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$ 2,049,000
Est. payment | /mo
2 Beds
12 Baths
5,036 SqFt
$ 2,049,000
Est. payment | /mo
2 Beds
12 Baths
5,036 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 5,036 sqft
Price per Sqft $406
MLS Listing ID 26859339
Bedrooms 2
HOA Y/N No
Year Built 1923
Lot Size 7,422 Sqft
Property Description
PRICED TO SELL - 9.6 GRM AND 6.5% CAP. EARN OVER A 9% CASH ON CASH RETURN. 12 Units on the Westside of Long Beach close to Downtown, subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.7% total). 1 story, bungalow style building completely remodeled down to the studs. New electrical, plumbing, kitchens, baths, lighting, etc. - Buyer to verify. Seller spent over $600K on the remodel. The property is professionally managed and features an excellent unit mix of studio and 1 bed units. There is no onsite parking but plenty of street parking. The property features a Walkscore of 85 and is a just a few minutes walk from Downtown and the Metro station. There has been over $8BB in redevelopment in Long Beach in the past 10 years including a ton of new class A apartments and restaurants. The property is also conveniently located close to the 710 Freeway providing access to employment throughout LA and Orange County. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The Long Beach Airport is also undergoing a $37MM remodel in preparation for the 2028 Olympic Games. Excellent lender financing is available for qualified Buyers at 5.4% fixed for 5 years, with 25% down.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBPD10
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features None
Building
Story 1
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 7272003006
Special Listing Condition Standard
Listed by Jonathan Swire The Agency #01336277
Nearby School & Business
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