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 909-645-0443
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
October 17, 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 10/17/2024. 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.
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Data last updated on 10/17/2024 at 8:07 PM UTC