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Charles Sheldrake

csheldrake@att.net +1(949) 939-6100

$ 3,150,000

Est. payment | -/mo

12 Beds

12 Baths

6,966 SqFt

Save

$ 3,150,000

Est. payment | -/mo

Save

12 Beds

12 Baths

6,966 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 6,966 sqft

Price per Sqft $452

MLS Listing ID 26103536

Bedrooms 12

HOA Y/N No

Year Built 1946

Lot Size 9,178 Sqft

Property Description

Huge ~750k Price Reduction! 100% Renovated 12-unit apartment building cash flowing at an amazing current 7.25% Cap Rate from day 1. Preliminary plans to add 8 detached ADUs to achieve a remarkable 11% Cap Rate, 7.1 GRM, and 194k/unit after taking into account all construction costs (~745k assuming $225/SF). The property features an easy to rent unit mix of 12 (1-bed/1bath) units including 4 brand-new retail to apartment conversions as well as 2-brand new attached ADUs. Turnkey opportunity where every single unit was vacated, completely renovated, and leased at market rent with additional upside by building 8 detached ADUs in the back parking lot. The property is separately metered for gas and electrical utilities and each unit has its own individual water heater to further reduce operating costs. The property has undergone major capital improvements including updated electrical, plumbing, brand-new windows, interiors, exteriors, etc. The fully remodeled units boast new modern cabinets, flooring, lighting, new bathrooms, and more.

Location

State CA

County Los Angeles

Area 7 - North Long Beach

Zoning LBCNA

Interior

Interior Features Ceiling Fan(s)

Heating Wall Furnace

Fireplace No

Appliance Refrigerator

Exterior

Parking Features Uncovered

Total Parking Spaces 13

Building

Story 2

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 7124016005

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Armin Soleimani Global Platinum Properties, Inc. #01846872

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(949) 939-6100

csheldrake@att.net

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6068 Atlantic AVE Long Beach, CA 90805