6,869 Sqft Lot
6,869 Sqft Lot
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Wrigley Area (Wr)
MLS Listing ID PW26227999
HOA Y/N No
Year Built 1923
Lot Size 6,869 Sqft
Property Sub-Type Apartment
Property Description
We are pleased to present 1085 Lewis Avenue, a 14-unit multifamily property totaling 6,441 square feet of living space built in 1923 in Central Long Beach's Cambodia Town neighborhood. The property has a unit mix of eight studios, five one-bedroom/one-bath units, and one two-bedroom/one-bath unit. All units are separately metered for gas and electricity (buyer to verify). Priced attractively at $1,900,000, which works out to $135,714 per unit and $294 per square foot, yielding a 7.08% current cap rate and an 8.27 GRM- this is one of the lowest price per unit and highest cap rate deals to come for sale in Long Beach this year.
In-place rents are about 12% below current market levels. Long Beach has no municipal rent control ordinance- the property falls under AB 1482 which allows for an 8.7% rent increase currently.
The property boasts a 91 walk score and is within a five minute walk of Aldi's, Smart and Final, and Lincoln Elementary/Pre-School. The location is dense and renter-driven, with easy access to Downtown Long Beach, the Port, and the 710 and 405 freeways
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Interior
Fireplace No
Laundry None
Exterior
Pool None
Community Features Urban
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7274009010
Acceptable Financing Court Approval
Listing Terms Court Approval
Special Listing Condition Standard
Nearby Locations
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