This turnkey high yield 16 unit property is located in a dense rental demand area of Long Beach. There are 15 one bedroom units and 1 two bedroom unit in over 10,000 square feet of space, plus 4 garages and storage in rear. The high in-place cash flow… Read More with actual rents offers 9.9X gross at close, and 9.5X GRM at market rents. The property has been extensively renovated in recent years including exterior refresh, new windows, lighting, common area flooring, fencing, controlled access, and all units upgraded with vinyl flooring, new kitchens, bathrooms, paint, and lighting. The major systems include newer separately metered main electrical panel, full plumbing re-pipe in 2022, reinforced foundation, and a newer roof. The is a laundry room on the premises for additional income, and great potential for substantial upside through conversion of 4 garages and storage in rear structure to ADUs. The building is conveniently located in the Washington neighborhood directly across the street from Washington Middle School, which is currently undergoing a massive $176 Million reconstruction project. There is excellent transit access with only a few blocks to the metro blue line rail station, PCH, and the 710 freeway. The property is also just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 Billion. Over 60% of household within 5 miles are renters with an average household income of over $94,000 (per Costar). Read Less
Property listed by Buckingham Investments, Inc, Anthony Walker 310-561-4776
Built in 1928, Building area total: 10,080, Levels: Two, 2 stories, 2 buildings, Architectural style: Spanish, Attached, Common walls: TwoCommonWallsOrMore, Construction materials: Stucco
Community
Urban
Cooling
None
Accessibility Features
Accessibility features: None
Expenses
Electric expense: $1,390, Fuel expense: $5,503, Gardener expense: $1,890, Insurance expense: $17,640, Licenses expense: $1,075, Maintenance expense: $9,600, New taxes expense: $39,375, Operating expense: $118,794, Trash expense: $10,950, Water sewer expense: $4,620, Other expense: $1,445
Fence
WroughtIron
Fireplaces
None
Floors
Laminate
Garage
4 spaces
Heating
WallFurnace
Income
Gross income: $317,220, Net operating income: $182,898
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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