477 East South Street Active

Long Beach,CA 90805

$ 4100000

- Bed

0 Bath

9840 SqFt


Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 9,840 sqft

Price per Sqft $416

MLS Listing ID 8P-2407021

Year Built 1961

Lot Size 10,429 Sqft

Property Description

Invest in north Long Beach and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.05% at 100% occupancy, and significant rent upside. Two units are vacant and ready for market-rent tenants, and all existing tenants are on month-to-month leases. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels (main and subs), and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed used development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.

Location

State CA

County Los Angeles

Zoning LBCMR

Interior

Laundry Common Area

Exterior

Parking Features Gated

Pool None

Community Features Curbs,Sidewalks,Urban

View Y/N No

Building

Lot Description Level

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