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2219 Pine Avenue, Long Beach, California 90806, Long Beach, 90806 - bed, bath

2219 Pine Avenue, Long Beach, California 90806 home-pic-0
ACTIVE$2,299,000
2219 Pine Avenue, Long Beach, California 90806
0Bed
0Bath
6,440Sqft
6,623Lot
Year Built
1948
Close
-
List price
$2.3M
Original List price
$2.5M
Price/Sqft
$357
HOA
-
Days on market
-
Sold On
-
MLS number
PW24201464
Home ConditionFair
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $2.30M(50th), sqft - 6440(75th), beds - undefined(50th), baths - undefined(50th).

PRICE JUST REDUCED!! This 10-Unit Apartment Building is a Great Investment for an Investor. Located in the South Wrigley Area with a Market Cap Rate of 6.6%. The Property has been Well-Maintained, with a Great Upside Potential on the Future Rental Income!! This Property Offers (3) 2 Bedrooms -1 Bathroom, (6) 1 Bedrooms - 1 Bathroom and (1) Bonus Room/Studio -1 Bathroom. Four of the Units have been Recently Remodeled, and the Exterior was Recently Painted. The Property also has (4) Single Car Garages that can be a Great Opportunity to convert into ADU'S for Additional Income, and it has (4) Parking Spaces for Extra Income. The Owner just recently Installed a Newer Roof. All Units are Separately Metered for Gas and Electric. This 10-Unit Apartment Building is Located in a High Demand Rental Area!! This Apartment Building in Conveniently Located Close to Shopping, Restaurants, Entertainment, Metro Link, Long Beach Airport Downtown LB, Civic Center, Long Beach Aquarium, Downtown Village, CSULB and Queen Mary Island.

Nearby schools

8/10
Lafayette Elementary School
Public,•K-5•0.3mi
5/10
Burnett Elementary School
Public,•K-5•0.4mi
6/10
Birney Elementary School
Public,•K-5•1.1mi
8/10
Los Cerritos Elementary School
Public,•K-5•2.1mi
6/10
Robinson Academy
Public,•K-8•0.6mi
6/10
Washington Middle School
Public,•6-8•0.9mi
7/10
Hughes Middle School
Public,•6-8•2.2mi
6/10
Polytechnic High School
Public,•9-12•0.8mi
3/10
Cabrillo High School
Public,•9-12•1.3mi

Price History

Date
Event
Price
01/29/04
Sold
$659,000
05/17/99
Sold
$287,000
08/25/98
Sold
$33,909
Condition Rating
Fair
This 10-unit apartment building, built in 1948, presents a mixed condition. While four of the units have been recently remodeled with modern kitchens (white shaker cabinets, stainless steel appliances, updated countertops) and bathrooms (modern vanities, tiled showers), and the exterior has been recently painted with a newer roof installed, the remaining six units are not explicitly described as updated. The property's age (76 years) and the 'Aging Infrastructure' weakness suggest that these unremodeled units and underlying systems likely show signs of being outdated and would require significant updates to match the remodeled units. The overall condition is 'Fair' due to this blend of recently updated units and older, likely original or minimally updated units, requiring further investment for full modernization across the portfolio.
Pros & Cons

Pros

High-Yield Investment: A 10-unit apartment building with a strong 6.6% market cap rate and significant upside potential for future rental income, making it an attractive asset for investors.
Strategic Location: Situated in a high-demand rental area in South Wrigley, Long Beach, offering excellent proximity to amenities, transportation, and major attractions like CSULB and Downtown LB.
Recent Capital Upgrades: Key improvements include a newer roof, recently painted exterior, and four remodeled units, reducing immediate capital expenditure for a new owner and enhancing tenant appeal.
Value-Add Opportunities: Significant potential for additional income through the conversion of four single-car garages into ADUs and revenue generation from four existing parking spaces.
Operational Efficiency: All units are separately metered for gas and electric, minimizing owner utility expenses and simplifying property management.

Cons

Aging Infrastructure: Built in 1948, the property's age, despite recent cosmetic updates, may imply potential for future maintenance issues with older systems not explicitly mentioned as upgraded.
Recent Price Reduction: The recent price reduction from $2.5M to $2.299M could indicate initial overpricing or challenges in attracting buyers, potentially signaling market resistance or a perceived value discrepancy.
Partial Unit Modernization: While four units are remodeled, the remaining six units would require further investment to achieve full modernization, impacting immediate rent optimization across the entire portfolio.

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