$2,450,000
1641 Locust Avenue Long Beach, CA 90813
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REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$2,450,000
Est. payment /mo
7,020 SqFt
UPDATED:
11/21/2024 05:33 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 7,020 sqft
Price per Sqft $349
MLS Listing ID CRCV23068594
HOA Y/N No
Year Built 1927
Lot Size 7,405 Sqft
Acres 0.17
Property Description
NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizi
Location
State CA
County Los Angeles
Area Listing
Zoning LBR4
Interior
Fireplace No
Laundry No Hookups
Building
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 7269011020
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Listed by Kristopher German • RE/MAX 2000 REALTY
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