21
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$4,100,000
Est. payment /mo
10,428 Sqft Lot
Price Dropped by $300K
477 E South ST Long Beach, CA 90805
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UPDATED:
12/05/2024 05:18 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2407021
HOA Y/N No
Year Built 1961
Lot Size 10,428 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
Area 7 - North Long Beach
Zoning LBCMR
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs, Sidewalks, Urban
View Y/N No
Total Parking Spaces 12
Private Pool No
Building
Lot Description Level
Story 2
Entry Level Two
Level or Stories Two
Others
Senior Community No
Tax ID 7125032033
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Listed by Jeff Kim • eXp Realty of California, Inc. • Jeff@kimrealtygroup.com
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