Active
$2,650,000
4%
6 Units
5 Beds
4 Baths
11,338 Area(sq.ft.)
Lot: 14,871 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 4 | 1 | 1 | No | $ 2,143 | $ 8,580 | $ 8,580 |
| Unit 2 | 1 | 2 | 1 | No | $ 2,495 | $ 2,495 | $ 2,595 |
| Unit 3 | 1 | 2 | 2 | No | $ 2,595 | $ 2,595 | $ 2,695 |
| 6 | 8 | 7 | $ 13,662 | $ 39,410 | $ 39,610 |
| MLS #: | IV24250595MR |
| Days On Market: | 363 |
| Listing Date: | December 16, 2024 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 234 |
| Price per unit: | $ 441,667 |
| Year Built: | 1915 |
Property Details
***PRICE IMPROVEMENT***Prime Investment Opportunity with FULLY APPROVED PLANS RTI***Entitled 11-Unit Development with Existing Cash Flow in Long Beach. This is a rare and highly attractive opportunity to acquire a stabilized 6-unit multifamily property situated on an oversized lot already entitled for an additional 5 units bringing the total future unit count to 11 units. Upon completion, the project is projected to be valued at over $6,000,000, making this a compelling investment with significant upside potential. 5 of 6 units fully renovated with brand-new systems throughout the property, ensuring minimal immediate capital expenditures. Unit Mix (Existing 6 Units): (4) 1 Bed / 1 Bath (1) 2 Bed / 1 Bath (1) 2 Bed / 2 Bath. Entitled 5 Additional Units: FULLY APPROVED PLANS RTI - (2) 3 Bed / 2 Bath units with grade-level parking (3) 4 Bed / 3 Bath townhome-style units, also with grade-level parking. Stabilized Gross Income: Projected to generate nearly $37,000 per month upon full build-out. Strong Cap Rate: Stabilized at a 6.75% Cap Rate on cost. Attractive GRM: Achieves a 10.74 GRM on cost, underscoring strong investment fundamentals. Projected end value exceeds $6,000,000, providing exceptional upside in one of Long Beach s hottest rental markets. Conservatively underwritten profits of $1.2M+ make this an ideal low-risk, high-reward investment. Benefit from consistent cash flow during the development process with income from the stabilized 6 existing units. Existing units offset holding costs, while entitled plans minimize entitlement risk. Situated in Long Beach, a thriving rental market with strong tenant demand and long-term appreciation potential. This property offers the best of both worlds: stable cash flow today and exceptional upside tomorrow. With a clear path to development and substantial projected returns, this is an opportunity that investors and developers alike will not want to miss. ***OWNER FINANCING OPTIONS***LET'S GET CREATIVE***Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Rent Control: | False |
| Gross Operating Income: | $ 435,355 |
| Total Annual Expense: | $ 118,616 |
| Net Operating Income: | $ 316,739 |
| Cap Rate: | 6.64% |
| Gross Rent Multiplier: | 10.74 |
| Actual Gross Rent: | $ 13,870 |
Structure
| Community Features: | Curbs, Sidewalks |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | LBR3S |
| Land Lease Type: | Fee |
Interior
| Laundry: | Electric Dryer Hookup, Hookup - Electric, Washer Hookup |
Exterior
| Pool: | No |
Detailed Map
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Income
