$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
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,769 sqft
Price per Sqft $366
MLS Listing ID 24-423989
Sold Date 10/16/24
Bedrooms 8
Year Built 1929
Lot Size 6,274 Sqft
Acres 0.144
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 Wrigley
Zoning LBR2N
Rooms
Other Rooms None
Interior
Heating Wall, Wall Electric
Cooling Wall/Window, Window Unit(s), Air Conditioning, Electric
Equipment Ceiling Fan, Dishwasher, Garbage Disposal, Microwave
Laundry Room, Outside, Community, Laundry Area
Exterior
Garage Detached, Garage Is Detached, Private Garage, Tandem
Garage Spaces 8.0
Pool None
Building
Story 2
Foundation Raised
Water District
Level or Stories Multi/Split
Others
Special Listing Condition Standard
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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
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