10-Unit Property in the Densely Populated North East Village Neighborhood This 10-unit property is located in the highly desirable North East Village neighborhood. Priced at $208K per unit, it is fully stabilized, operating with a 10.60 gross rent multiplier (GRM) and a 6% capitalization rate based on current rental… Read More income. The unit mix consists of 7 studios, 2 one-bedroom units, and 1 two-bedroom unit. At market rental income, the GRM improves to 9.79, and the cap rate rises to 6.5%. All units have been remodeled, and both the roof and electrical panel were updated in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently covering 60% of utility expenses. Additionally, an onsite coin-operated laundry room provides extra income and convenience for tenants. Centrally located near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility. It is a rare opportunity to acquire a turn-key asset at an attractive value. Read Less
Property listed by Buckingham Investments, Inc, Nina Le 818-415-9362
Listing Snapshot
Days Online
73
Last Updated
Property Type
Apartment
Lot Size
0.14 Acres
Year Built
1922
MLS Number
SB24215096
Additional Details
Building
Built in 1922, Building area total: 5,699, Levels: Two, 2 stories, 10 buildings, Common walls: NoCommonWalls
Community
Sidewalks
Cooling
WholeHouseFan
Expenses
Electric expense: $17,700, Insurance expense: $7,788, Operating expense: $62,620
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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