1133 Freeman Avenue Pending

Long Beach,CA 90804

$ 3300000

- Bed

0 Bath

10746 SqFt


Key Details

Property Type Commercial

Sub Type Other

Listing Status Pending

Purchase Type For Sale

Square Footage 10,746 sqft

Price per Sqft $307

MLS Listing ID CRSB24158172

HOA Y/N No

Year Built 1971

Lot Size 0.292 Acres

Acres 0.29

Property Description

6.18% CAP RATE! Newer 1971 build. This 16 unit Pride of Ownership asset is located in the highly coveted eastside of Long Beach. Property not only is being offered at an amazing 6.18% cap rate and a 10.5 GRM, but also comes with 9 Garages and 10 additional exterior parking spaces for a total of 19 parking. 1133 Freeman has a very desirable unit mx consisting of (6) 2Bed+1Bath, (8) 1Bed+1Bath and (2) Studio+1Bath units. An additional four 2 bedroom and 2 bathroom ADU's can be built in the garages for approximately $600K while still maintaining 16 exterior parking spaces on the site. The 4 additional ADU's will bring in $2600 a month each or $124,800 annually for a value of a 4.8 GRM or a 20% return annually. The tax accessor has allocated 81% of the assets value to the improvements giving a buyer a significant depreciation schedule (Most buildings are 50/50). This will be a further help for a buyer as they can currently collect 60% bonus depreciation and likely 100% retroactively if the current tax relief bill gets finalized on the senate floor. All units are separately metered for gas and electric and property is impeccably maintained. This property has the best current cap rate, price per foot, price per door GRM combo available on the market. With upside to over a 10.5% CAP rat

Location

State CA

County Los Angeles

Area Listing

Zoning LBR2

Interior

Fireplace No

Laundry Inside

Building

Sewer Public Sewer

Water Public

New Construction No

Others

Tax ID 7259018026

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