For more information regarding the value of a property, please contact us for a free consultation.
Key Details
Sold Price $1,380,000
Property Type Other Types
Sub Type OTHER
Listing Status Sold
Purchase Type For Sale
Square Footage 3,769 sqft
Price per Sqft $366
MLS Listing ID CL24423989
Sold Date 10/16/24
Bedrooms 5
HOA Y/N No
Year Built 1929
Lot Size 6,274 Sqft
Acres 0.14
Property Description
Great investor opportunity to acquire a well maintained 4 unit building located in the high demand South Wrigley Sub-Market of Long Beach. The building is a cash machine, has a 6.9% in place cap rate, a 7.2%+ ProForma Cap Rate, and is 100% leased. It contains (3) spacious 2 Bedroom / 1 Bathroom Units, and (1) very spacious 3 Bedroom / 1 Bathroom Unit. The building also has a detached garage complex containing (3) one car garages that can be used as storage if needed and fit one vehicle parked behind. Three of the apartment have been remodeled within the last two years and the one remaining non-remodeled unit gives the new owner and opportunity to remodel, add value, and bring up to market rent. The property is located in close proximity to schools, banks, shopping centers, public transit, and easy freeway access. It is within walking distance of Long Beach Poly High, and only 2.1 miles from Downtown Long Beach. The area boats strong rental demand and all vacancies have been easily filled at market rent with multiple applicants coming forth.
Location
State CA
County Los Angeles
Area Listing
Zoning LBR2
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s), Other
Fireplace No
Laundry Community Facility, Laundry Room, Other
Exterior
Total Parking Spaces 8
Building
New Construction No
Others
Tax ID 7205030011
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
© 2024 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Bought with JimmyThach