402 E 16th Street, Long Beach, California 90813, Long Beach, 90813 - 3 bed, 2 bath
ACTIVE$700,000
402 E 16th Street, Long Beach, California 90813
3Beds
2Baths
1,485Sqft
2,585Lot
Year Built
1913
Close
-
List price
$700K
Original List price
$700K
Price/Sqft
$471
HOA
-
Days on market
-
Sold On
-
MLS number
SB24069614
Home ConditionPoor
Features
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $700.0K(23th), sqft - 1485(15th), beds - 3(77th), baths - 2(77th).
- This duplex has two 2 bedrooms & 1 bath each unit - Sold “As is” condition - Needs a little TLC but is priced accordingly - Separate electric: 2 - Gas meters: 2 - Water meters: 1
Price History
Date
Event
Price
04/08/24
Listing
$700,000
06/15/09
Sold
$297,500
04/20/09
Sold
$195,000
12/14/99
Sold
$151,000
Condition Rating
Poor
This property, built in 1913, is over a century old and explicitly listed as 'Sold 'As is' condition' and 'Needs a little TLC.' While the exterior appears structurally sound from the provided image, the age strongly indicates that major systems (electrical, plumbing, HVAC, roof, foundation) are likely original or very outdated, requiring substantial repairs and rehabilitation to meet modern safety and comfort standards. Without any evidence of recent renovations, the kitchen and bathrooms are almost certainly in very poor, outdated condition, necessitating complete overhauls. The 'little TLC' for a property of this vintage typically translates to significant capital investment for modernization and deferred maintenance.
Pros & Cons
Pros
Income-Generating Duplex: The property is a duplex featuring two 2-bedroom, 1-bath units, offering immediate rental income potential for investors.
Prime Urban Location: Situated in the desirable Downtown Long Beach area, providing access to urban amenities, potential for appreciation, and strong rental demand.
Separate Utility Meters: Each unit has separate electric and gas meters, reducing landlord operating expenses and increasing net income.
Value-Add Opportunity: Described as needing 'a little TLC' and 'priced accordingly,' it presents a significant opportunity for renovation to increase value and rental income.
Historical Market Performance: The property's sales history indicates substantial long-term appreciation, suggesting a robust market and sound investment potential in the area.
Cons
As-Is Condition & Renovation Needs: The property is sold 'As is' and 'needs a little TLC,' requiring immediate capital investment for repairs and upgrades.
Single Water Meter: Only one water meter for both units means the landlord is responsible for the entire water bill, impacting profitability.
Age of Property: Built in 1913, the property is over a century old, potentially indicating outdated systems, deferred maintenance, and higher renovation costs to modernize.