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$1,850,000
Est. payment /mo
1 Bed
4 Baths
6,289 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25126631
Bedrooms 1
HOA Y/N No
Lot Size 6,289 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Turnkey 10-Unit Property in Prime North East Village Priced to Sell! Located in the vibrant and densely populated North East Village neighborhood, this fully stabilized 10-unit property is an exceptional investment opportunity. Priced at just $185K per unit, it is currently operating at a 9.47 Gross Rent Multiplier (GRM) and a 6.2% cap rate based on current rents. At market rent levels, the GRM improves to 8.90, and the cap rate increases to 6.8%. The unit mix includes 7 studios, 2 one-bedrooms, and 1 two-bedroom unit. All units have been remodeled, and major upgradesincluding a new roof and updated electrical panelwere completed in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently recapturing 60% of utility expenses. An on-site coin-operated laundry room adds convenience for tenants and generates additional income. The exterior has been freshly painted, enhancing curb appeal. Ideally situated near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility and strong rental demand. Dont miss this rare opportunity to acquire a turnkey asset at an attractive price. (Virtual Staging)
Turnkey 10-Unit Property in Prime North East Village Priced to Sell! Located in the vibrant and densely populated North East Village neighborhood, this fully stabilized 10-unit property is an exceptional investment opportunity. Priced at just $185K per unit, it is currently operating at a 9.47 Gross Rent Multiplier (GRM) and a 6.2% cap rate based on current rents. At market rent levels, the GRM improves to 8.90, and the cap rate increases to 6.8%. The unit mix includes 7 studios, 2 one-bedrooms, and 1 two-bedroom unit. All units have been remodeled, and major upgradesincluding a new roof and updated electrical panelwere completed in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently recapturing 60% of utility expenses. An on-site coin-operated laundry room adds convenience for tenants and generates additional income. The exterior has been freshly painted, enhancing curb appeal. Ideally situated near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility and strong rental demand. Dont miss this rare opportunity to acquire a turnkey asset at an attractive price. (Virtual Staging)
Turnkey 10-Unit Property in Prime North East Village Priced to Sell! Located in the vibrant and densely populated North East Village neighborhood, this fully stabilized 10-unit property is an exceptional investment opportunity. Priced at just $185K per unit, it is currently operating at a 9.47 Gross Rent Multiplier (GRM) and a 6.2% cap rate based on current rents. At market rent levels, the GRM improves to 8.90, and the cap rate increases to 6.8%. The unit mix includes 7 studios, 2 one-bedrooms, and 1 two-bedroom unit. All units have been remodeled, and major upgradesincluding a new roof and updated electrical panelwere completed in 2024. The building is master-metered with a RUBS (Ratio Utility Billing System) in place, currently recapturing 60% of utility expenses. An on-site coin-operated laundry room adds convenience for tenants and generates additional income. The exterior has been freshly painted, enhancing curb appeal. Ideally situated near St. Mary Medical Center, downtown Long Beach, the beach, and major freeways, this property offers excellent accessibility and strong rental demand. Dont miss this rare opportunity to acquire a turnkey asset at an attractive price. (Virtual Staging)
Location
State CA
County Los Angeles
Area Long Beach (90813)
Zoning Assessor
Interior
Cooling Attic Fan
Building
Lot Description Sidewalks
Story 2
Lot Size Range 4000-7499 SF
Level or Stories 2 Story
Others
Monthly Total Fees $147
Acceptable Financing Cash, Conventional, Exchange
Space Rent $1,745
Listing Terms Cash, Conventional, Exchange
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Listed by Nina Le • Buckingham Investments, Inc