NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity… Read More and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates. Read Less
Property listed by RE/MAX 2000 REALTY, KRISTOPHER GERMAN 909-645-0443
Listing Snapshot
Days Online
614
Last Updated
Property Type
Apartment
Lot Size
0.17 Acres
Year Built
1927
MLS Number
CV23068594
Additional Details
Building
Built in 1927, Building area total: 7,020, Levels: Two, 2 stories, 3 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Curbs, Gutters, Sidewalks
Expenses
Electric expense: $711, Fuel expense: $2,341, Insurance expense: $2,808, Maintenance expense: $13,586, New taxes expense: $27,480, Operating expense: $53,326, Trash expense: $750, Water sewer expense: $2,750, Other expense: $2,100
Garage
5 spaces
Income
Gross income: $209,019, Net operating income: $149,422
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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