$1,380,000
$1,375,000
0.4%For more information regarding the value of a property, please contact us for a free consultation.
8 Beds
4 Baths
3,769 SqFt
SOLD DATE : 10/16/2024
Key Details
Sold Price $1,380,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,769 sqft
Price per Sqft $366
MLS Listing ID 24423989
Sold Date 10/16/24
Bedrooms 8
HOA Y/N No
Year Built 1929
Lot Size 6,272 Sqft
Property Description
Great investor opportunity to acquire a well maintained 4 unit building located in the high demand South Wrigley Sub-Market of Long Beach. The building is a cash machine, has a 6.9% in place cap rate, a 7.2%+ ProForma Cap Rate, and is 100% leased. It contains (3) spacious 2 Bedroom / 1 Bathroom Units, and (1) very spacious 3 Bedroom / 1 Bathroom Unit. The building also has a detached garage complex containing (3) one car garages that can be used as storage if needed and fit one vehicle parked behind. Three of the apartment have been remodeled within the last two years and the one remaining non-remodeled unit gives the new owner and opportunity to remodel, add value, and bring up to market rent. The property is located in close proximity to schools, banks, shopping centers, public transit, and easy freeway access. It is within walking distance of Long Beach Poly High, and only 2.1 miles from Downtown Long Beach. The area boats strong rental demand and all vacancies have been easily filled at market rent with multiple applicants coming forth.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR2N
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Cooling Electric, Wall/Window Unit(s)
Fireplace No
Appliance Dishwasher, Disposal, Microwave
Laundry Common Area, Laundry Room, Outside
Exterior
Parking Features Garage, Private, Tandem
Pool None
Porch None
Attached Garage No
Total Parking Spaces 8
Private Pool No
Building
Story 2
Entry Level Multi/Split
Foundation Raised
Water Public
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7205030011
Special Listing Condition Standard
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Bought with Jimmy Thach • Seal Real Estate