This clean, well-maintained property presents a great opportunity for those looking to own a stable asset that is east to manage and operate. Located directly across from Drake Park in Long Beach's historic Drake Park/Wilmore City neighborhood, there are 6 large units within 2 structures on a 7,316sqft lot with… Read More 5 garages. Priced at a 10.99 GRM and 6.0% cap rate, the property offers immediate upside with 5 of 6 units eligible for rent increases, plus long-term value-add potential via 5 single-car garages that may allow for future ADU conversion. 5 of 6 units tastefully renovated in 2021 and recent capital improvements include new exterior stairs, new water heaters in 4 of 6 units, and upgraded breakers/subpanels. The lot features a charming central courtyard, and it's located across the street from the Historic Drake Park with proximity to over $8 billion in ongoing and planned development near Downtown Long Beach and the Waterfront. This is a great deal for all investors, especially those that need the end of the year tax shelter benefits and/or those currently in a 1031 exchange. Read Less
Property listed by Buckingham Investments, Inc, Kristen Mussenden 310-259-7556
Listing Snapshot
Days Online
10
Last Updated
Property Type
Apartment
Lot Size
0.17 Acres
Year Built
1923
MLS Number
SB26199827
Additional Details
Building
Built in 1923, 2 buildings, 2 stories, Entry level: 1, Entry location: 1
Community
Park, StreetLights, Suburban, Sidewalks
Expenses
Electric: $373, Gardener: $720, Insurance: $5,698, Licenses: $810, Maintenance: $4,000, Operating: $41,971, Pest Control: $660, Water/Sewer: $1,300, Other Expense: $1,251
Garage
5 spaces
Income
Gross Income: $142,898, Gross ScheduledIncome: $142,898, Net Operating Income: $96,026
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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