Priced to sell - 9.5 GRM and 6.4% CAP. EARN OVER A 10% CASH ON CASH RETURN AGAINST IN PLACE RENTS. 19 units located blocks from Downtown Long Beach in the Historic District. All units were completely redone in 2018/2019 and are beautifully remodeled. The interior hallways were redone as… Read More well and the Seller spent over $400K on CAP EX. New Water Heater in 2023 and over 100 feet of sewer line replaced. No work remains to be done. The building is a two-story walkup with no onsite parking, however, there are parking structures within blocks that tenants can rent from. The building also features onsite laundry in the basement. The building offers and excellent unit mix of Studio, 1 and 2 bed units. The property is Professionally Managed and very well maintained and features onsite laundry. It features a Walk score of 95 and is located just blocks from the bars and restaurants in Downtown Long Beach on Pine Ave. The building is master-metered for all utilities and a new owner could implement a RUBS program increasing the returns. Downtown Long Beach is in the middle of an $8BB Redevelopment with brand new Class A apartments and retail being developed within blocks of this location. Qualified Buyers can put down as little as 25%. EMAIL LISTING AGENT FOR MORE INFO INCLUDING A RENT ROLL AND OM. Read Less
Courtesy of The Agency 424-230-3700
Listing Snapshot
Days Online
41
Last Updated
Property Type
Other
Beds
9
Square Ft.
11,928
Lot Size
0.17 Acres
Year Built
1927
MLS Number
26659109
30 Days Snapshot Of 90802
$514k
0%
(avg) sold price
72
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
None
Building
11,928 sq ft, Built in 1927, Levels: Multi/Split
Cooling
None
Disclosures
None
Garage
None
Heating
Wall
Lot
LotAcreage: 0.1723, LotSizeArea: 7,507
Parking
TotalParking: 0
Property
NumberOfUnits: 19, Zoning: LBR4N
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