4
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$4,500,000
Est. payment /mo
0.29 Acres Lot
Active Under Contract
1075 E South Long Beach, CA 90805
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Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
Subdivision North Long Beach (Nlb)
MLS Listing ID PW26036911
HOA Y/N No
Year Built 1987
Annual Tax Amount $42,391
Lot Size 0.288 Acres
Property Sub-Type Apartment
Property Description
We are pleased to present 1075 E. South Street, a 1987 constructed 18 unit building to market in the city of Long Beach. The property features an all two bedroom unit mix with units averaging approximately 868 square feet each with balconies in select units. Current operations deliver a strong 6.37% cap rate and a 10.01 GRM based on existing rents, while still offering approximately 20% upside in gross rental income to market. The property has fully gated and secured parking for 25 spaces in addition to three secure storage spaces in the garage area. Attractive market financing options exist that could potentially boost a cash on cash return of 7% with a 30% down payment (buyer to verify). Situated on a quiet residential street in a solid North Long Beach location, the property combines stable current income, future rent growth potential, and a desirable neighborhood setting.
Location
State CA
County Los Angeles
Area 7 - North Long Beach
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 25.0
Garage Description 25.0
Pool None
Community Features Urban
Total Parking Spaces 25
Private Pool No
Building
Lot Description Landscaped
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7124027028
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Jackson Jorgensen Younglewin Advisors, Inc. jack@younglewin.com, DRE #02022727
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