Updated inside and out, this 16-unit apartment community boasts a desirable unit mix of all 2-bedroom and 1-bathroom units. Featuring a new roof, new exterior railings, improved decks and walkways, select window replacements, and 9 recently renovated unit interiors, this property is well-maintained and ready for a smooth transition to the… Read More next owner. Five units were recently remodeled top to bottom with new paint, flooring, light fixtures, brand new kitchens and bathroom finishes. Four additional units have been partially updated. This property offers additional income potential with architectural plans to convert 8 garage spaces into 4 ADUs in progress - current Owner already passed the pre-planning stage with the City. All existing units are metered separately. There is a controlled-access gate for extra privacy and security for all tenants. A community laundry room is offered on the property and can acquire extra income. At 100% occupancy, the CAP Rate: 6.17%, not including the proposed ADUs. This apartment community is located near East Village Arts District and Downtown Long Beach where you will enjoy the variety of local parks, restaurants, cafes, and so much more. Read Less
Property listed by eXp Realty of California, Inc., Jeff Kim [email protected]
Listing Snapshot
Days Online
125
Last Updated
Property Type
Other
Lot Size
0.17 Acres
Year Built
1964
MLS Number
PTP2407022
Additional Details
Appliances & Equipment
ElectricRange, Refrigerator
Building
Built in 1964, Building area total: 13,641, Levels: ThreeOrMore, 1 building, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Curbs, Sidewalks, Urban
Expenses
Insurance expense: $20,097, New taxes expense: $46,750, Operating expense: $131,131, Trash expense: $13,025, Water sewer expense: $3,217
Garage
8 spaces
Income
Gross income: $257,658, Net operating income: $126,527
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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