Description
BEST PRICED DEAL IN LONG BEACH. 8 units located blocks from the Beach in Alamitos Beach in Long Beach. All units have been heavily updated including new kitchens and baths. There is no work to be done. The property is professionally maintained and in excellent condition. There is rental upside to a 4.7% CAP a new Owner can achieve by raising rents. The property features onsite laundry as well a 5 garages (rented as storage) and 4 parking spaces. The existing TD needs be assumed as it has a $200K prepayment penalty. It's a $1.390.000 loan fixed for 10 years (originated in March 2021) at 3.71% with 3 years of I/O (runs through March 2024). Earn a 4.5% Cash on Cash return against in place rents. There is also an opportunity to convert existing garages to ADU's. Per Cal Quake, you can add TWO units. Option 1 - one unit approx. 825 SF (1/1 or 2/1) and a studio (305 SF). Option 2 - Two studios (approx. 400 SF each). NOTE: this will take up most of the garages onsite. Option 1 could generate additional rental income of $3,200/month in income and Option 2 could general additional income of $2,800/month- Buyer to verify. If you were to build the ADU's, you'd achieve an approximate 5.0% CAP. EMAIL LA1 FOR MORE INFO AND A RENT ROLL.
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8BEDS
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0.21ACRES
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0BATHS
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01/2 BATHS
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6,156SQFT
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$443$/SQFT
School Ratings & Info
Description
BEST PRICED DEAL IN LONG BEACH. 8 units located blocks from the Beach in Alamitos Beach in Long Beach. All units have been heavily updated including new kitchens and baths. There is no work to be done. The property is professionally maintained and in excellent condition. There is rental upside to a 4.7% CAP a new Owner can achieve by raising rents. The property features onsite laundry as well a 5 garages (rented as storage) and 4 parking spaces. The existing TD needs be assumed as it has a $200K prepayment penalty. It's a $1.390.000 loan fixed for 10 years (originated in March 2021) at 3.71% with 3 years of I/O (runs through March 2024). Earn a 4.5% Cash on Cash return against in place rents. There is also an opportunity to convert existing garages to ADU's. Per Cal Quake, you can add TWO units. Option 1 - one unit approx. 825 SF (1/1 or 2/1) and a studio (305 SF). Option 2 - Two studios (approx. 400 SF each). NOTE: this will take up most of the garages onsite. Option 1 could generate additional rental income of $3,200/month in income and Option 2 could general additional income of $2,800/month- Buyer to verify. If you were to build the ADU's, you'd achieve an approximate 5.0% CAP. EMAIL LA1 FOR MORE INFO AND A RENT ROLL.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-08-10T21:43:07.48. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.