$1,758,500
PRICED TO SELL - 9.8 GRM AND 6.8% CAP WITH UPSIDE TO AN 8.3% CAP. 9 units in Long Beach NOT subject to local rent control, only subject to AB 1482 rent control - maximum annual increase of 5% + CPI. Most interiors have been updated (new kitchen cabinets, flooring, bath tile, fixtures, etc.) and property is professionally managed and well maintained. The property features multiple structures, meaning many units do not have common walls on all sides making the units more private. There are 3 garages in the rear as well as 2 surface spaces. The 2 bed unit in the rear has 2 outdoor patios attached to it. Every unit has it's own hot water heater. Currently management is not charging for parking, but new ownership could. Parking in Long Beach is at a premium and spaces/garages are worth $125-150/month - this could increase income by $700/month. There is laundry onsite and the property is fully secured. The electrical is General Electric - it's a 200 AMP main panel with 50 AMP subpanels (Buyer to verify). Qualifed Buyers can put down as little as 25% on a new 5-year loan. EARN OVER AN 11% CASH ON CASH RETURN AGAINST IN PLACE RENTS. Email LA for more information including actual expenses and a current Rent Roll.
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Listed by Jonathan Swire with The Agency (424) 230-3700
Property Type
Residential Income
Status
Active
MLS Number
26642011
Year Built
1941
Lot Size
8,503 sq ft