387 Freeman Avenue

Long Beach, CA 90814

$1,300,000
Last Sold Price
1
Beds
6
Baths
4,066 Sq. Ft.
$320 / Sq. Ft.
4,066
Sq. Ft.
$320
per Sq. Ft.

Description

Priced Reduced Prime Bluff Heights location. First time for sale in 30+ years! Front Craftsman duplex plus 4 units in rear of lot. Excellent low-vacancy rental area! Unit mix: 6-(1 Br's), 4-(Parking). The low rents make this an excellent $ opportunity to create add-on value! Tenants all pay their own gas and electric. There is a laundry room in the front house shared with the whole property. The front house is a duplex with a small one bedroom in front. It has new vinyl floors but is otherwise dated....Priced Reduced Prime Bluff Heights location. First time for sale in 30+ years! Front Craftsman duplex plus 4 units in rear of lot. Excellent low-vacancy rental area! Unit mix: 6-(1 Br's), 4-(Parking). The low rents make this an excellent $ opportunity to create add-on value! Tenants all pay their own gas and electric. There is a laundry room in the front house shared with the whole property. The front house is a duplex with a small one bedroom in front. It has new vinyl floors but is otherwise dated. The other unit back/front is a gorgeously renovated one bedroom with new kitchen , floors , vinyl windows , dishwasher and gets great light. Pictures of this unit included. Units are appx. 600 SF each. The back four units are large one bedrooms. They have nice sized living rooms and the kitchens are connected to small dining area. Units are appx. 720 SF each. There is a large basement (access from back) but it's unused. Owner may carry 1st TD with 50% down at 5.5% for 5 years.
  1. Listed by Mark Kachigan • DRE #00644779 • Brokerage DRE #00858534 • Pabst, Kinney & Associates • 562-225-4848

Property Details for 387 Freeman Avenue

Architectural Style
Bungalow, Spanish
View
None
Parking Spaces Total
4
Private Pool
No
Cooling Type
N/K
Total Units
6.0
Building Type
Attached
Lot Size Source
Assessor
LISTING UPDATED: 12/12/2024 02:50 AM

Property Details for 387 Freeman Avenue

StatusClosed
MLS #PW24106426
Days on Market167
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1923
CountyLos Angeles County

Building Information for 387 Freeman Avenue

Building/Complex387 Freeman AveFloor-Stories2Residences-Pet Policy-Year Built1923Building Size-

Property Information for 387 Freeman Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $115,500
  • Gross Scheduled Income: $115,500
  • Gross Equity: $1,600,000
  • Vacancy Allowance: 3500
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $112,000
  • Net Operating Income: $71,575
  • Gross Multiplier: 12.8
  • Current Financing: None
  • Financing: Cash
Expense Details
  • Operating Expense: $40,425
  • Operating Expense Percent: 35.00%
  • Gardener Expense: $1,500
  • Licenses Expense: $593
  • Pest Control Expense: $893
  • Pool Expense: $0
  • Insurance Expense: $3,502
  • Maintenance Expense: $5,305
  • Professional Management Expense: $0
  • Other Expense: $2,537
  • Other Expense Description: Utilitu
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Supplies Expense: $534
  • Total Expenses: $71,575
Tax / Assessment Info
  • Tax Tract Number: 2348
  • Tax Census Tract: 5768.02
  • CFD/Mello-Roos Fee: $1,152
  • Tax Lot: 15
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Unknown
  • Community Features: Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Community
  • Cooling: None
Exterior Features
  • Security Features: Carbon Monoxide Detector(s), Smoke Detector(s)
  • Construction Materials: Stucco, Wood Siding
  • Exterior Construction: Stucco, Wood Siding
  • Exterior: Stucco, Wood
  • Roof: Composition
  • Entry Location: front
  • Foundation Details: Raised
  • View Description: None
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: Level with Street, Near Public Transit, Walkstreet
  • Number Of Units: 6
  • Land Lease: No
  • Land Lease Type: Fee
  • Topography: Level
  • Road Surface Type: Paved
  • Road Frontage Type: City Street
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
  • Electric: Electricity - On Property
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: Yes
  • Parking Garage: Driveway
  • Uncovered Spaces: 4
  • Open Other Spaces Total: 4
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
  • Parking Features: Driveway
Property / Structure Info
  • Builders Tract Name: Belmont Heights
  • Builders Tract Code: Belmont Heights (BH)
Unit Information
Unit 1
  • Unit Type Units Total: 6
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $9,625
  • Unit Type Total Rent: $9,625
  • Unit Type Pro Forma: 9625
  • Unit Type Type: 1
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 1

Property History for 387 Freeman 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 387 Freeman Avenue

Taxable ValueLand$199,046Additions$207,169Total$406,215
Tax Record2024$6,222 ($519 / month)
Home Facts
Total Finished SqFt4,066 SqFtAbove Grade Finished SqFt4,066 SqFtLot Size6,500 SqFtStyleMulti-Family Res (5+ Units)Year Built1923ZoningLBR2ACountyLOS ANGELESAPN7257-011-016

Schools near 387 Freeman 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
Charter - 9 to 12
Rating
School
Distance
Mann Elementary School
PublicK to 5

Jefferson Leadership Academies School
Public6 to 8

Wilson High School
Public9 to 12

Clear Passage Educational Center
Charter9 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. 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 Pabst, Kinney & Associates, Mark Kachigan, DRE #00644779

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.