477 E South Street, Long Beach, CA 90805

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Kobe Zimmerman

kobezimmerman@bhhscal.com +1(858) 753-3353

$3,990,000

Est. payment - /mo

8 Beds

4 Baths

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID PTP2407021

Bedrooms 8

Property Sub-Type Res Income 2-4 Units

Property Description

Invest in Long Beach near Bixby Knolls and own this updated 16-unit apartment community. Composed of a desirable unit mix of all 2-bed, 1-bath units across two buildings with a courtyard in between, this property boasts a scheduled CAP rate of 5.58% at 100% occupancy. One unit is currently vacant. Fourteen of 15 existing leases are month-to-month. Five of the 16 units are newly renovated (2024) with updated plumbing, paint, flooring and kitchen finishes. Two of these five units also feature upgraded bathrooms and lighting throughout. More 2024 building updates include all new electrical panels, and new water lines to 8 of the 16 units. A community laundry room provides additional income. This apartment building is located near Atlantic Avenue restaurants and shops, the new KB Homes mixed-use development Rhythm (under construction), and easy access to the 91, 710 and 405 freeways.

Location

State CA

County Los Angeles

Zoning Assessor

Direction Nearest cross St is Linden Avenue

Interior

Fireplace No

Exterior

View Y/N No

Building

Story 2

Level or Stories 2

Others

Tax ID 7125032033

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Listed by Jeff Kim eXp Realty of California, Inc.

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477 E South Street Long Beach, CA 90805