$ 4,400,000
477 E South Street Long Beach, CA 90805
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$ 4,400,000
Est. payment | /mo
9,840 SqFt
$ 4,400,000
Est. payment | /mo
9,840 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 9,840 sqft
Price per Sqft $447
MLS Listing ID CRPTP2407021
HOA Y/N No
Year Built 1961
Lot Size 10,429 Sqft
Acres 0.24
Property Description
Invest in north Long Beach and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.05% at 100% occupancy, and significant rent upside. Two units are vacant and ready for market-rent tenants, and all existing tenants are on month-to-month leases. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels (main and subs), and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed used development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Location
State CA
County Los Angeles
Area Listing
Zoning LBCM
Interior
Fireplace No
Laundry Other
Building
Lot Description Level
New Construction No
Others
Tax ID 7125032033
© 2024 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Listed by Jeff Kim • eXp Realty of California, Inc.
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "