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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 3,697,000

Est. payment | -/mo

9 Beds

19 Baths

11,928 SqFt

Save

$ 3,697,000

Est. payment | -/mo

Save

9 Beds

19 Baths

11,928 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 11,928 sqft

Price per Sqft $309

MLS Listing ID 26659109

Bedrooms 9

HOA Y/N No

Year Built 1927

Lot Size 7,505 Sqft

Property Description

Priced to sell - 9.5 GRM and 6.4% CAP. EARN OVER A 9% CASH ON CASH RETURN AGAINST IN PLACE RENTS. 19 units located blocks from Downtown Long Beach in the Historic District. All units were completely redone in 2018/2019 and are beautifully remodeled. The interior hallways were redone as well and the Seller spent over $400K on CAP EX. New Water Heater in 2023 and over 100 feet of sewer line replaced. No work remains to be done. The building is a two-story walkup with no onsite parking, however, there are parking structures within blocks that tenants can rent from. The building also features onsite laundry in the basement. The building offers an excellent unit mix of Studio, 1 and 2 bed units. The property is Professionally Managed and very well maintained and features onsite laundry. It features a Walk score of 95 and is located just blocks from the bars and restaurants in Downtown Long Beach on Pine Ave. The building is master-metered for all utilities and a new owner could implement a RUBS program increasing the returns. Downtown Long Beach is in the middle of an $8BB Redevelopment with brand new Class A apartments and retail being developed within blocks of this location. Qualified Buyers can put down as little as 27%. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. The Long Beach Airport is undergoing a $37MM remodel for the 2028 Olympics.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBR4N

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Exterior

Parking Features None

Building

Story 3

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 7280011008

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Jonathan Swire The Agency #01336277

NEARBY SCHOOL & BUSINESS

+1(619) 302-3010

matt@homecrave.com

San Diego, CA 92124

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444 Chestnut AVE Long Beach, CA 90802