154 Elm AVE Long Beach, CA 90802
Active
$1,895,000
15 Units
1 Beds
0 Baths
7,500 Area(sq.ft.)
3,720 Lot Size(sq.ft.)
Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
---|---|---|---|---|---|---|---|
Unit 1 | 10 | studio | 0 | No | $ 745 | $ 7,458 | $ 8,000 |
Unit 2 | 1 | 1 | 0 | No | $ 1,075 | $ 1,075 | $ 1,800 |
Unit 3 | 4 | studio | 0 | No | $ 1,645 | $ 6,581 | $ 8,000 |
3 | 15 | 1 | 0 | $ 15,105 | $ 101,979 | $ 113,800 |
MLS #: | NP24250696MR |
Days On Market: | 0 |
County: | Los Angeles |
Property Type: | Residential Income |
Price per ft2: | $ 253 |
Price per unit: | $ 126,333 |
Year Built: | 1921 |
Property Details
Prime Mixed-Use Investment Opportunity in Downtown Long Beach Located in the vibrant East Village of Downtown Long Beach, this mixed-use building offers an exceptional investment opportunity. Situated on Elm & Broadway, just two blocks from the Long Beach Convention Center and steps from the bustling Pine Avenue with its restaurants and nightlife, this property is in the heart of a high-demand area with significant potential. The building consists of four commercial business tenants on the ground floor, generating reliable income, along with 11 rented residential units above 10 studios and 1 one-bedroom currently on month-to-month leases. Note: 10 of the residential units do not have private bathrooms 2 are shared upstairs. With a solid CAP rate over 6%, this property offers a strong return on investment. All units are due for increases as soon as the new owner decides. The units above have a motel designation, offering future flexibility for potential conversion. This property is professionally managed, ensuring ease of ownership and maintenance. For buyers interested in converting the units to a motel or renovating, new management services will be available to facilitate a smooth transition and maximize the property s potential with rent increases and renovation. The building itself is a beautiful brick structure, adding to the character of the East Village while providing a robust and low-maintenance asset for the investor. This is an excellent opportunity to acquire a mixed-use property in one of Long Beach s most vibrant areas. Buyer to verify all details, including the motel designation with city permitting and financials.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
Rent Control: | False |
Total Annual Expense: | $ 75,000 |
Net Operating Income: | $ 106,000 |
Cap Rate: | 6.2% |
Gross Rent Multiplier: | 10.50 |
Actual Gross Rent: | $ 181,000 |
Structure
Community Features: | Biking, Curbs, Gutters, Storm Drains, Street Lights, Urban |
Sewer: | Public Sewer |
Water: | Public |
Land & Parking
Zoning: | LBPD30 |
Land Lease Type: | Fee |
Parking Garage: | None |
Interior
Cooking Appliances: | Microwave |
AC/Cooling: | Wall/Window Unit(s) |
Equipment: | Microwave, None |
Heating: | Central, Wall |
Fireplace Rooms: | None |
Laundry: | None |
Exterior
Pool: | No |
Detailed Map
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