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$4,100,000
Est. payment /mo
10,429 Sqft Lot
UPDATED:
12/02/2024 08:45 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPTP2407021
Originating Board California Regional MLS
Year Built 1961
Lot Size 10,429 Sqft
Property Description
Invest in north Long Beach and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.05% at 100% occupancy, and significant rent upside. Two units are vacant and ready for market-rent tenants, and all existing tenants are on month-to-month leases. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels (main and subs), and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed used development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Laundry Laundry Area
Exterior
Garage Spaces 12.0
Pool None
Building
Lot Description Grade - Level
Others
Tax ID 7125032033
Special Listing Condition Not Applicable
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Listed by Jeff Kim • eXp Realty of California, Inc.
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Joel Martinez
Property Connection Specialist | License ID: 02338033
Property Connection Specialist License ID: 02338033