Once in a lifetime 100% vacant and renovated, 10-unit residential income opportunity ready to cash flow at an amazing 5% Cap Rate and 14.2 GRM in North Long Beach. For more information contact the listing agent, Armin Soleimani Email: arminsoleimani@gmail.com Phone: 310 666-2246

Posted: 01/22/2023 10:00 am | On HOMEiZ: 460 days | Updated: 1 week ago | Views: 566

Location Map

Property Type

Property status

Available

Property Price

Asking Price

$3995000

Last Sold Price

$710000

Last Sold Date

09/17/2020

Total Lot Size

0.13 Acres

Asking Price per Sq. Ft.

$693

Total Building Size Sq. Ft.

5765

Commission Split %

2.5%

Cap Rate %

Gross Annual Income

Net Operating Income

$199750

Gross Rent Multiplier

14.27

Operating Expenses

Annual Property Tax Rate for this property

1.25%

Property tax total amount

$49938

Property Location & Description

Listing Headline

Once in a lifetime 100% vacant and renovated, 10-unit residential income opportunity ready to cash flow at an amazing 5% Cap Rate and 14.2 GRM in North Long Beach. For more information contact the listing agent, Armin Soleimani Email: arminsoleimani@gmail.com Phone: 310 666-2246

Rent control

Rent Control

Property Description

This building was fully stripped to the studs and thoroughly renovated with permits. The property features a new roof, electrical system, plumbing, and new windows throughout. Other upgrades include new cabinets, flooring, recessed lighting, bathrooms, and stainless-steel appliances. The offering brings a diverse unit mix consisting of 5 (1bed/1bath) and 5 (2bed/1bath) units, all of which are individually metered for Gas & Electricity. . This is a great asset for an investor in search of a low-maintenance building in a desirable Los Angeles County location close to the water.

Location Description

Long Beach, CA.

No. of Units

Price per Unit

$399500

Units Mix

No.

Description

No. Units

Sq. Ft.

Avg. Mo. Rent

1+1

2+1

APN / Parcel ID

7126-025-019

Zoning

R1N

Vacant

Yes

Construction Type

Wood & Stucco

No. Stories

Year Built

1964

Overall Property Condition

Good

Highlights

Once in a lifetime 100% Vacant and fully renovated 10-units from the studs with permits.

Incredible cash flow at a Current Cap Rate of 5% and 14.2 GRM.

Diverse Unit Mix consisting of 5 (1bed/1bath) and 5 (2bed/1bath) units.

All brand new major systems including roof, electrical, plumbing, and windows.

Individually metered for Gas & Electricity.

Property Information

Sewer

Type of Sewer

Sewer System (Public)

Parking

Parking type

Off-street

On-street

Assigned Parking

# of Covered Parkings

Parking Ratio 0.52/1,000 SF

Investment Overview

Type of use

Investor

Energy Efficiency

Energy Star Certified

How old is you cooling and heating system?

No Data

Efficiency rating

N/A

R-value

N/A

Windows single-pane?

Natural daylight

Appliances energy efficient

Roof

Neighborhood lifestyle

Lifestyle

Urban Core

More information

MLS URL of this listing to link to your own site or brokerage site

https://offmarketexperts.com/menlo-5

Listing Info

Listing ID: 3285

Available

For Sale

$3,995,000

Listing Presented by

Disclimer: Any information relating to a property referenced on HOMEiZ.com comes from the listing provider who wishes to post a listing on HOMEiZ.com. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. HOMEiZ does not verify the property information submitted in HOMEiZ.com and cannot guarantee the accuracy of the information. No warranties or representations are made of any kind. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

5529 Dairy Avenue . North Long Beach , CA 90805