For more information regarding the value of a property, please contact us for a free consultation.
Key Details
Sold Price $1,275,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Poly High (Ph)
MLS Listing ID SB20180574
Year Built 1980
Lot Size 6,098 Sqft
Property Description
Beautifully updated, cash flowing bungalow complex just North of Alamitos Beach. Four free-standing 3 Bed/1 Bath houses on a lot with 4 garages plus storage and laundry. All 4 units have been totally remodeled within the last year including vinyl plank floors, kitchens with granite counters, bathrooms with new tub surrounds and vanities, and two-tone paint. Just completed exterior refresh including designer paint, fresh landscaping, and lighting. Central courtyard creates a secure community feel for residents. High-yield asset at 12.4X gross rents on actuals and a true 5.2% cap rate including vacancy reserve and professional management. Strong rental location just outside of Downtown Long Beach, close to billions in new development, only 1.2 miles to the beach. Three of the bungalows were built in the 1920's, fourth unit built in 1980 per public records.
Location
State CA
County Los Angeles
Area 9 - Poly High
Zoning LBR2N
Interior
Laundry None
Exterior
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Urban
Building
Lot Description 2-5 Units/Acre
Story 1
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Anthony Walker • Buckingham Investments, Inc