M-T-M Multi-Family | Long Beach Opp. Zone
7 Unit Apartment Building | $1,599,000 ($228,429/Unit) | 4.46% Cap Rate | Long Beach, CA 90813
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,599,000
- Property Type
-
Multifamily
- Square Feet
- 5,340 SF
Listing Contacts
Johnnie Stiegler
Verified Profile
Stephen Takahashi
Verified Profile
- Property Info
Property Overview
The Stiegler | Takahashi Group is pleased to present 1000 E 10th St in Long Beach. This 7 unit apartment building consists of (7) 2 bedroom, 1 bathroom units which have been updated and converted into higher density dwelling units. Privacy walls and doors have been added to accommodate an additional bedroom in each unit. A total of 21 bedrooms are possible to rent out, and currently 11 of those bedrooms are actively rented. There is a possibility of delivering 4 out of the 7 units vacant. This property has a total of 5,340 sqft of livable space, situated on a 5,227 sqft lot. The owners have formed authentic relationships with local government, law enforcement, and various low-income programs such as the General Relief Housing Subsidy and Case Management Programs in order to maintain a reliable resource for tenants. The property is located in close proximity to the Metro Blue Line train station and various bus routes providing excellent public transportation. This property is also located in an Opportunity Zone allowing for potential developments and substantial tax benefits for new buyers. Development in this area would coincide with the Long Beach Downtown Plan as well as the Opportunity Zone social impact principles. Buyer to verify.
Property Details
- Class
- C
- Year Built
- 1927
- Stories
- 2
- Lot Size (sq. ft)
- 5,227 SF
- Units
- 7
Highlights
- Unit Mix: (7) 2-Bed/1-Bath Units – with extra third Bed conversion
- All 21 bedrooms are being rented out separately for transitional housing
- Out of the 21 bedrooms, 11 are currently being rented out
- 5,340 Sqft Building Situated on a 5,227 Sqft Lot
- Located in an Opportunity Zone and Long Beach Downtown Plan
- Great Value Add Opportunity
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