PRICED TO SELL - 9.8 GRM AND 6.8% CAP WITH UPSIDE TO AN 8.3% CAP. 9 units in Long Beach NOT subject to local rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI. Most interiors have been updated (new kitchen cabinets, flooring,… Read More bath tile, fixtures, etc.) and property is professionally managed and well maintained. The property features multiple structures, meaning many units do not have common walls on all sides making the units more private. There are 3 garages in the rear as well as 2 surface spaces. The 2 bed unit in the rear has 2 outdoor patios attached to it. Every unit has it's own hot water heater. Currently management is not charging for parking, but new ownership could. Parking in Long Beach is at a premium and spaces/garages are worth $125-150/month - this could increase income by $700/month. There is laundry onsite and the property is fully secured. The electrical is General Electric - it's a 200 AMP main panel with 50 AMP subpanels (Buyer to verify). Qualifed Buyers can put down as little as 25% on a new 5-year loan. EARN OVER AN 11% CASH ON CASH RETURN AGAINST IN PLACE RENTS. Email LA for more information including actual expenses and a current Rent Roll. Read Less
Property listed by The Agency, Jonathan Swire 424-230-3700
Listing Snapshot
Days Online
0
Last Updated
Beds
10
Square Ft.
4,226
Lot Size
0.2 Acres
Year Built
1941
MLS Number
26642011
Additional Details
Building
Built in 1941, Living area: 4226.0, 4 buildings, 1 storey, Levels: MultiSplit
Cooling
None
Garage
3 spaces
Heating
WallFurnace
Income
Gross Income: $180,660, Net Operating Income: $113,000
Laundry
CommonArea
Lot
0.1952 acres, Dimensions: 50x170
Parking
2 open parking spaces, 5 total parking spaces, Covered
Taxes
Parcel Number: 7260001026, Zoning: LBR2N
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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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