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Long Beach, CA 90806,2325 N Earl AVE
$1,385,000
Est. payment /mo
$1,410,000
1.8%
Est.Price: ?

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5,323 Sqft Lot
SOLD DATE : 10/07/2021

Key Details

Sold Price $1,385,000

Property Type Condo

Sub Type Apartment

Listing Status Sold

Purchase Type For Sale

Subdivision Wrigley Area (Wr)

MLS Listing ID PW21037559

Year Built 1964

Lot Size 5,323 Sqft

Property Description

We are proud to offer a 5-unit apartment building in the Wrigley Area of Long Beach California. The subject property is located at 2325 Earl Avenue, just two blocks East of Pacific Avenue. and three blocks South of Willow Avenue. Located within close proximity to numerous forms of public transportation, a strong Walk Score of 86 indicating most errands can be accomplished by foot.
This unit mix consists all two bedrooms/ one-bathroom units that offer a range of floor plans and square footages. Built in 1964, this property is a two-story garden style building with four enclosed garages in the rear. With approximately 4,666 rentable square feet, and a lot size of 5,325 sq. ft. the property is individually metered for gas and electricity.
The income on the property has been very consistent with a sub 3% vacancy rate and very little to no turnover over the past 24 months. Rents have been averaging $1.84 sq.ft. over the past year, but with some interior improvements, and an upcoming vacancy, the rents can be over elevated to over $2 sq.ft. in today’s rental market. With rents 15% below market, an investor looking to “add value” could dramatically improve their cash flow by upgrading the units, bumping rents up to market rate, activating the garages for additional income and thus making this acquisition a valuable addition to any investor’s portfolio.

Location

State CA

County Los Angeles

Area 5 - Wrigley Area

Zoning LBR1N

Interior

Heating Wall Furnace

Cooling None

Flooring Carpet

Fireplaces Type Electric, Gas

Laundry Common Area

Exterior

Parking Features Assigned

Garage Spaces 4.0

Garage Description 4.0

Fence Good Condition

Pool None

Community Features Biking, Curbs, Dog Park, Sidewalks

Utilities Available Cable Available, Electricity Available, Natural Gas Available, Phone Available, Sewer Connected, Water Connected

Roof Type Shingle

Building

Lot Description 2-5 Units/Acre

Story 2

Foundation Concrete Perimeter, Raised

Sewer Public Sewer

Water Public

New Construction No

Others

Acceptable Financing 1031 Exchange

Listing Terms 1031 Exchange

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Justin White • Justin White
Bought with Michael Pesci • Keller Williams Studio City
Devone Richard

Broker | License ID: 1002115

+1(626) 500-1212 | devone@nextadvisors.properties

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