For more information regarding the value of a property, please contact us for a free consultation.
Key Details
Sold Price $2,550,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 6,312 sqft
Price per Sqft $403
Subdivision Lakewood Village (Lkvl)
MLS Listing ID RS20144770
Sold Date 10/30/20
HOA Y/N No
Year Built 1961
Lot Size 7,326 Sqft
Property Description
Just reduced price by $100K! The asset is now offered at a 5.26% Cap Rate and 12.80 GRM on current actual rents with all tenants up to date on rent payments. The unit mix is comprised of Four (2 Bed / 2 Bath), One (2 Bed / 1 Bath) and Four (1 Bed / 1 Bath) spacious units averaging 789 square feet each. Ownership has made substantial improvements (all permitted through the City of Long Beach), including: Converting Three out of Four (2 Bed / 1 Bath) to (2 Bed / 2 Bath) units, brand new 400 AMP main service + in-unit sub-panels, new plumbing from the water meters to the units, double pane vinyl windows, added Whirlpool washers/dryers in 6 out of 8 units, fully renovated seven units with white shaker cabinets, high grade faux wood floors, granite counter-tops and three-piece Amana stainless steel appliances. The asset presents a unique opportunity to purchase a turnkey 8-Unit complex with +/- 10% upside in rents located in one of the premier zip codes in Long Beach, providing an investor with incredible in-place cash flow and a low maintenance building moving forward.
Location
State CA
County Los Angeles
Area 29 - Lakewood Village
Zoning LBR4R
Rooms
Ensuite Laundry Common Area, Inside, In Kitchen, Stacked
Interior
Laundry Location Common Area,Inside,In Kitchen,Stacked
Heating Wall Furnace
Cooling None
Fireplaces Type None
Fireplace No
Appliance Dishwasher, Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator
Laundry Common Area, Inside, In Kitchen, Stacked
Exterior
Garage Covered
Pool None
Community Features Curbs, Gutter(s), Storm Drain(s), Street Lights, Sidewalks, Urban
Roof Type Flat
Parking Type Covered
Private Pool No
Building
Lot Description Level, Street Level
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 7180017021
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Financing Cash to New Loan
Special Listing Condition Standard
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Bought with Brice Head • Marcus & Millichap
GET MORE INFORMATION