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Diego Magdaleno

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

$2,350,000

Est. payment - /mo

5,201 Sqft Lot

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UPDATED:

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision Eastside (Es)

MLS Listing ID SB25092114

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1925

Lot Size 5,201 Sqft

Property Sub-Type Apartment

Property Description

We are pleased to exclusively offer for sale this 9 Unit Multi-Family investment located in the vibrant 90804 submarket of Long Beach. This 5,201 SF lot is centrally positioned in Long Beach and offers tenants convenient access to the entirety of the city as well as the confluence of both Los Angeles and Orange County freeway systems. In addition to the building's excellent location, it has an outstanding unit mix consisting of (2) 2 Bed/2 Bath Units, (2) 2 Bed/1 Bath units, and (5) 1 Bed/1 Bath units. Further, the front house has a new roof and many of the major electric and plumbing systems have been upgraded. This kind of meticulous management is indicative of a well-run operation providing a smooth, headache free investment. As it stands, the offering presents strong day one income with a current CAP Rate of 6.08% as well as a GRM of 10.83 and future upside with a pro forma CAP Rate of 7.22% and GRM of 9.58. Along these lines, the property features onsite washer and dryer hookups allowing investors an easy avenue to increase their annual Cash Flow upon acquisition. All in all, the building is a half mile from Retro Row and just over a mile from the Traffic Circle and the vast dining, shopping, and entertainment options therein. This provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate.

Location

State CA

County Los Angeles

Area 3 - Eastside, Circle Area

Zoning LBR2N

Interior

Interior Features Balcony, Ceiling Fan(s), Granite Counters, Pantry, Storage, Bedroom on Main Level

Heating Central, Wall Furnace

Cooling Central Air, Wall/Window Unit(s)

Flooring Vinyl, Wood

Fireplace No

Appliance 6 Burner Stove, Dishwasher, Electric Range, Gas Oven, Microwave, Refrigerator, Water Heater

Laundry Washer Hookup, Gas Dryer Hookup

Exterior

Parking Features None

Fence Wood

Pool None

Community Features Biking, Curbs, Dog Park, Golf, Gutter(s), Park, Street Lights, Urban

Utilities Available Electricity Available, Natural Gas Available, Sewer Available, Water Available

View Y/N Yes

View Neighborhood

Roof Type Flat

Private Pool No

Building

Lot Description Corner Lot, Front Yard, Near Public Transit, Rectangular Lot

Story 2

Entry Level Two

Foundation Concrete Perimeter

Sewer Sewer Tap Paid

Water Public

Architectural Style Craftsman

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 7262014013

Security Features Carbon Monoxide Detector(s),Fire Detection System,Smoke Detector(s)

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

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Listed by Keaton Quaack • Lyon Stahl Investment Real Estate, Inc. • 562-743-8204

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938 Stanley AVE Long Beach, CA 90804