We are pleased to exclusively offer for sale this 3 Unit multi-family investment located in the vibrant 90802 submarket of Long Beach. This large 3,642 SF triplex is steps away from 4th Street and strategically positioned near Retro Row. This is the first time the property has been on the… Read More market in 20 years and the unit interiors have been meticulously maintained representing a true pride of ownership asset. In addition to the building’s excellent location, one of the features is (2) generously sized 2 bedroom/1 bath units and (1) large 1 bedroom/1 bath unit. Further, the 1 bedroom back unit contains a spacious patio and gazebo – idyllic for all residents. Additionally, the upper 2 Bedroom unit will be delivered Vacant at the close of escrow. Along these lines, the property presents itself as an excellent owner user opportunity for buyer(s) looking to live in the vacant unit while utilizing the income from the other (2) to offset their annual debt service. Each unit is separately metered for gas and electricity, lowering overhead costs for the owner. As it stands, the offering presents strong day 1 income with a current CAP Rate of 4.45% and future upside given the areas excellent rental demand. In addition, the tenants have access to a garage and elongated driveway which equates to at least (6) total parking spaces on site, which is especially significant in this parking impacted submarket. On top of this, the large back yard is ideally suited to build ADUs for investors looking to increase their annual cash flow. Lastly, the building is eligible for the Mills Act, which provides property tax incentives. All in all, the building’s proximity to Retro Row and the vast dining, shopping, and entertainment options therein provides much optimism for continued rent growth and appreciation within the submarket in both the near and distant future, as housing demand and economic stability are two of the main drivers in investment real estate. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Keaton Quaack 562-743-8204
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.
Confirm your time
Fill in your details and we will contact you to confirm a time.
