$4,375,000
$4,375,000
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0.28 Acres Lot
SOLD DATE : 12/16/2021
Key Details
Sold Price $4,375,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Eastside (Es)
MLS Listing ID PW21178294
Sold Date 12/16/21
HOA Y/N No
Year Built 1963
Lot Size 0.280 Acres
Property Description
907-927 Grand Avenue is a 13-unit investment asset located in the popular Eastside Long Beach rental market. Situated on two parcels, the property is comprised of three separate structures featuring a favorable mix of seven 2BD / 1BA and six 1BD / 1BA units. The property has been extensively renovated. Unit interior renovations totaling over $340,000 include: New vinyl plank flooring & custom bathroom tile, Modern designer cabinets & countertops, New appliances, New energy-efficient LED lighting, New upgraded electrical sub-panels in-unit. POTENTIAL TO BUILD 2 ADUs. The property offers onsite laundry facilities and eight garages. Four of the garages are in a stand-alone structure and have the capacity to be converted to two ADUs of approximately 350 square feet each. The addition of these two ADUs has the potential to add $1,500 rental income per unit per month, for a total combined income of $36,000 annually. PRIME EASTSIDE LOCATION. Located in prime Eastside Long Beach, which has a Walk Score of 91, the property provides tenants with convenient, walkable access to all amenities for day-to-day living. The neighborhood is ranked as one of the best neighborhoods in Long Beach for young professionals by Niche.com. The median household income is $118,600 and 31% of residents are families with children. The seller's renovations and management provide a new buyer with a solid investment at 4.25% cap rate on actuals.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR3S
Interior
Fireplace No
Laundry Outside
Exterior
Parking Features Garage
Garage Spaces 8.0
Garage Description 8.0
Pool None
Community Features Urban
Total Parking Spaces 8
Private Pool No
Building
Lot Description Item1115UnitsAcre
Story 2
Entry Level Two
Sewer PublicSewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7254015025
Energy Description 1325.0
Acceptable Financing Cash, CashtoNewLoan, Item1031Exchange
Listing Terms Cash, CashtoNewLoan, Item1031Exchange
Financing CashtoNewLoan,CashtoSecondLoan,Contract
Special Listing Condition Standard
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Bought with Robert Stepp • Keller Williams - Santa Monica