Thank you
Robert Castro
Southern Cal Realty
714-984-3426
Beautifully restored 9 unit building in the Poly High neighborhood of Long Beach- Central Long Beach. Pride of ownership property, same owner over 40 years. The property was just painted less than a year ago. Sandblasted, new stucco, paint, wood trim. Great mix of 17 bedrooms and 10 baths. The Landlord currently uses the front (one bedroom) unit as his office, where he spent approx $15,000 in capital expenditures- gutting the unit and placing new floors, cabinets, counters, bathroom fixtures, shower stall, plumbing. It will be available at close (or prior if needed) and can easily be rented for $1800-$2000. A few other units have had nice capital expenditures as well in last 24 months. You have a total of 6 newer garage doors, plus 6 parking spaces. Perfect for long term investor looking for a property that cashflows nicely. Current gross market rent is apprx. $220,800. Rent increases have been issued, and rent on March 15, 2024, increases by max 8.8% (California Rent Control), to $238,000, plus small laundry income. 7.8% Cap Rate based on PRESENT rent. Property sold AS-IS. Please send Proof of Down Payment, Letter of Interest (if applicable) from commercial bank, with offers.
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Water Source : Public
Sewer : Public Sewer
Exterior Property Features : Rain Gutters
Interior Features: Ceiling Fan(s),Granite Counters
Property Appliances: Electric Range,Gas Range
Fireplace: None
Flooring: Laminate,Tile
None
Air Conditioning
Forced Air
Has Heating
Fireplace Features: None
Has Fireplace: 0
Year Built: 1963
Building Area Total: 6,835
Construction: Drywall,Frame,Plaster,Stucco
Rain Gutters
Slab
Carbon Monoxide Detector(s),Smoke Detector(s),Security Lights,Window Bars
Safe Emergency Egress from Home,Parking
None
Common Area
Average Condition,Chain Link,Wood,Wrought Iron
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1485
Lot Size Source: Assessor
Lot Size Square Feet: 6468
Original List Price: 2,400,000
Listing Contract Date: 2024-01-31
Listing Agreement: Exclusive Right To Sell
Parcel Number: 7268023009
Garage Description: Assigned,Concrete,Direct Access,Door-Single,Driveway,Garage Faces Front,Garage,Public,Garage Faces Rear,One Space
Lease Term: Negotiable
Tenant Pays: Electricity,Parking Fee,Telephone
Source Listing Status: Active
Source Neighborhood: 9 - Poly High
Postal Code Plus 4: 2136
Directions: South of PCH, West of Alamitos. On 16th Street between MLK Ave and Alamitos
Zoning: LBR34
Source Property Type: Residential Income
Area: 9 - Poly High
Property SubType: Apartment
Property Age: 61
Common Walls: 1 Common Wall
Property Condition: Updated/Remodeled,Turnkey
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: Front and Stairwell
Property Attached: Yes
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
650 E 15th Street #A-D, Long Beach, CA,90813 | $1,950,000 | -- | -- | 4,158 | 6790 Sqft |
923 Long Beach Boulevard, Long Beach, CA,90813 | $3,300,000 | -- | -- | -- | 16500 Sqft |
1367 Alamitos Avenue, Long Beach, CA,90813 | $1,090,000 | 4 | 2 | 1,890 | 7218 Sqft |
1830 1838 E 7th Street, Long Beach, CA,90813 | $2,650,000 | -- | -- | 6,044 | 11668 Sqft |
1044 Cedar Avenue, Long Beach, CA,90813 | $1,275,000 | 12 | 7 | 4,766 | 7451 Sqft |
1151 Daisy Avenue, Long Beach, CA,90813 | $2,800,000 | -- | -- | 4,604 | 7440 Sqft |
914 N Loma Vista Drive, Long Beach, CA,90813 | $2,200,000 | -- | -- | 4,502 | 8623 Sqft |
1526 Cedar Avenue, Long Beach, CA,90813 | $1,650,000 | -- | -- | 4,464 | 7735 Sqft |
1135 Linden Avenue, Long Beach, CA,90813 | $1,450,000 | -- | -- | 4,146 | 7519 Sqft |
1380 Cherry Avenue, Long Beach, CA,90813 | $1,075,000 | -- | -- | 2,752 | 5850 Sqft |
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ByOwner last updated this listing 05/21/2024 @ 11:26
MLS: DW24022648
LISTED BY: Robert Castro, Southern Cal Realty
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.