1025 Locust Avenue

Long Beach, CA 90813

$2,000,000
Price
4
Beds
8
Baths
5,498 Sq. Ft.
$364 / Sq. Ft.
5,498
Sq. Ft.
$364
per Sq. Ft.

Description

Attention ALL Multi-Family Investors! We are proud to offer this once in a lifetime 8-Unit Downtown Trophy Asset approximately 1 mile to the Beach, Pier and everything that's wonderful about Long Beach. NO CITYWIDE RENT CONTROL offers savvy landlords countless flexibility. Ideal Location! Location! Located within city’s fast-growing Opportunity Zone, walking distance to Historic Pine Ave, 4th Street’s Retro-Row, restaurants, bike trails, schools, churches, dog park, grocery store and approximately...Attention ALL Multi-Family Investors! We are proud to offer this once in a lifetime 8-Unit Downtown Trophy Asset approximately 1 mile to the Beach, Pier and everything that's wonderful about Long Beach. NO CITYWIDE RENT CONTROL offers savvy landlords countless flexibility. Ideal Location! Location! Located within city’s fast-growing Opportunity Zone, walking distance to Historic Pine Ave, 4th Street’s Retro-Row, restaurants, bike trails, schools, churches, dog park, grocery store and approximately 200 ft to Metro A line train station. 1025 Locust is a picturesque 1920s building, featuring all the qualities and characteristics of classic 20th century architecture – boasting magnificent woodwork, built-in cabinetry, high ceilings, crown moldings, expansive floor plans with an abundance of natural light and great curb appeal. “Pride of Ownership” is evident. Recent interior upgrades include remodeled kitchens and bathrooms, refurbished hardwood flooring, new quartz/granite countertops, new wood plank vinyl flooring, 44 new windows installed in 2021, new fixtures, custom two-tone paint and AC window cooling. Recent exterior upgrades include: New common area plank flooring, New landscaping, exterior paint and trim, new garage/auto door, and concrete driveway. The units are much larger than many of the nearby apartment units. The oversized 3-room studios include galley style kitchens with counter to ceiling cabinets, walk-in closets and the extremely large 1 bedrooms offer full-size kitchens, walk-in showers, bathtubs and a service porch. Additional investor notables: spacious backyard area and four garages offer great duplex ADU building potential; new statewide density and parking requirements for multi-units near mass transit offers similar development upside as 97-unit 1112 Locust apartment building; improve best use of 5,498 sq. ft building space to double current bedroom count or increase income immediately with fully furnished apartments similar to current AirBnB Apt. #6. Don’t miss this rare opportunity to own a turnkey Cash Cow and a legacy of authentic history while taking full advantage of endless income growth. Seller MOTIVATED!
  1. Listed by Cameron Jacques • DRE #01852032 • Brokerage DRE #02061504 • Kinnery's Brokerage House • 310-490-8134

Property Details for 1025 Locust Avenue

Architectural Style
Cape Cod
View
Neighborhood
Parking Spaces Total
4
Private Pool
No
Cooling Type
Wall/Window Unit(s)
Total Units
8.0
Building Type
Detached
Lot Size Source
Assessor
LISTING UPDATED: 12/18/2024 01:46 AM

Property Details for 1025 Locust Avenue

StatusActive
MLS #PW24230683
Days on Market37
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1923
Lot Size0.17 AC / 7,356 SF
CountyLos Angeles County

Building Information for 1025 Locust Avenue

Stories2Residences-Year Built1923Building Size-Lot Size0.17 AC / 7,356 SF

Property Information for 1025 Locust Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $173,676
  • Gross Scheduled Income: $173,676
  • Vacancy Allowance: 3474
  • Gross Operating Income: $170,202
  • Net Operating Income: $112,429
  • Garage Income: $4,800
  • Gross Multiplier: 1151.0
  • Cap Rate: 5.62
Expense Details
  • Operating Expense: $57,773
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $0
  • Professional Management Expense: $0
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $57,773
Tax / Assessment Info
  • Tax Tract Number: 576...
  • Tax Census Tract: 5763.01
  • Tax Lot: 17
Community / Development
Community / Development
  • Assessments YN: No
  • Assessments: None
  • Community Features: Biking, Curbs, Golf, Gutters, Park, Watersports, Sidewalks, Street Lights, Suburban
Property / Structure Info
Interior Features
  • Appliances: Gas Oven, Gas Range, Gas Cooktop, Microwave, Refrigerator
  • Equipment: Microwave, None, Refrigerator
  • Interior Features: Ceiling Fan(s), Crown Molding, Recessed Lighting
  • Room Type: Kitchen, Living Room
  • Laundry: No
  • Laundry Features: None
  • Fireplace Features: Family Room
  • Fireplace Rooms: Family Room
  • Cooling: Wall/Window Unit(s)
  • Heating Type: Wall
  • Heating: Wall Furnace
  • Flooring: Carpet, Tile, Vinyl, Wood
Exterior Features
  • Window Features: Double Pane Windows
  • Security Features: Carbon Monoxide Detector(s), Smoke Detector(s)
  • Roof: Composition, Flat
  • Entry Location: 1
  • Fence: Yes
  • Fence: Wood
  • Fencing: Wood
  • Foundation Details: Raised
  • Property Condition: Updated/Remodeled
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: Back Yard, Rectangular Lot, Walkstreet, Yard
  • Number Of Units: 8
  • Land Lease: No
  • Land Lease Type: Fee
  • Road Surface Type: Paved
  • Road Frontage Type: City Street
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Electric: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Water Source: Public
Parking Info
  • Garage Spaces: 4
  • Parking Garage Spaces: 4
  • 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: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,433
  • Unit Type Total Rent: $17,196
  • Unit Type Pro Forma: 1875
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,585
  • Unit Type Total Rent: $19,500
  • Unit Type Pro Forma: 1875
  • 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: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,735
  • Unit Type Total Rent: $20,820
  • Unit Type Pro Forma: 1875
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,675
  • Unit Type Total Rent: $20,100
  • Unit Type Pro Forma: 1875
  • Unit Type Type: 4
Unit 5
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Furnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,575
  • Unit Type Total Rent: $18,900
  • Unit Type Pro Forma: 1675
  • Unit Type Type: 5
Unit 6
  • 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: $2,600
  • Unit Type Total Rent: $31,200
  • Unit Type Pro Forma: 3000
  • Unit Type Type: 6
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: $1,795
  • Unit Type Total Rent: $21,540
  • Unit Type Pro Forma: 1675
  • Unit Type Type: 7
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: $1,675
  • Unit Type Total Rent: $20,100
  • Unit Type Pro Forma: 1675
  • Unit Type Type: 8
Unit Information
  • Rent Controlled: No
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 4
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1

Property History for 1025 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 1025 Locust Avenue

Taxable ValueLand$959,344Additions$412,740Total$1,372,084
Tax Record2024$18,602 ($1,550 / month)
Home Facts
Total Finished SqFt5,498 SqFtAbove Grade Finished SqFt5,498 SqFtLot Size7,369 SqFtStyleMulti-Family Res (5+ Units)Year Built1920ZoningLBR4NCountyLOS ANGELESAPN7273-006-014

Schools near 1025 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
Renaissance High School For The Arts
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

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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More information about 1025 Locust Avenue, Long Beach, CA 90813

1025 Locust Avenue is a mixed use property for sale in Long Beach, CA 90813. This property was listed for sale on November 9, 2024 by Kinnery's Brokerage House, it's currently listed at $2,000,000. It has been on the market for a total of 37 days and was last sold on September 5, 2017. This listing's school district is Long Beach Unified School District. Nearby schools include Roosevelt Elementary School, Washington Middle School and Polytechnic High School. 1025 Locust Avenue is a 4-bed, 8-bath, 5,498 sqft mixed use property built in 1923.

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. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Kinnery's Brokerage House, Cameron Jacques, DRE #01852032

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.