1059 Gladys, Long Beach, CA 90804
1059 Gladys, Long Beach, CA 90804
1059 Gladys, Long Beach, CA 90804
1059 Gladys, Long Beach, CA 90804
1059 Gladys, Long Beach, CA 90804
1059 Gladys, Long Beach, CA 90804
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Christopher Rubio-Novack

Christopher Rubio-Novack

+1(310) 467-7189
$ 2,295,000
Est. payment | /mo

6,503 Sqft Lot

Save
$ 2,295,000
Est. payment | /mo
Save

6,503 Sqft Lot

Key Details

Property Type Single Family Home, Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Subdivision Eastside (Es)

MLS Listing ID PW26200874

HOA Y/N No

Year Built 1923

Lot Size 6,503 Sqft

Property Sub-Type Mixed Use

Property Description

1059 Gladys Avenue presents the opportunity to acquire a 12-unit multifamily property in popular Eastside Long Beach. The property offers all 1BD/1BA units (two are renovated) with on-site laundry facilities. Electricity is separately metered, while gas is master-metered with one water heater. The assumable financing is particularly compelling: approximately $1.451 million at a fixed 3.57% interest rate, representing roughly 63% LTV and fully amortizing over the remaining loan term. Annual debt service is ~$78,870. In the current interest-rate environment, this low cost of debt is a significant investment advantage. At the $2.295 million asking price, the property produces approximately $126,809 in current NOI, equating to a 5.53% current cap rate. Because the going-in cap rate is substantially higher than the 3.57% mortgage rate, investors benefit from meaningful positive leverage. After debt service, the property is projected to generate approximately $47,939 in annual pre-tax cash flow, providing a 5.68% current cash-on-cash return on the approximately $844,000 down payment. Eastside Long Beach is a well-established and highly desirable rental neighborhood, offering residents a compelling combination of walkability, affordability and proximity to the city's coastal lifestyle and major employment centers. The property benefits from a Walk Score of 93 (“Walker's Paradise”), with numerous shopping, dining and everyday conveniences within a short walk. The neighborhood also provides convenient access to Downtown Long Beach, Belmont Heights, Recreation Park, Colorado Lagoon and the beach, while California State University, Long Beach and Long Beach City College are both within approximately three miles.

Location

State CA

County Los Angeles

Area 3 - Eastside, Circle Area

Interior

Fireplace No

Laundry Common Area

Exterior

Pool None

Community Features Sidewalks

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 7258001019

Energy Description 5085.0

Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, 1031 Exchange, Freddie Mac

Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, 1031 Exchange, Freddie Mac

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Robert Stepp Keller Williams Realty Downey 310-463-2916, DRE #01456379

Nearby School & Business

Christopher Rubio-Novack

+1(310) 467-7189

rubio.realestate@gmail.com

2603 Camino Ramon Suite 200, San Ramon, CA 94583

Get More Information

Name
Phone*
Message

By checking this box, I agree by electronic signature to the Electronic Disclosure Consent Agreement; to receive recurring marketing communication from EXP Commercial, including auto-dialed calls, texts, and artificial/prerecorded voice messages (message frequency varies; data rates may apply; reply "STOP" to opt-out of texts or "HELP" for assistance); and to the Terms of Service and Privacy Policy of this website. Consent not required to make a purchase. I understand that I can call to obtain direct assistance.

Quick Search