$1,250,000
$1,250,000
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9,147 Sqft Lot
SOLD DATE : 05/17/2016
Key Details
Sold Price $1,250,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID SB16054715
Sold Date 05/17/16
HOA Y/N No
Year Built 1959
Lot Size 9,147 Sqft
Acres 0.21
Property Description
The subject property is a 9 unit apartment complex in Long Beach consisting of 3 buildings on one large parcel. All of the buildings have pitched roofs, and the unit mix is three( 2+1 units) and & six (1+1 units) with parking for 12 cars (8 open spaces plus 4 garages presently being used for storage at no charge).
Unit's A, B & C are all 2+1 units, the rest (1-6) are all 1+1 units. Unit #1 $877 (1+1) and unit #5 $900 (1+1) are Section 8 Tenants. All tenant's pay gas and electric utilities. There is a laundry room on-site that averages $175 per month in additional income.
The property has been in the same family for decades and the rents are below market with significant upside in rental income. The CAP rate is over 6% at the list price on stabilized market rents and operating expenses.
The property is on a quiet east - west street, between Atlantic and Long Beach Blvd which primarily has smaller triplexes and fourplexes. The property is adjacent to a small neighborhood park with jungle gyms/tot lot and is walking distance to a shopping center that is anchored by Smart & Final Grocers.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR2N
Interior
Fireplace No
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Curbs, Sidewalks
Utilities Available Sewer Available
Total Parking Spaces 24
Private Pool No
Building
Story Two
Entry Level Two
Water Public
Level or Stories Two
Others
Senior Community No
Tax ID 7269030005
Acceptable Financing Cash, Cash to New Loan, Submit
Listing Terms Cash, Cash to New Loan, Submit
Financing Conventional
Special Listing Condition Standard
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Bought with Dalida Lim • Payone Realty
"Molly's job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "