Pending

1641 Locust Avenue

Long Beach CA, 90813

$2,450,000


$349.00 per sqft

Pending

7,020 sqft

Condo

Built in 1927

Listed by KRISTOPHER GERMAN with RE/MAX 2000 REALTY 626-956-0188

NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.

CV23068594

MLS ID

April 24, 2023

Listed

May 13, 2024

Updated

Map

1641 Locust Avenue
Long Beach CA, 90813

Interior Features

Total Stories

2


Laundry Description

None


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.17 Acres


Lot Features

11-15 Units/Acre


Sewer

Public Sewer

Other Property Details

Area Name

4 - Downtown Area, Alamitos Beach


Days on Market

89


Garage

Yes


Garage Spaces

5


Parking Total

5


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LBR4R

Listing History

Date

Event

Price

8/25/2023

Pending

7/17/2023

Active

6/29/2023

Pending

5/30/2023

Price Change

$2,450,000

-6%

Listing Contact: 626-956-0188 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/13/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 5/13/2024 at 5:11 PM UTC

 

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