Homes for sale - 1641 Locust AVE, Long Beach, CA 90813

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David Burchell

david@burchellhometeam.com +1(559) 234-2579

$2,450,000

Est. payment - /mo

7,405 Sqft Lot

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UPDATED:

11/21/2024 05:18 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Pending

Purchase Type For Sale

MLS Listing ID CV23068594

HOA Y/N No

Year Built 1927

Lot Size 7,405 Sqft

Property Description

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.

Location

State CA

County Los Angeles

Area 4 - Downtown Area, Alamitos Beach

Zoning LBR4R

Interior

Fireplace No

Laundry None

Exterior

Garage Spaces 5.0

Garage Description 5.0

Pool None

Community Features Curbs, Gutter(s), Sidewalks

Total Parking Spaces 5

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 7269011020

Energy Description 2341.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

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Listed by KRISTOPHER GERMAN • RE/MAX 2000 REALTY • 909-645-0443

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David Burchell

+1(559) 234-2579

Team Leader & Realtor | License ID: #02033130

Team Leader & Realtor License ID: #02033130

1641 Locust AVE Long Beach, CA 90813

David Burchell

David Burchell

Key Details

Location

Interior

Exterior

Building

Others

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