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Key Details
Sold Price $1,700,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Subdivision Eastside (Es)
MLS Listing ID RS16702787
Sold Date 11/18/16
HOA Y/N No
Year Built 1923
Property Description
**$96K PRICE REDUCTION - MOTIVATED SELLER** The subject property is an extensively remodeled 12-unit apartment complex located in Eastside Long Beach, CA. Built in 1923, this Spanish style complex features Twelve One Bed / One Bath bungalow style units. Ten of the twelve units have been completely remodeled from top to bottom and rented to quality tenants for $1,195 and $1,095 per month. A new investor can renovate the remaining Two units, as well as install a coin operated washer/dryer to capture an additional $550 per month equating to a 6.36% Cap Rate. Renovations to the Hoffman Bungalows include, but are not limited to new white washed laminate flooring, quartz kitchen counter-tops, ceramic tile back splashes, Italian tile bathroom flooring and stainless steel appliances, new stucco exterior and some upgraded copper plumbing.
6.0% Current Cap Rate & 6.36% Pro Forma Cap Rate
Location
State CA
County Los Angeles
Area 3 - Eastside, Circle Area
Zoning LBR2N
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs, Gutter(s), Street Lights, Sidewalks, Urban
Private Pool No
Building
Lot Description Near Public Transit
Story 1
Sewer Public Sewer
Water Public
Others
Tax ID 7267001025
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Kevin King • Marcus & Millichap
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