Thank you
Anthony Walker
Buckingham Investments, Inc
310-982-7055
Totally remodeled, turnkey 8-unit (6+2 brand new ADU's) property in a high demand rental area of Long Beach. Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADU's. High yield, low expense property at an in-place cap rate of 5.8% and a GRM of 11.15 with an additional 8% in upside to a market cap rate of 6.5% and a 10.30 GRM. Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting. 5 out of 6 existing units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting. Two brand new 1 bed/1 bath ADUs just completed at the rear of the property separated by a new turf courtyard. ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/living areas, stainless steel appliances, high grade cabinets, quartz countertops, and full-sized bathrooms. Parking for 3-4 cars in the rear of the property.
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Water Source : Public
Sewer : Public Sewer
Year Built: 1953
Building Area Total: 5,112
None
Inside
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1395
Lot Size Source: Builder
Lot Size Square Feet: 6076
Original List Price: 2,250,000
Listing Contract Date: 2024-04-18
Listing Agreement: Exclusive Right To Sell
Parcel Number: 7261017011
Lease Term: Negotiable
Source Listing Status: Active Under Contract
Source Neighborhood: 9 - Poly High
Postal Code Plus 4: 2546
Directions: East side of Gardenia, off of Cherry.
Zoning: LBR2N
Source Property Type: Residential Income
Area: 9 - Poly High
Property SubType: Apartment
Property Age: 71
Common Walls: 2+ Common Walls
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: Level 1
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 |
1013 Locust Avenue, Long Beach, CA,90813 | $1,725,000 | -- | -- | 4,693 | 7524 Sqft |
941 Elm Avenue #7, Long Beach, CA,90813 | $495,000 | 2 | 2 | 1,051 | 14763 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 | $2,800,000 | -- | -- | 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 |
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ByOwner last updated this listing 05/02/2024 @ 19:37
MLS: SB24077577
LISTED BY: Anthony Walker, Buckingham Investments, Inc
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
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.