$3,300,000
1133 Freeman Avenue Long Beach, CA 90804
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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
$3,300,000
Est. payment /mo
10,746 SqFt
UPDATED:
11/12/2024 11:25 PM
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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Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
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