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Key Details
Sold Price $1,275,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 2,366 sqft
Price per Sqft $538
Subdivision Eastside (Es)
MLS Listing ID SB21256201
Sold Date 06/02/22
HOA Y/N No
Year Built 1922
Lot Size 3,924 Sqft
Property Description
2311 E 11th St is a rare opportunity to acquire 4 Units & an ADU collecting an additional $1,590 per month. The property will be financed residentially. This building is located between Downtown Long Beach and the Traffic Circle Area, less than 1.5 Miles to the Pacific Ocean, where long term rental demand is high. The property offers strong in place rents, trading at a CAP rate of 4.86% and GRM of 13.49. Four of five tenants are Section 8, offering secured income. The ADU has recently been completely remodeled. Rental increases to take effect in January and March. Bathroom remodel completed on one other unit. ADU permit to be transferred to new owner through escrow.
See offering memorandum in supplements for additional details.
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Heating Electric
Fireplace No
Laundry None
Exterior
Pool None
Community Features Urban
Private Pool No
Building
Lot Description Near Public Transit
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 7260031001
Energy Description 975.0
Acceptable Financing Cash, Conventional, Contract, 1031 Exchange, Fannie Mae
Listing Terms Cash, Conventional, Contract, 1031 Exchange, Fannie Mae
Financing Conventional
Special Listing Condition Standard
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Bought with Matthew Drenner • Real Estate Establishment Inc.
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