CA > Long Beach > Alamitos Beach (Ab)
Long Beach, CA 90802,1912 E 2nd ST
Long Beach, CA 90802,1912 E 2nd ST
Long Beach, CA 90802,1912 E 2nd ST
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Diego Magdaleno

Diego Magdaleno

1Vision Real Estate

+1(714) 681-1222
$4,800,000
Est. payment /mo
8,272 Sqft Lot
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UPDATED:

09/30/2024 06:40 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Alamitos Beach (Ab)

MLS Listing ID PW24131544

HOA Y/N No

Year Built 1923

Lot Size 8,272 Sqft

Property Description

We are pleased to present a well maintained 19-unit apartment building in Long Beach, California. The property is well-located just steps from Bixby Park and the Pacific Ocean in Long Beach’s vibrant Alamitos Beach neighborhood. The property’s excellent location also offers tenants convenient access to the numerous popular dining, shopping and entertainment opportunities on Broadway, Retro Row and in the rapidly redeveloping Downtown Long Beach.
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income.
The property also has RUBS in-place to lower ownership's expense. 1912 E 2nd is priced attractively at a 11.6 GRM, and a 5.40% cap rate with 20% upside in NOI. The current loan is assumable at an interest rate of 3.67% and 64% LTV.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBR4R

Interior

Fireplace No

Laundry Common Area

Exterior

Garage Spaces 2.0

Garage Description 2.0

Pool None

Community Features Dog Park, Street Lights, Sidewalks, Park

Total Parking Spaces 2

Private Pool No

Building

Lot Description Near Park, Value In Land

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7265020010

Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan

Listing Terms Cash, Cash to Existing Loan, Cash to New Loan

Special Listing Condition Standard

Read Less Info
California Regional MLS (CRMLS)
Listed by Shane Young • Younglewin Advisors, Inc. • 562-556-1118
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