Thank you
Jack Tanner
Beach Cities Properties, Inc.
562-938-7653
BACK ON THE MARKET >>>>> We are proud to present a good investment in a stong rental area of Long Beach. The mix is one larger 960 square foot two bedroom/one bath unit, over four garages with alley access. There are six one bedroom/one bath units, with the same 531 square foot floor plan contained in one easy to maintain garden style building. With the same continuous ownership for the last 36 years you know it is worth being the next in line to benifit from this property in your portfolio. The real value here is in the upside of the rents on an undervalued building of this size. At the proforma market rents, it will be a profitable 11.22 GRM. and 6.7 CAP. Please drive by to see the quality of the neighboring properties and single family residence. This apartment complex should prove to very inviting to educated investors. The most recently leased unit #1145 proves the $1,495 proforma rents. Current rents are based on increases due to go in effect on March 1st. If any tenants choose to move, then the $1,495 (1/1) or $1,795 (2/1) market values, makes the numbers even better on the value added.
Sell a home like this and save $86,501 Find Out How
Water Source : Public
Sewer : Public Sewer
Fireplace: None
None
Air Conditioning
Wall Furnace
Has Heating
Fireplace Features: None
Has Fireplace: 0
Year Built: 1922
Building Area Total: 4,146
None
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1726
Lot Size Source: Assessor
Lot Size Square Feet: 7519
Original List Price: 1,450,000
Listing Contract Date: 2023-11-10
Listing Agreement: Exclusive Right To Sell
Parcel Number: 7273001020
Lease Term: Negotiable
Tenant Pays: Electricity,Gas
Source Listing Status: Active
Source Neighborhood: 4 - Downtown Area, Alamitos Beach
Postal Code Plus 4: 3322
Directions: Between Anaheim and St. Mary's Hospital
Source Property Type: Residential Income
Area: 4 - Downtown Area, Alamitos Beach
Property SubType: Mixed Use
Property Age: 102
Common Walls: 2+ Common Walls
Structure Type: Mixed Use
Year Built Source: Assessor
Entry Level: 1
Entry Location: Ground
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 | $2,800,000 | -- | -- | 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 |
1380 Cherry Avenue, Long Beach, CA,90813 | $1,075,000 | -- | -- | 2,752 | 5850 Sqft |
1127 Olive Avenue, Long Beach, CA,90813 | $2,200,000 | -- | -- | 6,308 | 16941 Sqft |
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ByOwner last updated this listing 05/16/2024 @ 23:43
MLS: PW23209583
LISTED BY: Jack Tanner, Beach Cities Properties, 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.