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Diego Magdaleno

diego@1visionproperties.com +1(714) 376-8652

$2,150,000

Est. payment - /mo

6,076 Sqft Lot

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UPDATED:

01/16/2025 08:57 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active Under Contract

Purchase Type For Sale

Subdivision Poly High (Ph)

MLS Listing ID SB24234194

HOA Y/N No

Year Built 1953

Lot Size 6,076 Sqft

Property Sub-Type Apartment

Property Description

Significant Price reduction!!! Totally remodeled, turnkey 8-unit (6+2 brand new ADU's) property in a high demand rental area of Long Beach. Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADU's. High yield, low expense property at an in-place cap rate of 6.2% and a GRM of 10.61 with an additional 4% in upside to a market cap rate of 6.6% and a 10.13 GRM. Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting. 5 out of 6
existing units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting. Two brand new 1 bed/1 bath ADUs just completed at
the rear of the property separated by a new turf courtyard. ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/living
areas, stainless steel appliances, high grade cabinets, quartz countertops, and full-sized bathrooms. Parking for 3-4 cars in the rear of the property.

Location

State CA

County Los Angeles

Area 9 - Poly High

Zoning LBR2N

Interior

Fireplace No

Laundry Inside

Exterior

Pool None

Community Features Urban

Private Pool No

Building

Lot Description Rectangular Lot

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7261017011

Energy Description 854.0

Acceptable Financing Cash to Existing Loan

Listing Terms Cash to Existing Loan

Special Listing Condition Standard

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Listed by Anthony Walker • Buckingham Investments, Inc • 310-561-4776

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1464 Gardenia AVE Long Beach, CA 90813