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$ 3,100,000
Est. payment | /mo
3 Beds
3 Baths
7,537 Sqft Lot
$ 3,100,000
Est. payment | /mo
3 Beds
3 Baths
7,537 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID OC26010608
Bedrooms 3
Lot Size 7,537 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
The subject property is a 22-unit apartment building located in the trendy East Village neighborhood of Long Beach. This charming two story 1940s complex is on a quiet street, just 6 blocks from the Ocean Avenue, and a 10-minute bike ride to Alamitos Beach! Walk Score: 97/100 (Walker's Paradise) 97 / 100. Walker's Paradise. Transit Score 74 / 100. Excellent Transit. 89 / 100. Very Bikeable. The unit mix is predominantly Studio apartments (20) with a One Bedroom Unit and a Two Bedroom 1 Bath unit. All units are separately metered for gas and electric utilities. There is a secured entrance with laundry room onsite, and ample street parking. Priced attractively at a GRM of 9.84 and with the rent increases of 8% (AB 1482) that are due this year, the GRM drops to 9.12 and a CAP rate of 6.27% at the listed price. After that rent increase, the rents still have another 20% upside based on the average and median rent rates on the rent survey.
Location
State CA
County Los Angeles
Zoning Assessor
Direction GPS
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 7273028008
Acceptable Financing Cash, Exchange
Listing Terms Cash, Exchange
Listed by Dan Carpenter Surterre Properties Inc
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