2055 E 3rd Street $5,300,000

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    2055 E 3rd Street Long Beach, CA 90814

    Closed
    SOLD 3/31/2022

    $5,300,000

    • 0 Beds
    • 0 Baths
    • 8,541 sq. ft.
    • Multi-Family
    • MLS# PW22004854
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    Property Details

    Casa 2055 is a pristine 13-unit multifamily investment asset located at 2055 E. 3rd Street in the prime rental submarket of Alamitos Beach. Of the 13 units, the property offers a favorable mix:one 2 BD/1 BA, six 1 BD/1BA, four of which have dens, and six studio units, four of which have brand-new high end murphy beds; all of which are sizable Casa 2055 provides a new buyer with a very rare opportunity to acquire an attractive, meticulously renovated, turnkey and fully stabilized asset in a highly desirable rental market boasting strong cash-flows with long-term appreciation. Revenue increases can be achieved over time through parking, storage and yearly market-permitted rent increases. Casa 2055 has undergone extensive exterior and interior renovations, electrical, plumbing and mechanical system upgrades, which total over $600K in capital expenditures (see pages 14 and 15 of the offering memorandum for a complete list of renovations). ' Spanish Revivalist facade marries Old World Charm with designer amenities, the improvements enhance the Hacienda-style architecture with a timeless and contemporary aesthetic. Spanish tiling, ironwork, dark hardwood flooring, period correct built-ins and casement windows are married with modern appliance packages, amenities and best in-class interior finishes. Open-air hallways and walkways meander towards a drought tolerant landscaped common courtyard, providing a Spanish coastal chic indoor-outdoor ambiance. The central courtyard has the potential to be transformed into areas for dining, lounging and entertaining. The property is located in AlamitosBeach, a neighborhood popular with young urban professionals and families, nestled between Alamitos Beach and Belmont Heights. With a walk score of 94 and bike score of 88, the area offers residents a plethora of outdoor recreation and cultural destinations. The property is walkable to the dining and shopping amenities along 4th Street / Retro Row.. Real Property Management Southland (RPM) is the in-place property management company for Casa 2055. Based in Long Beach and founded in 2014, RPM employs a combination of eight experienced full-time team members, part-time onsite property managers, a deep bench of reliable trade vendors, and best-in-class technology systems to deliver efficient property management services at attractive fees.

    • General Features
      • Buyer Compensation 2.000 %
      • Community Features Urban
      • County Or Parish Los Angeles
      • Number Of Buildings 1
      • Number Of Separate Electric Meters 13
      • Number Of Separate Gas Meters 13
      • Number Of Separate Water Meters 1
      • Number Of Units Total 13
      • Subdivision Name Alamitos Heights (AH)
      • YearBuilt 1927
    • Building Features
      • Laundry Features Inside
    • Property Features
      • Lot Size Acres 0.21
      • Lot Features 11-15 Units/Acre
      • Pool Private Y/N 0
      • Pool Features None
      • Parking Total 5.00

    Neighborhood

    90814 (Long Beach) Demographics

    36 Median Age
    14,533 Population Density (per sq. mile)
    57% College Educated
    $73,391 Estimated Median Income
    3,271 Estimated Total Home Owners
    5,894 Estimated Total Renters
    36% / 64% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    19,685 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $598,400 Median Sales Price
    17 Homes Sold
    19 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- New in Database Source: Multiple Listing Service New Value: $0 -100%
        3/31/2022 12:00:00 AM Sold Source: Multiple Listing Service New Value: $5,300,000
        2/11/2022 10:46:23 AM Status Changed Source: Multiple Listing Service New Value: Pending
        Based on information from California Regional Multiple Listing Service, Inc. as of 5/25/2022 7:34:26 PM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.