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$ 3,697,000
Est. payment | /mo
11,928 SqFt
$ 3,697,000
Est. payment | /mo
11,928 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 11,928 sqft
Price per Sqft $309
MLS Listing ID CL26659109
HOA Y/N No
Year Built 1927
Lot Size 7,507 Sqft
Acres 0.1723
Property Sub-Type Other
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
Zoning LBR4N
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 7280011008
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Listed by Jonathan Swire • The Agency
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