Long Beach, CA 90813,1641 Locust Avenue
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Long Beach, CA 90813,1641 Locust Avenue
Long Beach, CA 90813,1641 Locust Avenue
Long Beach, CA 90813,1641 Locust Avenue
Long Beach, CA 90813,1641 Locust Avenue
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1641 Locust Avenue Long Beach, CA 90813

7,020 SqFt


UPDATED:

12/12/2024 05:52 PM

Key Details

Property Type Commercial

Sub Type Other

Listing Status Pending

Purchase Type For Sale

Square Footage 7,020 sqft

Price per Sqft $349

MLS Listing ID CRCV23068594

HOA Y/N No

Year Built 1927

Lot Size 7,405 Sqft

Acres 0.17

Property Description

NEW PRICE! Excellent Assumable Financing Available! 3.63% Interest Rate - Fixed for 7.5 Years! We are pleased to exclusively offer for sale this 14 unit multi-family investment in the city of Long Beach. The subject property consists of 3 separate structures of which, all units are separately metered for electricity and gas. Additionally there is a RUBS system currently in place in which the tenants are charged back for all usage of water and trash. This leads to almost no utility cost for the investor. Tenants enjoy gated private entry as well as 5 enclosed garage spaces that are rented out for additional income. A majority of the electrical and plumbing has been updated within the past 7 years as tenants vacate and the units are rehabbed. The roof was replaced within the last 7 years as well. There are currently 3 vacancies that are rent ready and will be held vacant at COE for a new buyer to choose their own tenants and attain market rent immediately. This is a true value-add opportunity as there is approximately 35-40% upside in rental income. Utilizing the assumable financing that is in place, a new investor can look to enjoy a 6.7% CASH-ON-CASH return on Day 1 with the current rental rates that are in place, with an even more significant cash return available upon stabilizi

Location

State CA

County Los Angeles

Area Listing

Zoning LBR4

Interior

Fireplace No

Laundry No Hookups

Building

Sewer Public Sewer

Water Public

New Construction No

Others

Tax ID 7269011020


Bridge MLS
Listed by Kristopher German • RE/MAX 2000 REALTY

Jodi Nishimura

Founder & Realtor® | License ID: 01762935

+1(510) 459-0471

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1641 Locust Avenue