1641 Locust AVE Long Beach, CA 90813
Pending
$2,450,000
6%
14 Units
3 Beds
12 Baths
7,020 Area(sq.ft.)
7,405 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 2 | 1 | No | $ 852 | $ 852 | $ 2,395 |
| Unit 10 | 1 | studio | 1 | No | $ 994 | $ 994 | $ 1,695 |
| Unit 11 | 1 | studio | 1 | No | $ 994 | $ 994 | $ 1,695 |
| Unit 12 | 1 | studio | 1 | No | $ 962 | $ 962 | $ 1,695 |
| Unit 2 | 1 | 1 | 1 | No | $ 934 | $ 934 | $ 1,995 |
| Unit 3 | 3 | studio | 1 | No | $ 1,695 | $ 5,085 | $ 1,695 |
| Unit 4 | 1 | studio | 1 | No | $ 1,450 | $ 1,450 | $ 1,695 |
| Unit 5 | 1 | studio | 1 | No | $ 1,350 | $ 1,350 | $ 1,695 |
| Unit 6 | 1 | studio | 1 | No | $ 1,300 | $ 1,300 | $ 1,695 |
| Unit 7 | 1 | studio | 1 | No | $ 1,264 | $ 1,264 | $ 1,695 |
| Unit 8 | 1 | studio | 1 | No | $ 1,150 | $ 1,150 | $ 1,695 |
| Unit 9 | 1 | studio | 1 | No | $ 995 | $ 995 | $ 1,695 |
| 12 | 14 | 3 | 14 | $ 17,330 | $ 27,500 | $ 24,730 |
| MLS #: | CV23068594MR |
| Days On Market: | 89 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 349 |
| Price per unit: | $ 175,000 |
| Year Built: | 1927 |
Property Details
NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizing the asset with market rental rates.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Rent Control: | Yes |
| Gross Operating Income: | $ 202,749 |
| Total Annual Expense: | $ 53,326 |
| Net Operating Income: | $ 149,422 |
Structure
| Community Features: | Curbs, Gutters, Sidewalks |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | LBR4R |
| Land Lease Type: | Fee |
Interior
| Laundry: | None |
Exterior
| Pool: | No |
Detailed Map
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Income
