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Sold on 11/14/2023
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945 Locust Ave, Long Beach, CA 90813

$3,900,000

Last sold 11/14/2023 after 91 Days

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    bed

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    bath

Multi-family not for sale
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About 945 Locust Ave

Property type Multi-family
Neighborhood
Year built 1964
HOA fee $0/month
Lot size 7,521 Sqft
Parking 8 garage spaces
Rental estimate
Property description
945 Locust Avenue is a 16-unit apartment property in Long Beach, California, adjacent to the vibrant East Village Arts District and Downtown. The controlled-access, all-electric, separately-metered building features two (2) 2BD / 2 BA units and fourteen (14) 2BD / 1 BA units. Seven (7) of the units are fully remodeled with new flooring, kitchens, stainless steel appliances, new bathrooms and modern fixtures and finishes. Double-pane windows are installed throughout the building for additional energy efficiency. An onsite laundry / storage room can provide extra income, and the eight (8) garages offer the opportunity for ADU conversion for additional rental income. 945 Locust Avenue is priced at 11.73 GRM and 5.39% cap rate at current rents.
Listed by
Listing Agent - Robert Stepp
Listing Office - Keller Williams - Santa Monica
Source: CRMLS mls logo
MLS#PW23149053 • last updated 2 years ago
Movoto checked CRMLS for data 2 minutes ago
Overview
Type Residential Income
SubType Commercial/Residential
Status Closed
Lot Size (Acres) 0.1727
Lot Size (SqFt) 7521
Year Built 1964
Interior
Laundry Community
Exterior
Building Area Square Feet, 13054
# Parking Spaces 8
# Garage Spaces 8
Lot Description 16-20 Units/Acre
Amenities / Utilities
Sewer/ Septic Public Sewer
Water Source Public
Pool None
Location
County Los Angeles
Community Features Sidewalks
Subdivision Downtown (DT), Downtown (DT)
Neighborhood Downtown
Zoning LBR4N
Directions Long Beach Blvd & E 10th St
APN 7273013003
Multifamily Details
Expense: Trash 6461
Operating Expense 119668
Cap Rate 5.39
Expense: Insurance 11000
Total Expenses 119668
Expense: Maintenance 11200
Expense: Water/ Sewer 4782
Gross Income 343264
Expense: Electric 1377
Gross Multiplier 11.73
Gross Scheduled Income 353880
Expense: Gardener 1200
Rental est.: $1,333/month
Gross rent multiplier: 243.8
  • Nov 2023
    mls logo MLS # PW23149053
  • Nov 14, 2023 Sold
    $3,900,000
  • Sep 1, 2023 Pending
    —
  • Aug 16, 2023 Active
    —
  • Aug 15, 2023 Listed
    $4,150,000 (+17.7%)
  • Nov 2023
    Public Records
  • Nov 14, 2023 Sold
    $3,900,000 (-6.0%)
  • May 2017
    mls logo MLS # PW17067228
  • May 30, 2017 Sold
    $3,525,000
  • May 26, 2017 Sold
    $3,525,000 (-6.0%)
  • May 9, 2017 Pending
    —
  • Mar 24, 2017 Listed
    $3,750,000
  • Mar 24, 2017 Listed
    $3,750,000 (+150.0%)
  • May 2017
    Public Records
  • May 26, 2017 Sold
    $3,525,000
  • Jun 2011
    Public Records
  • Jun 10, 2011 Sold
    $1,500,015
  • Year Property taxes Tax assessment
  • 2025
    $52,856 +2.6%
    $3,981,000 +2.0%
  • 2024
    $51,497 -0.9%
    $3,903,000 -0.82%
  • 2023
    $51,970 +6.5%
    $3,935,200 +2.0%
  • 2022
    $48,782 +2.1%
    $3,858,099 +2.0%
  • 2021
    $47,772 +0.3%
    $3,782,510 +1.04%
  • 2020
    $47,646
    $3,743,757
  • 945 Locust Ave
    $3.9M
  • Saint Mary
    $570K +29% y/y
  • 90813
    $579K +11% y/y
  • Long Beach
    $699K 0% y/y
No chart available
Statistics calculated by Movoto

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4/10
Washington Middle School
public Grades 6-8
Long Beach Unified School District
6/10
Polytechnic High School
public Grades 9-12
Long Beach Unified School District
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.
Based on information from California Regional Multiple Listing Service, Inc. as of 10/27/2026. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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