1584 Elm Avenue, Long Beach, California 90813, Long Beach, 90813 - 2 bed, 2 bath
ACTIVE$800,000
1584 Elm Avenue, Long Beach, California 90813
2Beds
2Baths
1,724Sqft
2,921Lot
Year Built
1922
Close
-
List price
$800K
Original List price
$800K
Price/Sqft
$464
HOA
-
Days on market
-
Sold On
-
MLS number
SB24069518
Home ConditionPoor
Features
View-
About this home
Possibly Over-Priced:The estimated price is 5% below the list price. We found 3 Cons,5 Pros. Rank: price - $800.0K(81th), sqft - 1724(88th), beds - 2(50th), baths - 2(81th).
- Property is a duplex which consists of two 2 bedrooms & 1 bathroom units - Property is being sold in As-Is condition - Needs some repairs such has paint, carpet and some electrical and plumbing issues. - Property has a basement for extra storage
Price History
Date
Event
Price
04/08/24
Listing
$800,000
02/16/24
Sold
$5,987,500
08/15/08
Sold
$317,000
07/31/06
Sold
$650,000
10/07/05
Sold
$540,000
03/22/05
Sold
$385,000
Condition Rating
Poor
Built in 1922 and explicitly sold 'As-Is,' the property requires substantial repairs including paint, carpet, and critically, electrical and plumbing issues. These, especially in a building of this age, indicate significant defects that likely affect safety and soundness, necessitating extensive rehabilitation rather than minor updates.
Pros & Cons
Pros
Duplex Income Potential: The property is configured as a duplex with two separate 2-bedroom, 1-bathroom units, offering significant rental income potential or flexible owner-occupancy with supplementary income.
Prime Downtown Long Beach Location: Situated in the desirable Downtown Area/Alamitos Beach, the property benefits from a vibrant urban setting, strong rental demand, and potential for appreciation.
Value-Add Investment Opportunity: The 'as-is' condition and explicit repair needs present a clear opportunity for investors to renovate, enhance property value, and optimize rental income.
Additional Storage Space: The presence of a basement provides valuable extra storage, a practical amenity for tenants or owners in an urban setting.
Historic Character: Built in 1922, the property likely possesses architectural character and charm that, with renovation, can be restored and highlighted, appealing to a specific market segment.
Cons
Extensive Repair Requirements: The property explicitly needs significant repairs, including paint, carpet, and addressing electrical and plumbing issues, necessitating substantial immediate investment from the buyer.
Sold in As-Is Condition: The seller's 'as-is' stipulation means the buyer assumes all responsibility and cost for necessary repairs and upgrades without any seller contribution or concessions.
Listed Above Estimated Market Value: The current list price of $800,000 is approximately 5% higher than the estimated property value of $753,627.81, suggesting it may be overpriced relative to current market assessments.