12 Renovated Non-Rent Controlled units only ~3 blocks away from the Ocean cash flowing at an amazing Current Cap Rate of 6% from day 1 with easily achievable upside to 7.5% Cap Rate on Proforma. Priced at only 187k per unit for a Non-LA-City rent controlled asset allowing significant 8%… Read More annual rent increases (5%+CPI) paving a clear way to reach market rents and the 7.5% Proforma Cap Rate in the near future. The property features 12 Spacious and easy to rent studios each with their own separate kitchen and bathrooms. Select units have been upgraded with updated cabinets, flooring, kitchens, bathrooms, as well as exterior improvements including renovated hallways. The property also offers on-site laundry which has been remodeled and generates additional income. Located in the heart of Downtown Long Beach, just steps from the East Village Arts District, Alamitos Beach, the Long Beach Convention Center, Aquarium of the Pacific, Queen Mary, and the Beach! Highly walkable area surrounded by shops, restaurants, and major transit lines, the property combines steady cash flow with exceptional long-term upside in a prime coastal urban corridor. Read Less
Courtesy of Global Platinum Properties, Inc. 424-394-1030
Listing Snapshot
Days Online
20
Last Updated
Property Type
Other
Square Ft.
5,020
Lot Size
0.08 Acres
Year Built
1923
MLS Number
26684117
30 Days Snapshot Of 90802
$592k
0%
(avg) sold price
93
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Ceiling Fan
Building
5,020 sq ft, Built in 1923, Levels: Two
Cooling
Ceiling Fan
Disclosures
None
Garage
On street
Heating
Wall
Lot
LotAcreage: 0.0759, LotSizeArea: 3,308
Parking
TotalParking: 0
Property
NumberOfUnits: 12, ViewDescription: City, ViewYN: 1, Zoning: LBPD30
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