Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high

1861 Pacific Avenue . South Wrigley , CA 90806

For sale 8 Unit building with 6 renovated residential units (4 vacant) and 2 store- front retail units in Long Beach. For more information contact the listing agents Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc. •310.666.2246 (agent) •ziuroiluj@gmail.com (agent) Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc.

Posted: 07/27/2023 6:05 pm | On HOMEiZ: 295 days | Updated: 5 months ago | Views: 507

Location Map

Property Type

Sold

Property Price

$2195000
$2195000 N/A
12/13/2023
9,180.00 Sq. Ft.
$361
6072
2.5%
5.52%
$0
$121164
12.83
1.25%
$27438

Property Location & Description

For sale 8 Unit building with 6 renovated residential units (4 vacant) and 2 store- front retail units in Long Beach. For more information contact the listing agents Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc. •310.666.2246 (agent) •ziuroiluj@gmail.com (agent) Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc.
Rent Control
8 Unit building with 6 renovated residential units (4 vacant) and 2 store- front retail units in Long Beach. Incredible Current Cap Rate of 5.5% and 12.8 GRM from day 1 with upside to 6.8% Cap Rate and 10.9 GRM on Proforma. Plans to convert each retail store into a 2 bed/1 bath residential unit to maximize rents. Large unit mix consisting of 1 (3bed/1bath), 4 (2bed/1bath), 1 (studio/1bath), and 2 large storefronts. Preliminary plans to add 2 Detached (3bed/1bath) ADUs for future upside. Rare 5 vacant garages in the back for additional income. The 8- unit building presents a unique opportunity for investors and business owners alike. With 6 recently renovated residential units that are mostly vacant, the upside potential for rental income is significant. In addition, the two store-front retail units offer excellent visibility and foot traffic in a bustling commercial area. The location of this property is highly desirable with proximity to major transportation routes and popular amenities such as parks, restaurants, and shopping centers. Furthermore, the recent renovations of the residential units have added value to the property making it an attractive investment opportunity for those looking to capitalize on its upside potential. Overall, this 8-unit building represents a promising proposition for investors seeking high returns in one of Southern California's thriving communities.
The location of this property is highly desirable with proximity to major transportation routes and popular amenities such as parks, restaurants, and shopping centers. Furthermore, the recent renovations of the residential units have added value to the property making it an attractive investment opportunity for those looking to capitalize on its upside potential. Overall, this 8-unit building represents a promising proposition for investors seeking high returns in one of Southern California's thriving communities.
8
$274375
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
Studio + 1 ba 
1 
 
2.
2+1 
4 
 
3.
3+1 
1 
 
4.
 
 
 
5.
 
 
 
7209-022-010
LBCCA
40%
Wood & Stucco
2
1946
Very good
8 Unit building with 6 renovated residential units and 2 store-front retail units in Long Beach
Plans to covert each retail store into a 2 bed/1 bath residential unit to maximize rents
Preliminary plans to add 2 Detached (3 bed/1bath) ADUs for future upside
Incredible Current Cap Rate of 5.5% and 12.8 GRM from day 1 with upside to 6.8% Cap Rate and 10.9 GRM on Proforma
Large unit mix consisting of 1 (3bed/1bath), 4 (2bed/1bath), 1 (studio/1bath), and 2 large storefronts
Rare 5 vacant garages in the back for additional income

Property Information

Sewer

Sewer System (Public)

Parking

Garage - Attached
Off-street
On-street
8

Investment Overview

Investor

Energy Efficiency

No
No Data
N/A
N/A
No
No
No
No

Neighborhood lifestyle

Urban Core

More information

Listing Info

Listing ID: 3397
Sold

For Sale

$2,195,000

Listing Presented by

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