$1,710,000
Turnkey 10-Unit Property in Prime North East Village – Priced to Sell! Major Price Reduction! Located in the vibrant and densely populated North East Village neighborhood, this fully stabilized 10-unit property is an exceptional investment opportunity. Priced at just $171K per unit, it is currently operating at a 8.76 Gross Rent Multiplier (GRM) and a 6.7% cap rate based on current rents. At market rent levels, the GRM improves to 8.33, and the cap rate increases to 6.9%. The unit mix includes 7 studios, 2 one-bedrooms, and 1 two-bedroom unit. All units have been remodeled, and major upgrades—including a new roof and updated main electrical panel—were completed in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently recapturing 80% of utility expenses. An on-site coin-operated laundry room adds convenience for tenants and generates additional income. The exterior has been freshly painted, enhancing curb appeal. Ideally situated near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility and strong rental demand. Don’t miss this rare opportunity to acquire a turnkey asset at an attractive price. (Virtual Staging)
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Listed by Nina Le with Buckingham Investments, Inc (310) 982-7055
Property Type
Apartment
Status
Active
MLS Number
SB26029628
Year Built
1922
Lot Size
6,290 sq ft