6 Units; 10.6 GRM / 6.1 Cap Rate on Mkt Rents

6 Unit Apartment Building | $1,485,000 ($247,500/Unit) | Long Beach, CA 90810

Date Added:
May 17, 2024
Days on Market:
28 days

Asking Price $1,485,000

Property Type
Multifamily
Square Feet
3,338 SF

Listing Contacts

Chris Crosby
Chris Crosby
Verified Profile
  • Property Info

Property Overview

PRICE REDUCTION AND UPDATE RENT ROLL! PRIME INVESTMENT OPPORTUNITY! Situated on a tranquil cul-de-sac and within walking distance to Steven's Middle School, this meticulously maintained property offers four updated units, comprised of a diverse unit mix of (1) 3bd 1.5ba owners unit (1) 2bd 1.5 bath (3) 1bd 1ba and (1) studio. Recent upgrades include updated plumbing, electrical, water heater(s), wall heater(s), and interior renovations. The large driveway offers plenty of off street parking for the tenants. This excellent value-add opportunity boasts over 50% upside in income potential. Additional income is available with a coin-operated laundry room with a $200 monthly revenue potential. Priced attractively at $247,500/ unit, this investment gem is a rare find in Long Beach. Don't miss out on the chance to secure a lucrative investment property with strong tenant demand and substantial income growth potential.

Property Details

Class
C
Year Built
1946
Stories
1
Lot Size (sq. ft)
9,583 SF
Units
6

Highlights

  • Located on a cul de sac walking distance to Steven's Middle School -- strong tenant demand!
  • Significant value add potential with over 50% upside in income
  • Property has been well maintained with 4 updated units
  • Owner has recently upgraded plumbing, electrical panel(s), water heaters, wall heaters, and interior renovations
  • Laundry room with coin operated laundry, potential to generate $200/mo
  • Great unit mix with a 3bd 1.5ba owners units, 2bd 1.5ba, (3) 1bd 1ba, and a studio.

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