Income and expense are using projected market rents and put property operating at projected 5.48% Cap and 12.4X Gross (Estimated current 4.34% and 14.4X). Located in the affluent community of Belmont Shore, a Southern California beach community and “college town” being just a few minutes from CSU Long Beach.… Read More Both buildings (also for sale with 102 Argonne 10U for $2,750,000) are meticulously cared for, and both have been upgraded with copper plumbing, electrical breakers, and most unit interiors have been upgraded. The investment provides the opportunity to increase your return by increasing the rents to market and separate metering the building utilities, therefore, providing immediate lower overhead/increased cash flow and continued added value in the future with rising utility costs being transferred to the tenants. Laundry is leased and managed by a 3rd party offering further income upside by canceling the contract and installing your own machines. Some units may be rented at amounts different than current income rent roll. Insurance rates may not be current rate for new owner, so buyer must get own insurance quotes including flood insurance if needed. Street parking only. Read Less
Property listed by AJ Nay, Broker, AJ Nay 305-433-3300
Listing Snapshot
Days Online
16
Last Updated
Property Type
Apartment
Lot Size
0.08 Acres
Year Built
1952
MLS Number
PW25090414
30 Days Snapshot Of 90803
$1.47M
+9%
(avg) sold price
15
-42%
homes sold
63
-26%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1952, Building area total: 2,712, Levels: Two, 2 stories, 2 buildings, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Sidewalks
Cooling
None
Expenses
Electric expense: $2,421, Insurance expense: $7,800, Maintenance expense: $7,485, New taxes expense: $27,950, Operating expense: $50,925, Water sewer expense: $5,269
Income
Gross income: $148,800, Net operating income: $117,855
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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