477 East South Street

Long Beach, CA 90805

$4,400,000
Price
28
Beds
9,840 Sq. Ft.
$447 / Sq. Ft.
9,840
Sq. Ft.
$447
per Sq. Ft.

Description

Invest in north Long Beach and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.05% at 100% occupancy, and significant rent upside. 3 units are vacant and ready for market-rent tenants, and all existing tenants are on month-to-month leases. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes....Invest in north Long Beach and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.05% at 100% occupancy, and significant rent upside. 3 units are vacant and ready for market-rent tenants, and all existing tenants are on month-to-month leases. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels (main and subs), and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed used development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
  1. Listed by Jeff Kim • DRE #01959539 • Brokerage DRE #01878277 • eXp Realty of California, Inc. • Jeff@kimrealtygroup.com
  2. Listed by Jessica Appley • DRE #02091500 • Brokerage DRE #01878277 • eXp Realty of California, Inc.

Property Details for 477 East South Street

Parking Spaces Total
12
Private Pool
No
Total Units
16.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
9840
Assessor Parcel Number
7125-032-033
Property Attached YN
true
LISTING UPDATED: 11/14/2024 11:13 PM

Property Details for 477 East South Street

StatusActive
MLS #PTP2407021
Days on Market2
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1961
Lot Size0.24 AC / 10,429 SF
CountyLos Angeles County

Building Information for 477 East South Street

Stories2Residences-Year Built1961Building Size-Lot Size0.24 AC / 10,429 SF

Property Information for 477 East South Street

Income / Expense / Tax Details
Income Details
  • Gross Income: $271,898
  • Gross Scheduled Income: $319,181
  • Net Operating Income: $175,062
  • Laundry Income: $905
  • Cap Rate: 5.05
Expense Details
  • Operating Expense: $96,836
  • New Taxes Expense: $56,997
  • Gardener Expense: $1,740
  • Insurance Expense: $5,757
  • Professional Management Expense: $20,136
  • Trash Expense: $600
  • Water Sewer Expense: $3,576
  • Total Expenses: $106,260
Tax / Assessment Info
  • Tax Block: 18
  • Tax Tract Number: 5992
  • CFD/Mello-Roos Fee: $2,877
  • Tax Lot: 44
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Special Assessments
  • Community Features: Curbs, Sidewalks, Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Entry Location: Ground floor
  • Fence: No
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Level
  • Number Of Units: 16
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
Parking Info
  • Garage Spaces: 0
  • Parking: No
  • Uncovered Spaces: 12
  • Open Other Spaces Total: 12
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,774
  • Unit Type Total Rent: $1,774
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 1
Unit 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,765
  • Unit Type Total Rent: $1,765
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 10
Unit 3
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 11
Unit 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,775
  • Unit Type Total Rent: $1,775
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 12
Unit 5
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 14
Unit 6
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,765
  • Unit Type Total Rent: $1,765
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 15
Unit 7
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,795
  • Unit Type Total Rent: $1,795
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 2
Unit 8
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,795
  • Unit Type Total Rent: $1,795
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 3
Unit 9
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,765
  • Unit Type Total Rent: $1,765
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 4
Unit 10
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $0
  • Unit Type Total Rent: $0
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 5
Unit 11
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,270
  • Unit Type Total Rent: $1,270
  • Unit Type Pro Forma: 2195
  • Unit Type Type: 6
Unit 12
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,765
  • Unit Type Total Rent: $1,765
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 7
Unit 13
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,804
  • Unit Type Total Rent: $1,804
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 8
Unit 14
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,790
  • Unit Type Total Rent: $1,790
  • Unit Type Pro Forma: 2150
  • Unit Type Type: 9
Unit Information
  • Number Of Units Leased: 13
  • Rent Controlled: No
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 16
  • Number Of Separate Gas Meters: 16
  • Number Of Separate Water Meters: 1

Property History for 477 East South Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 477 East South Street

Taxable ValueLand$597,000Additions$3,000,000Total$3,597,000
Tax Record2024$47,573 ($3,964 / month)
Home Facts
Total Finished SqFt9,840 SqFtAbove Grade Finished SqFt9,840 SqFtLot Size10,429 SqFtStyleMulti-Family Res (5+ Units)Year Built1961ZoningLBCMRCountyLOS ANGELESAPN7125-032-033

Schools near 477 East South Street

This home is within Long Beach Unified School District.
Rating
School
Type
Grades
Distance
Powell Academy For Success
Public - K to 8
Jordan High School
Public - 9 to 12
Clear Passage Educational Center
Charter - 9 to 12
IVA - Intellectual Virtues Academy Middle School
Charter - 6 to 8
Rating
School
Distance
Powell Academy For Success
PublicK to 8

Jordan High School
Public9 to 12

Clear Passage Educational Center
Charter9 to 12

IVA - Intellectual Virtues Academy Middle School
Charter6 to 8

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 477 East South Street, Long Beach, CA 90805

477 East South Street is a multi-family home for sale in Long Beach, CA 90805. This property was listed for sale on November 6, 2024 by eXp Realty of California, Inc., it's currently listed at $4,400,000. It has been on the market for a total of 2 days and was last sold on December 1, 2023. This listing's school district is Long Beach Unified School District. Nearby schools include Powell Academy For Success, Jordan High School and Clear Passage Educational Center. 477 East South Street is a 28-bed, 0-bath, 9,840 sqft multi-family home built in 1961.

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 eXp Realty of California, Inc., Jeff Kim, DRE #01959539; eXp Realty of California, Inc., Jessica Appley, DRE #02091500

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.