UPDATED:
09/30/2024 06:40 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 9,662 sqft
Price per Sqft $496
Subdivision Alamitos Beach (Ab)
MLS Listing ID PW24131544
HOA Y/N No
Year Built 1923
Lot Size 8,272 Sqft
Property Description
1912 East 2nd Street consists of a two-story 1923 construction building that contains 11 studios, 6 one-bed/one-bath and 2 one-bed/one-and-one-half bath units. The property is securely gated and boasts a well-maintained art deco facade, an inner courtyard, and a two-car garage in the rear. Parking is a highly sought-after amenity in this neighborhood and could demand premium additional income.
The property also has RUBS in-place to lower ownership's expense. 1912 E 2nd is priced attractively at a 11.6 GRM, and a 5.40% cap rate with 20% upside in NOI. The current loan is assumable at an interest rate of 3.67% and 64% LTV.
The excellent location combined with strong cash flow makes it an outstanding opportunity for an investor to add value and capture substantial potential upside in rents and long term appreciation.
Location
State CA
County Los Angeles
Area 4 - Downtown Area, Alamitos Beach
Zoning LBR4R
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 2.0
Garage Description 2.0
Pool None
Community Features Dog Park, Street Lights, Sidewalks, Park
Total Parking Spaces 2
Private Pool No
Building
Lot Description Near Park, Value In Land
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7265020010
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan
Special Listing Condition Standard
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