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531 W 5th Street, Long Beach, CA 90802
$975,000
531 W 5th Street, Long Beach, CA 90802View this property at 531 W 5th Street, Long Beach, CA 90802
531 W 5th StreetLong BeachCA90802
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Property Description
531 W 5th Street is a 7-unit apartment complex located in Los Angeles County's rapidly growing Long Beach Market. Consisting of (1) detached 3 bedroom/ 1 bath home and (6) Studios with full kitchens and large baths. The property features 4 newly constructed garages with three storage units and (1) 2 car garage. Offering an investor the opportunity to acquire a true value-add asset with over 54% in rental upside. All tenants are on month-to-month leases. Access to commuting freeways and core job markets continues to make this location irreplaceable. A future investor will enjoy long-term upside with this asset, due to a continued shortage of apartment housing and lack of affordability in single-family homes in Southern California.
Full Property Details
Full Property Details for 531 W 5th St
General
- Sold For: $975,000
- Status: Closed
- Type: Multi-Family
- MLS ID: NP24025759
- Added to Site: 109 day(s) ago
Rooms
Other Rooms
- Laundry: None
Additional Information
- Pool Description: None
Parking
- Garage Spaces: 5
Location
- Area: 4 - Downtown Area, Alamitos Beach
- County: Los Angeles
- Development Name: 4 - Downtown Area, Alamitos Beach
- Driving Directions: 5th and Pacific Avenue
Utilities
- Sewer: Public Sewer
- Water: Public
- # Water Meters: 1
- # Gas Meters: 7
- # Electric Meters: 7
Structural Information
- Entry Location: First Level
- Stories/Levels: One
- Stories Description: One
- Square Feet: 3,344
- Year Built: 1905
Unit Information
Unit 1
- Number of Units: 1
- Total Bathrooms: 1
- Bedrooms: 3
Unit 2
- Number of Units: 1
- Total Bathrooms: 1
Unit 3
- Number of Units: 1
- Total Bathrooms: 1
Unit 4
- Number of Units: 1
- Total Bathrooms: 1
Unit 5
- Number of Units: 1
- Total Bathrooms: 1
Unit 6
- Number of Units: 1
- Total Bathrooms: 1
Unit 7
- Number of Units: 1
- Total Bathrooms: 1
Lot Features
- Lot Size (Acres): 0.1726
- Lot Size Source: Assessor
- Zoning: LBPD30
- Lot Description: Front Yard
Financial Considerations
- Price Per Sq. Ft.: $291.57
- Price Per Unit: 178571
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2%
Listed by Compass, Kacey Taormina and Compass, Michael Bouras
Sold by Compass, Aspen Labrador and Compass, Michael Bouras
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Schools
Schools serving 531 W 5th St
School District:Long Beach Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
730 W 3rd St, Long Beach, CA 90802 | PK-5 | 0.3 mi | |
1450 Cedar Ave, Long Beach, CA 90813 | 6-8 | 0.8 mi | |
2001 Santa Fe Ave, Long Beach, CA 90810 | 9-12 | 1.7 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 531 W 5th St
Date
Details
Price
Change
Source
3/21/2024
Sold
$975,000
-22%
MLS
2/07/2024
Listed
$1,250,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
531 W 5th Street, Long Beach, CA 90802 (MLS# NP24025759) is a Multi-Family property that was sold at $975,000 on March 21, 2024. Want to learn more about 531 W 5th Street? Do you have questions about finding other Multi-Family real estate for sale in Long Beach? You can browse all Long Beach real estate or contact a Coldwell Banker agent to request more information.