Price Reduced Listing
Description
Price Reduction! Rare opportunity to own a turnkey 10-unit, non-rent-controlled apartment building in North Long Beach, producing strong cash flow at an approximately 7% current cap rate from day one. The building was taken down to the framing in 2022 under permit and extensively rebuilt with a new roof, new electrical and plumbing systems, new HVAC, new windows, and an individual water heater for every unit. Interiors feature new cabinetry, flooring, recessed lighting, updated bathrooms, and stainless steel appliances, complemented by drought-tolerant landscaping. The unit mix consists of five 1 bed / 1 bath units and five 2 bed / 1 bath units, including three newly built ADUs. Gas and electricity are separately metered and paid directly by the tenants. Four of the ten units are master leased to a single organization, providing one rent payment each month and reduced property management demands. With every major building system substantially new, near-term capital expenditure requirements are minimal. As a non-LA-City rent-controlled asset, the property also allows significant 8.7% annual rent increases (5% + CPI) for future upside. The property is located roughly five miles from Douglas Park and the Long Beach Airport aerospace corridor, where Anduril, Rocket Lab, Relativity, and other major employers continue to expand, and offers convenient access to the 710, 91, and 405 freeways. A coastal-city rental market without coastal-city pricing.
Details
| MLS # | SB26216803 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1964 |
| Days On Site | 22 |
| Listing Provided By | Buckingham Investments, Inc | Anthony Walker |
Features
| SQ Feet | 5,765 |
|---|---|
| Story(s) | 2 |
| Units | 10 |
| Building(s) | 2 |
| Acreage | 0.12 |
| Property View | None |
Interior
| Heating | Wall Furnace |
|---|---|
| Heating Yes / No | Yes |
| Fireplace Yes / No | No |
Exterior
| Lot Features | Six To Ten Units Acre |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Utilities | Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected |
|---|---|
| Electric | Electricity On Property |
| Sewer | Public Sewer |
Location
| Community Features | Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90805 |
| Area | 7 North Long Beach |
| Community Name | North Long Beach (NLB) |
| Listing VS Median (in North Long Beach (NLB)) | |
Price: $3,195,000 low | high Med: $690,000 sqft: 5,765 low | high Med: 1,102 $ / sqft: $554 low | high Med: $626 On site: 22 low | high Med: 31.5 | |
Market Activity 90805
Request a showing
Request a showing
Contact
Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Long Beach |
| Zip Code | 90805 |
| Area | 7 North Long Beach |
| Community Name | North Long Beach (NLB) |
| Listing VS Median (in North Long Beach (NLB)) | |
Price: $3,195,000 low | high Med: $690,000 sqft: 5,765 low | high Med: 1,102 $ / sqft: $554 low | high Med: $626 On site: 22 low | high Med: 31.5 | |