1224 E 17th Street, Long Beach, California 90813, Long Beach, 90813 - bed, bath
ACTIVE$1,750,000
1224 E 17th Street, Long Beach, California 90813
0Bed
0Bath
5,016Sqft
7,790Lot
Price Vs. Estimate
The estimated value ($1,543,827.575) is $206,172.425 (11%) lower than the list price ($1,750,000). This property may be overpriced.
Key pros and cons
Top Pros:
Strong Income Potential & Upside: This 5-unit property, complemented by 6 rented garages, boasts low operating expenses and high net income. A significant upside exists with 4 units eligible for rent increases in 2025 and another in 2027, as current rents are below market value.
Top Cons:
Tax Record Discrepancy: The property is marketed as 5 units, but tax records indicate 4 units, which could lead to potential legal, permitting, or financing complications for a buyer.
Compared to the nearby listings
Price:$1.75M vs avg $850.0K (+$900,000)92%
Size:5,016 sqft vs avg 2,366 sqft92%
Price/sqft:$349 vs avg $34954%
More Insights
Built in 1925 (100 years old).
Condition: Built in 1925, this property is nearly a century old. While one of the five units is described as 'fully remodeled,' the MLS analysis explicitly states that the remaining four 2-bedroom/1-bath units 'likely require significant updates and ongoing maintenance.' The exterior images show an aged building with visible wear, consistent with its age and the need for substantial renovation in the majority of the units. The kitchens, bathrooms, and overall systems in these un-remodeled units are likely outdated and in need of significant rehabilitation.
Year Built
1925
Close
-
List price
$1.75M
Original List price
$1.99M
Price/Sqft
$349
HOA
-
Days on market
-
Sold On
-
MLS number
PW25074352
Home ConditionPoor
Features
View-
About this home
HUGE PRICE REDUCTION! Great opportunity to own a great income producing 5-units investment property in the center of Long Beach, CA! Tax record shows as 4 units but currently has 5 units. This 2 building property sits on a huge 7,790 SF lot and 5,016 SF living area. Property has (4) 2 bedrooms/1baths units and a separate (1) 3 bedroom/2 baths fully remodeled unit in the back above 6 garages. All 6 garages are rented out by tenants. Property is managed by property management company. It has low yearly operating expenses and high net income. Rents are below market with 4 units eligible for rental increase June and September 2025, and another unit in May 2027. Property is located in Central area of Long Beach, close to eateries, markets and schools.
Price History
Date
Event
Price
10/29/98
Sold
$330,000
03/23/15
Sold
$760,000
03/04/14
Sold
$50,000
Condition Rating
Poor
Built in 1925, this property is nearly a century old. While one of the five units is described as 'fully remodeled,' the MLS analysis explicitly states that the remaining four 2-bedroom/1-bath units 'likely require significant updates and ongoing maintenance.' The exterior images show an aged building with visible wear, consistent with its age and the need for substantial renovation in the majority of the units. The kitchens, bathrooms, and overall systems in these un-remodeled units are likely outdated and in need of significant rehabilitation.
Pros & Cons
Pros
Strong Income Potential & Upside: This 5-unit property, complemented by 6 rented garages, boasts low operating expenses and high net income. A significant upside exists with 4 units eligible for rent increases in 2025 and another in 2027, as current rents are below market value.
Prime Central Location: Situated in the desirable central area of Long Beach, the property benefits from proximity to essential amenities such as eateries, markets, and schools, enhancing tenant demand and long-term value.
Substantial Lot and Living Area: The property sits on a generous 7,790 SF lot with a substantial 5,016 SF of living space across two buildings, offering ample room and potential for various uses or future enhancements.
Recent Price Reduction: A 'HUGE PRICE REDUCTION' from $1.99M to $1.75M indicates a motivated seller and presents a more attractive entry point for potential investors.
Professional Management & Remodeled Unit: The property is professionally managed, offering a more passive investment. Additionally, one 3-bedroom/2-bath unit has been fully remodeled, enhancing its appeal and potential rental income.
Cons
Tax Record Discrepancy: The property is marketed as 5 units, but tax records indicate 4 units, which could lead to potential legal, permitting, or financing complications for a buyer.
Age of Property & Deferred Maintenance: Built in 1925, the property is nearly a century old. While one unit is remodeled, the remaining four 2-bedroom/1-bath units likely require significant updates and ongoing maintenance to maximize their rental potential and tenant satisfaction.
Listing Price vs. Estimated Value: The current listing price of $1.75M is 11% above the estimated value of $1.54M, suggesting a premium that requires thorough financial due diligence to justify the investment.