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Listed by Jeff Kim • eXp Realty of California, Inc.
$4,100,000
Est. payment /mo
9,840 SqFt
Price Dropped by $300K
477 East South Street Long Beach, CA 90805
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UPDATED:
12/03/2024 02:23 AM
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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