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Sold on 11/22/2024
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387 Freeman Ave, Long Beach, CA 90814

$1,300,000

Last sold 11/22/2024 after 178 Days

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    bed

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    bath

Multi-family not for sale

About 387 Freeman Ave

Property type Multi-family
Year built 1923
HOA fee $0/month
Lot size 6,502 Sqft
Rental estimate
Property description
***Priced Reduced*** Prime Bluff Heights location. First time for sale in 30+ years! Front Craftsman duplex plus 4 units in rear of lot. Excellent low-vacancy rental area! Unit mix: 6-(1 Br's), 4-(Parking). The low rents make this an excellent $ opportunity to create add-on value! Tenants all pay their own gas and electric. There is a laundry room in the front house shared with the whole property. The front house is a duplex with a small one bedroom in front. It has new vinyl floors but is otherwise dated. The other unit back/front is a gorgeously renovated one bedroom with new kitchen , floors , vinyl windows , dishwasher and gets great light. Pictures of this unit included. Units are appx. 600 SF each. The back four units are large one bedrooms. They have nice sized living rooms and the kitchens are connected to small dining area. Units are appx. 720 SF each. There is a large basement (access from back) but it's unused. Owner may carry 1st TD with 50% down at 5.5% for 5 years.
Listed by
Listing Agent - Mark Kachigan
Listing Agent Contact: 562-225-4848
Listing Office - Pabst, Kinney & Associates
Source: CRMLS mls logo
MLS#PW24106426 • last updated 1 year ago
Movoto checked CRMLS for data 6 minutes ago
Overview
Levels/Style Two
Type Residential Income
SubType Apartment
Status Closed
Lot Size (Acres) 0.1493
Lot Size (SqFt) 6502
Year Built 1923
Interior
Laundry Community
Exterior
Foundation Raised
Construction Stucco, Wood Siding
Building Area Square Feet, 4066
Roof Composition
Parking Driveway
# Uncovered Spaces 4
# Parking Spaces 4
Lot Description Level With Street, Near Public Transit, Walkstreet
Amenities / Utilities
Sewer/ Septic Public Sewer
Water Source Public
Electric Electricity - On Property
Spa None
Pool None
Location
View None
County Los Angeles
Community Features Sidewalks
Subdivision Bluff Heights, Belmont Heights (BH)
Neighborhood Bluff Heights
Zoning LBR2A
Directions South Of 4th St. / West Of Redondo
APN 7257011016
Multifamily Details
Vacancy Allowance Rate 3
Vacancy Allowance 3500
Operating Expense 40425
Expense: Insurance 3502
Total Expenses 71575
Expense: Maintenance 5305
Gross Income 115500
Gross Operating Income 112000
Gross Multiplier 12.8
Gross Scheduled Income 115500
Expense: Supplies 534
Expense: Gardener 1500
Lot/ Land Details
Road Frontage City Street
Road Surface Paved
Rental est.: $1,778/month
Gross rent multiplier: 60.9
  • Nov 2024
    mls logo MLS # PW24106426
  • Nov 22, 2024 Sold
    $1,300,000
  • Nov 13, 2024 Active
    —
  • Oct 23, 2024 Price Change
    $1,395,000 (-5.4%)
  • Sep 11, 2024 Price Change
    $1,475,000 (-3.3%)
  • Jul 30, 2024 Price Change
    $1,525,000 (-4.7%)
  • May 28, 2024 Listed
    $1,600,000
  • Nov 2024
    Public Records
  • Nov 22, 2024 Sold
    $1,300,000 (-6.8%)
  • Year Property taxes Tax assessment
  • 2024
    $6,222 +1.9%
    $406,215
  • 2023
    $6,107 +6.1%
    $406,215 +2.0%
  • 2022
    $5,758 +2.6%
    $398,251 +4.04%
  • 2021
    $5,611 +0.3%
    $382,788 +1.04%
  • 2020
    $5,596 +4.9%
    $378,864 +4.04%
  • 2018
    $5,332
    $364,154
  • 387 Freeman Ave
    $1.3M
  • —
  • 90814
    $599K +8% y/y
  • Long Beach
    $699K 0% y/y
No chart available
Statistics calculated by Movoto

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6/10
6/10
Source: GreatSchools.org © 2026. All rights reserved.

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CRMLS Multiple Listing Service™ system
The real estate listing data marked with this icon comes from the IDX program of the CRMLS Multiple Listing Service™ system.
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