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Key Details
Sold Price $1,700,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Eastside (Es)
MLS Listing ID RS16702787
Year Built 1923
Property Description
**$96K PRICE REDUCTION - MOTIVATED SELLER** The subject property is an extensively remodeled 12-unit apartment complex located in Eastside Long Beach, CA. Built in 1923, this Spanish style complex features Twelve One Bed / One Bath bungalow style units. Ten of the twelve units have been completely remodeled from top to bottom and rented to quality tenants for $1,195 and $1,095 per month. A new investor can renovate the remaining Two units, as well as install a coin operated washer/dryer to capture an additional $550 per month equating to a 6.36% Cap Rate. Renovations to the Hoffman Bungalows include, but are not limited to new white washed laminate flooring, quartz kitchen counter-tops, ceramic tile back splashes, Italian tile bathroom flooring and stainless steel appliances, new stucco exterior and some upgraded copper plumbing.
6.0% Current Cap Rate & 6.36% Pro Forma Cap Rate
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Interior
Laundry Common Area
Exterior
Pool None
Community Features Curbs, Gutter(s), Street Lights, Sidewalks, Urban
Building
Lot Description Near Public Transit
Story 1
Sewer Public Sewer
Water Public
Others
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
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Bought with Kevin King • Marcus & Millichap