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Listed by Jeff Kim • eXp Realty of California, Inc.
$3,900,000
Est. payment /mo
7,559 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRPTP2407022
Year Built 1964
Lot Size 7,559 Sqft
Source California Regional MLS
Property Description
This updated 16-unit apartment community is now fully occupied and boasts a current CAP rate of 6.51%. All units have 2-bed, 1-bath floor plans. Nine of the 16 units were recently renovated - four of which were partially updated, and the other five were remodeled top-to-bottom with new paint, flooring, lighting, and brand new kitchen and bathroom finishes. Recent exterior upgrades include a new roof, new exterior railings, improved decks and walkways and select window replacements. This property also offers additional income potential with architectural plans to convert 8 garage spaces into 4 ADUs - the current owner passed the pre-planning stage with the City. More building features include a controlled-access gate for extra privacy and security and a community laundry room. This apartment community is located in a residential yet walkable pocket of Southwest Long Beach, near the heart of Downtown and the East Village Arts District.
Location
State CA
County Los Angeles
Area 197 - Long Beach
Rooms
Kitchen Oven Range - Electric, Refrigerator
Interior
Laundry Washer/Dryer - Owned, Community Facility
Exterior
Parking Features Garage, Off-Street Parking
Garage Spaces 8.0
Pool None
Building
Lot Description Grade - Level
Story Three or More Stories
Others
Tax ID 7271021044
Special Listing Condition Not Applicable
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Joel Martinez
Property Connection Specialist | License ID: 02338033
Property Connection Specialist License ID: 02338033