$3,900,000
$4,150,000
6.0%For more information regarding the value of a property, please contact us for a free consultation.
7,522 Sqft Lot
SOLD DATE : 11/14/2023
Key Details
Sold Price $3,900,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Subdivision Downtown (Dt)
MLS Listing ID PW23149053
Sold Date 11/14/23
HOA Y/N No
Year Built 1964
Lot Size 7,522 Sqft
Property Description
945 Locust Avenue is a 16-unit apartment property in Long Beach, California, adjacent to the vibrant East Village Arts District and Downtown. The controlled-access, all-electric, separately-metered building features two (2) 2BD / 2 BA units and fourteen (14) 2BD / 1 BA units. Seven (7) of the units are fully remodeled with new flooring, kitchens, stainless steel appliances, new bathrooms and modern fixtures and finishes. Double-pane windows are installed throughout the building for additional energy efficiency. An onsite laundry / storage room can provide extra income, and the eight (8) garages offer the opportunity for ADU conversion for additional rental income. 945 Locust Avenue is priced at 11.73 GRM and 5.39% cap rate at current rents.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4N
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 8.0
Garage Description 8.0
Pool None
Community Features Sidewalks
Total Parking Spaces 8
Private Pool No
Building
Lot Description 16-20 Units/Acre
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7273013003
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Robert Stepp • Keller Williams - Santa Monica