Turnkey 10-Unit Property in Prime North East Village – Priced to Sell! Located in the vibrant and densely populated North East Village neighborhood, this fully stabilized 10-unit property is an exceptional investment opportunity. Priced at just $185K per unit, it is currently operating at a 9.47 Gross Rent Multiplier… Read More (GRM) and a 6.2% cap rate based on current rents. At market rent levels, the GRM improves to 8.90, and the cap rate increases to 6.8%. The unit mix includes 7 studios, 2 one-bedrooms, and 1 two-bedroom unit. All units have been remodeled, and major upgrades—including a new roof and updated electrical panel—were completed in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently recapturing 60% of utility expenses. An on-site coin-operated laundry room adds convenience for tenants and generates additional income. The exterior has been freshly painted, enhancing curb appeal. Ideally situated near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility and strong rental demand. Don’t miss this rare opportunity to acquire a turnkey asset at an attractive price. (Virtual Staging) Read Less
Property listed by Buckingham Investments, Inc, Nina Le 818-415-9362
Listing Snapshot
Days Online
42
Last Updated
Property Type
Apartment
Lot Size
0.14 Acres
Year Built
1922
MLS Number
SB25126631
30 Days Snapshot Of 90813
$546k
-8%
(avg) sold price
6
+50%
homes sold
151
+93%
(avg) days on market
Snapshot
Area Map
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: $18,000, Insurance expense: $11,500, Maintenance expense: $10,000, New taxes expense: $22,600, Operating expense: $71,406
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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