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$2,450,000
1641 Locust AVE Long Beach, CA 90813
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$2,450,000
Est. payment /mo
7,405 Sqft Lot
Pending
1641 Locust AVE Long Beach, CA 90813
UPDATED:
11/01/2024 05:19 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
MLS Listing ID CV23068594
HOA Y/N No
Year Built 1927
Lot Size 7,405 Sqft
Property Description
NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4R
Interior
Fireplace No
Laundry None
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Curbs, Gutter(s), Sidewalks
Total Parking Spaces 5
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7269011020
Energy Description 2341.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by KRISTOPHER GERMAN • RE/MAX 2000 REALTY • 909-645-0443