Significant Price reduction!!! Totally remodeled, turnkey 8-unit (6+2 brand new ADU's) property in a high demand rental area of Long Beach. Great unit mix with one 3 bed/1 bath unit, five 2 bed/1 bath units, and two brand new 1 bed/1 bath detached ADU's. High yield, low expense property… Read More at an in-place cap rate of 6.2% and a GRM of 10.61 with an additional 4% in upside to a market cap rate of 6.6% and a 10.13 GRM. Extensively renovated property including exterior refresh, new windows, main electrical panel, controlled access, low-water landscaping, common areas, and lighting. 5 out of 6 existing units upgraded with new vinyl flooring, new kitchens, bathrooms, paint, and lighting. Two brand new 1 bed/1 bath ADUs just completed at the rear of the property separated by a new turf courtyard. ADUs include mini-split AC units, in-unit laundry hookups, open concept kitchen/living areas, stainless steel appliances, high grade cabinets, quartz countertops, and full-sized bathrooms. Parking for 3-4 cars in the rear of the property. Read Less
Property listed by Buckingham Investments, Inc, Anthony Walker 310-561-4776
Listing Snapshot
Days Online
71
Last Updated
Property Type
Apartment
Lot Size
0.14 Acres
Year Built
1953
MLS Number
SB24234194
Additional Details
Building
Built in 1953, Building area total: 5,112, Levels: Two, 2 stories, 2 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Urban
Expenses
Electric expense: $854, Fuel expense: $854, Insurance expense: $8,946, Operating expense: $59,695, Trash expense: $428, Water sewer expense: $428
Income
Gross income: $202,560, Net operating income: $132,842
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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