
Price/SqFt: $372.53
Status: Closed
Sold Date: 3/07/2023
SqFt: 6,845 Sq Ft
Acres: 0.160 Acres
Subdivision: Poly High (PH)
Year Built: 2022

The subject property is a newly constructed 5-unit (fourplex + ADU) townhouse style apartment building located at 1491 Atlantic Blvd. in the city of Long Beach. Completed in 2022, this property is composed of two three-story structures with approximately 6,845 SF of rentable space sitting on a parcel of approximately 6,970 SF. The units at this property are significantly larger than other for-rent units typically found in the Long Beach market and are perfectly positioned for multi-generational families and work-from-home roommate environments. Three of the units are large 5-bedroom, 3.75 bath three-story townhome units of approximately 1,759 – 1,772 SF with attached two-car garages. One of the units is a 2-bedroom, 2.5 bath three-story townhome and the other remaining unit is a Studio ADU of approximately 440 SF. The 5br units and the 2br unit are fully occupied while the Studio ADU unit is still under construction and is scheduled to be completed in early January. For-rent townhomes of this size and bedroom count are extremely hard if not impossible to find in the Long Beach market, especially in newly constructed buildings. As such, these units fill a unique niche in the market that could certainly be advantageous for a new owner as families and groups of renters consolidate in the coming years. The demand for multi-generational housing accommodations has vaulted in popularity and these large townhome units certainly help fill this need. In terms of amenities, all units have central heating and air conditioning and all units except the Studio ADU have private balconies, an open kitchen layout with a large kitchen island, washer/dryer hookups and a full laundry room on the third floor. The bedroom and bathroom on the first floor of each 5-bedroom unit is ADA compliant. The seller is currently installing utility sub-metering equipment to allow the owner to bill back utilities (water, sewer and trash) to the tenants. This property fronts Atlantic Blvd. which is a busy north/south arterial through central Long Beach. Directly to the north of the property is Roosevelt Elementary School and Long Beach Polytechnic High School. St. Mary Medical Center is also located only four blocks to the south of the property on Atlantic Blvd. This property offers a rare opportunity for an investor to purchase a newly built 5-unit apartment building that benefits from a unit mix that is unique to the market.

Primary Features

County: Los Angeles
Price Reduction Date: 2022-12-10T17:09:26+00:00
Price/SqFt: 372.53
Property Type: Residential Income
Subdivision: Poly High (PH)
Year Built: 2022
Zoning: LBCO

Interior

Average 1 Bed Area Units: Square Feet
Average 2 Bed Area: 1115
Average 2 Bed Area Units: Square Feet
Average 3 Bed Area: 1759
Average 3 Bed Area Units: Square Feet
Average Studio Area: 440
Average Studio Area Units: Square Feet
Building Area Units: Square Feet
Common Walls: 1 Common Wall
Cooling: yes
Cooling Type: Central Air
Garage Spaces: 6
Heating: yes
Heating Type: Central
Interior Features: Balcony
Laundry: yes
Laundry Features: Gas Dryer Hookup, Washer Hookup
Levels: Three Or More

External

Foundation Details: Slab
Lot Features: 31-35 Units/Acre
Lot Size Area: 6970
Lot Size Source: Assessor
Lot Size Square Feet: 6970
Number Of Buildings: 2
Parking Total: 6
Pool Features: None
Private Pool: no
Property Attached: yes
Roof: Bitumen, Flat
Sewer: Public Sewer
Water Source: Public

Location

Country: US
Elevation Units: Feet
MLS Area Major: 9 - Poly High
Subdivision Name Other: Poly High (PH)

Additional

Additional Parcels: no
Community Features: Curbs, Sidewalks, Storm Drains, Street Lights
Days On Market: 98
Disclosures: Accessory Dwelling Unit
List Agent State License: 01198357
List Office State License: 00530854
Lot Size Units: Square Feet
New Construction: yes
Number Of Separate Electric Meters: 5
Number Of Separate Gas Meters: 5
Number Of Separate Water Meters: 1
Number Of Units Total: 5
Parcel Number: 7269031017
Senior Community: no
Year Built Source: Builder

Financial

Cap Rate: 5.29
Electric Expense: 500
Gardener Expense: 1200
Gross Multiplier: 13.38
Gross Operating Income: 187404
Gross Scheduled Income: 193200
Insurance Expense: 2730
Land Lease: no
Maintenance Expense: 4000
Net Operating Income: 139430
New Taxes Expense: 31000
Operating Expense: 51630
Other Expense: 2000
Other Expense Description: Misc/Res
Other Income 1: 3000
Other Income Description: Sub-Metering Utilities
Price Per Unit: 525000
Professional Management Expense: 7200
Rent Control: no
Special Listing Conditions: Standard
Tax Census Tract: 5753.00
Tax Lot: 51
Total Expenses: 50974
Trash Expense: 1500
Vacancy Allowance Rate: 3
Water Sewer Expense: 1500

Zoning Info


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Listed by: MatthewWenzel, DRE #01198357 from Marcus & Millichap

Contact - Listing ID PW22220148

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Lisa DiNoto

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

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