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Listed by Nina Le • Buckingham Investments, Inc
$1,850,000
Est. payment /mo
6,289 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB25126631
Year Built 1922
Lot Size 6,289 Sqft
Source California Regional MLS
Property Description
Turnkey 10-Unit Property in Prime North East Village - Priced to Sell! Located in the vibrant and densely populated North East Village neighborhood, this fully stabilized 10-unit property is an exceptional investment opportunity. Priced at just $185K per unit, it is currently operating at a 9.47 Gross Rent Multiplier (GRM) and a 6.2% cap rate based on current rents. At market rent levels, the GRM improves to 8.90, and the cap rate increases to 6.8%. The unit mix includes 7 studios, 2 one-bedrooms, and 1 two-bedroom unit. All units have been remodeled, and major upgrades-including a new roof and updated electrical panel-were completed in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently recapturing 60% of utility expenses. An on-site coin-operated laundry room adds convenience for tenants and generates additional income. The exterior has been freshly painted, enhancing curb appeal. Ideally situated near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility and strong rental demand. Don't miss this rare opportunity to acquire a turnkey asset at an attractive price. (Virtual Staging)
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Interior
Heating Wall Furnace
Cooling Whole House / Attic Fan
Laundry Washer/Dryer - Owned, Community Facility
Exterior
Parking Features No Parking
Pool 31, None
View None
Building
Water District - Public
Others
Tax ID 7274022018
Special Listing Condition Not Applicable
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Joel Martinez
Property Connection Specialist | License ID: 02338033
Property Connection Specialist License ID: 02338033