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$3,900,000
Est. payment /mo
12 Beds
12 Baths
6,966 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,966 sqft
Price per Sqft $559
MLS Listing ID 25572705
Bedrooms 12
HOA Y/N No
Year Built 1946
Lot Size 9,178 Sqft
Property Description
100% Renovated 12-unit apartment building cash flowing at an amazing current 6% Cap Rate from day 1. Preliminary plans to add 8 detached ADUs to achieve a remarkable 9.2% Cap Rate, 8.3 GRM, and 228k/unit after taking into account all construction costs (~660k assuming $200/SF). The property features an easy to rent unit mix of 12 (1-bed/1bath) units including 4 brand-new retail to apartment conversions as well as 2-brand new attached ADUs. Turnkey opportunity where every single unit was vacated, completely renovated, and leased at market rent with additional upside by building 8 detached ADUs in the back parking lot. The property is separately metered for gas and electrical utilities and each unit has its own individual water heater to further reduce operating costs.The property has undergone major capital improvements including updated electrical, plumbing, brand-new windows, interiors, exteriors, etc. The fully remodeled units boast new modern cabinets, flooring, lighting, new bathrooms, and more.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Zoning LBCNA
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Fireplace No
Appliance Refrigerator
Exterior
Parking Features Uncovered
Total Parking Spaces 13
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7124016005
Special Listing Condition Standard
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Listed by Armin Soleimani Global Platinum Properties, Inc.
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