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$3,900,000
Est. payment /mo
8 Beds
4 Baths
7,559 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2407022
Bedrooms 8
HOA Y/N No
Lot Size 7,559 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
This updated 16-unit apartment community is now fully occupied and boasts a current CAP rate of 6.51%. All units have 2-bed, 1-bath floor plans. Nine of the 16 units were recently renovated four of which were partially updated, and the other five were remodeled top-to-bottom with new paint, flooring, lighting, and brand new kitchen and bathroom finishes. Recent exterior upgrades include a new roof, new exterior railings, improved decks and walkways and select window replacements. This property also offers additional income potential with architectural plans to convert 8 garage spaces into 4 ADUs - the current owner passed the pre-planning stage with the City. More building features include a controlled-access gate for extra privacy and security and a community laundry room. This apartment community is located in a residential yet walkable pocket of Southwest Long Beach, near the heart of Downtown and the East Village Arts District.
This updated 16-unit apartment community is now fully occupied and boasts a current CAP rate of 6.51%. All units have 2-bed, 1-bath floor plans. Nine of the 16 units were recently renovated four of which were partially updated, and the other five were remodeled top-to-bottom with new paint, flooring, lighting, and brand new kitchen and bathroom finishes. Recent exterior upgrades include a new roof, new exterior railings, improved decks and walkways and select window replacements. This property also offers additional income potential with architectural plans to convert 8 garage spaces into 4 ADUs - the current owner passed the pre-planning stage with the City. More building features include a controlled-access gate for extra privacy and security and a community laundry room. This apartment community is located in a residential yet walkable pocket of Southwest Long Beach, near the heart of Downtown and the East Village Arts District.
This updated 16-unit apartment community is now fully occupied and boasts a current CAP rate of 6.51%. All units have 2-bed, 1-bath floor plans. Nine of the 16 units were recently renovated four of which were partially updated, and the other five were remodeled top-to-bottom with new paint, flooring, lighting, and brand new kitchen and bathroom finishes. Recent exterior upgrades include a new roof, new exterior railings, improved decks and walkways and select window replacements. This property also offers additional income potential with architectural plans to convert 8 garage spaces into 4 ADUs - the current owner passed the pre-planning stage with the City. More building features include a controlled-access gate for extra privacy and security and a community laundry room. This apartment community is located in a residential yet walkable pocket of Southwest Long Beach, near the heart of Downtown and the East Village Arts District.
Location
State CA
County Los Angeles
Area Long Beach (90813)
Zoning Assessor
Building
Lot Description Curbs, Sidewalks
Story 3
Lot Size Range 7500-10889 SF
Level or Stories 3 Story
Others
Monthly Total Fees $261
Acceptable Financing Cash, Conventional
Space Rent $32,021
Listing Terms Cash, Conventional
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Listed by Jeff Kim • eXp Realty of California, Inc.
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