$4,100,000
Est. payment /mo
8 BD
4 BA
10,429 Sqft Lot
Price Dropped by $300K
477 E South Street Long Beach, CA 90805
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UPDATED:
12/03/2024 04:45 AM
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2407021
Bedrooms 8
HOA Y/N No
Lot Size 10,429 Sqft
Property Description
Invest innorthLong 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 kitchenfinishes. Two of these five units also feature upgraded bathrooms and lightingthroughout. 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 AtlanticAvenue restaurants and shops, the new KB Homes mixed used development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Invest innorthLong 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 kitchenfinishes. Two of these five units also feature upgraded bathrooms and lightingthroughout. 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 AtlanticAvenue restaurants and shops, the new KB Homes mixed used development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.
Invest innorthLong 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 kitchenfinishes. Two of these five units also feature upgraded bathrooms and lightingthroughout. 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 AtlanticAvenue 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 Long Beach (90805)
Zoning Assessor
Building
Lot Description Curbs, Sidewalks
Story 2
Lot Size Range 7500-10889 SF
Level or Stories 2 Story
Others
Monthly Total Fees $239
Acceptable Financing Cash, Conventional
Space Rent $1,774
Listing Terms Cash, Conventional
Listed by Jeff Kim • eXp Realty of California, Inc.
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