Joe Cloninger

Partner, Sales/Marketing | License ID: 01954784

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$ 2,275,000

$ 2,295,000 0.9%

Est. payment | -/mo

16 Beds

16 Baths

6,240 SqFt

$ 2,275,000

$ 2,295,000 0.9%

Est. payment | -/mo

16 Beds

16 Baths

6,240 SqFt

Key Details

Sold Price $2,275,000

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Square Footage 6,240 sqft

Price per Sqft $364

MLS Listing ID 26825273

Sold Date 06/30/26

Bedrooms 16

Year Built 1986

Lot Size 6,627 Sqft

Acres 0.1521

Property Sub-Type Multi-Family

Property Description

PRICED TO SELL - 10X GRM AND 6.5% CAP AT MARKET RENTS for 1980's construction in Long Beach. Earn over a 8% Cash on Cash Return. 8 units in Long Beach subject to AB 1482 rent control - maximum annual increase of 5% + CPI (currently 8.0% total). Built in 1987 the property is professionally managed and well maintained. Building was recently painted as well. All units are 2 bed/2bath and have updated kitchens, baths and flooring. 12 onsite parking for 8 units as well as onsite laundry. This property is perfect for someone looking for a low management asset. It also has approx. 14% rental upside to a 10 GRM and 6.7% CAP at market rents. There is onsite laundry onsite. The electrical is Siemens - it's a 200 AMP main panel with 60 AMP subpanels (Buyer to verify). Plumbing is copper (Buyer to verify). Qualified Buyers can obtain a 5 year loan fixed at 5.05%, Interest Only. Anduril Industries, a cutting-edge defense technology company specializing in AI applications announced that it is commencing a $1 billion redevelopment of land adjacent to the LB Airport. The project is planned to be completed in mid-2027 and is expected to create 5,500 new direct jobs at the site plus thousands of indirect construction and supply-chain service jobs. And the city just approved a $38MM update of the Long Beach airport for the upcoming 2028 Olympics.

Location

State CA

County Los Angeles

Area Eastside, Circle Area

Zoning LBR2N

Rooms

Other Rooms None

Interior

Heating Wall

Cooling None

Equipment None

Laundry Community

Exterior

Parking Features Assigned, Attached

Garage Spaces 12.0

Building

Story 1

Level or Stories Multi/Split

Others

Special Listing Condition Standard

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Listed by The Agency
Bought with The Agency