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Jill Bennett

jill@jillbennetthomes.com +1(805) 478-8448

$ 2,360,000

Est. payment | -/mo

10 Beds

8 Baths

4,722 SqFt

Save

$ 2,360,000

Est. payment | -/mo

Save

10 Beds

8 Baths

4,722 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 4,722 sqft

Price per Sqft $499

MLS Listing ID 26792189

Bedrooms 10

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1921

Lot Size 5,845 Sqft

Property Description

Huge ~250k Price Reduction! 8 Renovated Non-Rent Controlled units cash flowing at an amazing Current Cap Rate of 6.75% from day 1! Excellent unit mix of 1 (3bed/1bath) unit and 7 (1bed/1bath) units including 2 brand-new attached ADUs. Several units boast updated cabinets, flooring, kitchen, bathrooms, exterior improvements, and more. Individually metered for gas, electricity, and tenants pay their own trash, further minimizing the operating expenses. Non-LA-City rent controlled asset allowing significant 8% annual rent increases (5%+CPI) for future upside. Prime North Long Beach location minutes from the beach and central to the 405, 710 and 605 Freeways, offering tenants easy access to attractions and employers across the region. Long Beach is a popular rental market and population and employment hub with easy access to the beach, colleges (such as Cal State Long Beach), and major attractions including the Queen Mary, Aquarium of the Pacific, and more. Long Beach offers investors the opportunity to acquire assets in a coastal rental market with low vacancy rates without premium coastal pricing.

Location

State CA

County Los Angeles

Area 3 - Eastside, Circle Area

Zoning LBR2N

Interior

Heating Wall Furnace

Fireplace No

Exterior

Parking Features None

Building

Story 2

Entry Level Two

Architectural Style Traditional

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 7262008019

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Armin Soleimani Global Platinum Properties, Inc. #01846872

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+1(805) 478-8448

jill@jillbennetthomes.com

1303 E Grande Ave. #123, Arroyo Grande, CA, 93420, USA

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1036 Cherry AVE Long Beach, CA 90813